It is not fully known by a lot of those in the crypto industry, but Neon Labs, a blockchain solutions company, has added EVM compatibility to the Solana blockchain.
Essentially working as a separate layer, Neon EVM allows Ethereum contracts to operate and reach finality on Solana. Neon EVM operators are facilitate transactions that are then, for all intents and purposes, ‘wrapped’ and executed on Solana.
With this expansion, the Neon EVM will allow developers to port over their Ethereum dApps to take advantage of the Solana fast transaction speed and low cost.
With Ethereum reaching into the hundreds of dollars transactions fees at peak usage, finding alternatives caused a peak in ‘Ethereum alternatives’ in 2021.
“Ethereum is a thriving blockchain ecosystem that has a lot to offer to dApp developers and users in terms of tools and infrastructure.” said Neon Labs employee Marina Guryeva. “At the same time, Solana is attractive to many due to its technical characteristics and is perceived as an emerging market. Thanks to Neon EVM dApp developers will be easily tapping into the Solana market and offer users great experience without any difference in terms of interface or tools used,”
With this expansion of the Solana usability allowing Ethereum and EVM-based network (such as BNB Smart Chain and Polygon) dApps, the likelihood of some of these projects to launch cross-chain is increased significantly. The barriers of having to completely recreate contracts in Rust language are now removed.
Some of the projects noted for potentially taking the leap are Uniswap, Avorak, and Aave.
With lending and automated market makers already coded natively on Solana, Avorak moving cross-chain is one of the more interesting prospects.
With a live revenue share system that distributes the incoming revenue instantly to AVRK holders, the decreased fees and increased transaction speed could benefit the AI project significantly.
Avorak is a suite of artificial intelligence products that allow clients to trade automatically, generate images and bodies of text, and integrate and interact with a natural language model.
The usage of these products requires some AVRK as payment, meaning the more the product is used, the more buy pressure is applied naturally to the token. In addition to this the AVRK token, when sent into the contract to pay for these services, has an inbuilt 2% burn. This set of incredible tokenomics would be perfectly ported to the Solana network, expanding out from the BNB Smart Chain community to include the additional ‘techies’ that hang out in the Solana communities.
With cross-chain expansion already confirmed in the Avorak whitepaper, Solana’s EVM layer makes perfect sense for this unicorn project to move into.
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