Neon Labs has launched the "Neon EVM", which allows developers to write Ethereum applications on top of Solana. This smart contract built on top of Solana enables developers to deploy Ethereum Virtual Machine (EVM) code, which was previously not possible on the network.

Neon Labs believes that its EVM solution will integrate effectively with Solana’s high throughput capabilities to host Ethereum apps, and is currently conducting extensive tests in this regard. In addition to providing access to the Solana network, Neon EVM aims to enable Ethereum apps to take advantage of the functionality native to Solana. Neon Labs raised $40 million in funding in 2021.