After the successful sale of CyberConnect on Coinlist. Neon EVM is the next name expected by the community.
What is Neon EVM?
Neon EVM is an Ethereum virtual machine (EVM), developed by Neon Labs. Neon EVM acts as a developer tool that can deploy, fork, and scale Dapps from Ethereum to Solana. Neon EVM is a combination of the advantages of Ethereum and Solana.
Ethereum Dapps deployed on Solana operate with low gas fees, high transaction speed and throughput, allowing Ethereum developers to leverage liquidity on Solana and reach Solana ecosystem users for expansion its services.
Some of the tools Neon EVM offers:
NeonScan: provides block explorer for transactions on Solana
NeonPass: transfer ERC20 tokens between Solana and Neon EVM
NeonFaucet: provide NEON test tokens and other experimental tokens to experience DevNet on this network
Highlights of Neon EVM
Ethereum allows developers to create dApps easily using Solidity, but Dapps on Ethereum often experience congestion and high gas fees. On the other hand, Dapps on Solana have high speed and cheap gas, but using Rust, C or C++ programming language makes it difficult for less experienced developers.
-> Neon EVM bringing Solidity to Solana helps attract more developers from Ethereum to deploy Dapps on this network.
Combining the advantages of both the Ethereum and Solana blockchains, the Neon EVM provides developers with utilities such as:
Compatibility: Neon EVM allows developers to deploy and run existing decentralized applications (dApps) on Ethereum on the Solana platform. This is of great benefit to developers, as they can continue to use existing tools and smart contracts on Ethereum without any changes.
High performance: Solana, the platform on which the Neon EVM is being developed, is known for its fast transaction speed and high scalability. As a result, Neon EVM provides a superior performance development environment that allows building decentralized applications without the constraints of speed and scalability.
Low Cost: With Solana, Neon EVM offers the benefit of low fees for users and developers. Reducing transaction costs means increasing the availability and attractiveness of decentralized applications on the Solana platform.
Growing Ecosystem: Neon EVM is creating a strong developer community around it. By aiming to create a consensus development community, Neon EVM is attracting the interest of developers and users, opening up opportunities for the sustainable development and potential of the ecosystem.
Neon EVM is promoting the fusion of Ethereum and Solana, bringing compatibility and high performance for decentralized application. With these outstanding advantages, Neon EVM has the potential to become one of the bright stars in the technological revolution and blockchain development. The main Ethereum dApp tools such as Solidity, MetaMask, Remix, and Truffle can also work on Solana via the Neon EVM.
Neon Ecosystem
The Neon EVM combines the two complex and disparate technical worlds of Ethereum and Solana, giving Ethereum developers and users easy access to the processing power and low gas fees of the Solana ecosystem.
Ethereum-based applications can integrate with familiar tools such as MetaMask wallet, multisig Gnosis Safe, and the WalletConnect protocol to execute transactions within the Solana ecosystem. At the same time, the Neon EVM ecosystem is growing and providing a vibrant interoperable development environment.
Neon EVM leverages a robust architectural design, consisting of the following key components:
Neon Proxy: Encapsulates Ethereum-like transactions into Solana transactions.
Neon EVM Program: Unpacks Ethereum-like transactions, deploys EVM bytecode and executes it in Solana BPF (Berkeley Packet Filter), saves EVM state to Solana state.
Neon DAO: Supports Neon EVM activities and holds NEON tokens for the Neon Foundation.
Together these components make up the Neon EVM system, which allows running Ethereum applications on the Solana platform and integrating the features and capabilities of both these blockchains.
How does Neon work?
The user calls a client that creates the transaction and sends it to the proxy running the Neon EVM emulator inside it (Figure 2). The transaction is formed according to the Ethereum rules and contains the required fields, including:
Nonce: The number of transactions sent from the current address.
Signature: Generated according to the rules of Ethereum.
Gas price: The fee the sender pays per unit of gas.
Gas Limit: The maximum number of gas units that can be consumed in the transaction.
Value: Amount of coins to transfer from sender to receiver.
Recipient: The recipient’s address.
neon evm 2 d2b7610f890c288b8cd2a40164000932
To perform this transaction, the Neon EVM emulator makes a Solana request for state data. Proxy requests blockchain state from Solana and launches N-trx test using Solana state. On the received database, the Proxy forms a new transaction according to Solana’s rules. The transaction created for Solana will contain the packaged N-trx, as well as the account data needed to complete the transaction, including:
Payer (Payment account for the transaction).
Other accounts involved in the execution of this transaction.
Next, the transaction is forwarded inside Solana, where the participants of the transaction are identified by account data. The added data includes details about who initiates and participates in transaction processing. The proxy moderator is designated as the payer. The payer will be rewarded for completing the transaction.
Next, the transaction is transferred to the Neon EVM, where the signature is checked according to the rules of Ethereum. If the signature is valid, the transaction will be transferred to the Solana blockchain for execution. Since the N-trx testing is done, it is possible to provide Solana with all the information needed to run the N-trx execution in parallel.
Route
Q2/2023 – Neon will conduct Mainnet EVM and DAO, and launch the first Dapps on the network.
Q3/2023 – Launch of Grants Programs, Bug Bounty and DeFi protocols on Neon
Q4/2023 – Promote Neon ecosystem and upgrade utility services
In 2024 – Integration with smart contract on Solana
Project team
Investors
November 2021 Neon Labs announced a $40 million funding round led by Jump Capital, which included participation from Three Arrows Capital, Solana Capital, IDEO CoLab Ventures and others.
Partner
In late 2021, Neon EVM partnered with Pyth Network, an oracle project built on Solana focused on delivering fast and accurate price data. This will make it easier for developers to retrieve a HiFi price feed from Pyth.
In February 2022, Neon EVM also partnered with Swing, a cross-chain liquidity protocol. This partnership will help users to swap assets across multiple ecosystems with low slippage, and get the best prices for swaps.
Tokenomics
Overview of the NEON . token
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Token Name: Neon Labs Token.
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Ticker: Neon.
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Blockchain: Solana.
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Token Standard: SPL.
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Contract: Updating…
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Token type: Utility, Governance.
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Total Supply: 1,000,000,000
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Circulating Supply: 1,000,000,000
NEON Token Allocation
Allocation plan
Token Sale
NEON will have an open sale on Coinlist on June 8, 2023 and registration deadline is June 5, 2023. The details of this sale are as follows:
The tokensale on Coinlist accounts for 5% of the total supply of NEON and will be unlocked 100% at TGE (expected to take place in July 2023).
Use case of NEON
Neon is a utility token and will be used for governance. At launch, governance will be done by a multi-signature contract with a clear and user-friendly process for recommending and voting on product improvements.
At the same time, the NEON Token is also used as a payment token for transactions in the Neon EVM (ie when an Ethereum application using the Solana network makes a transaction). In other words, the NEON token is used to pay for gas fees and transaction execution costs.
Gas fee payment works as follows: User pays for each transaction in NEON tokens to the Proxy Operator. The Proxy operator then pays the Solana Validator (who validates transactions on the Solana network) and the DAO Treasury.
Partner
In late 2021, Neon EVM partnered with Pyth Network, an oracle project built on Solana focused on delivering fast and accurate price data. This will make it easier for developers to retrieve a HiFi price feed from Pyth.
In February 2022, Neon EVM also partnered with Swing, a cross-chain liquidity protocol. This partnership will help users to swap assets across multiple ecosystems with low slippage, and get the best prices for swaps.
Project information channel
- Website: https://neon-labs.org/
- Twitter: https://twitter.com/neonlabsorg
- Discord: https://discord.com/invite/wj7EUCJv7V
- Telegram: https://t.me/Neonlabsorg