Neon EVM

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Discover Neon EVM's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Neon EVM?

Neon EVM (NEON) is a cryptocurrency token that enables the integration of Ethereum Virtual Machine (EVM) capabilities on the Solana blockchain. It allows developers to deploy and execute EVM-compatible decentralized applications (DApps) on Solana with minimal reconfiguration, leveraging Solana's speed and scalability while maintaining Ethereum's ecosystem familiarity.

How is Neon EVM used?

The crypto Neon EVM (NEON) is used in two primary capacities within the Neon EVM ecosystem:

  1. Utility Token: NEON facilitates transactions on the Neon platform, including gas fees, dApp deployment, and interaction with dApps. This ensures the smooth operation of the ecosystem by providing the necessary resources for transactions and smart contract execution.

  2. Governance Token: NEON owners can participate in voting and submitting proposals related to the development of Neon EVM. This governance layer allows the community to shape the future of Neon EVM by setting parameters, proposing updates, and addressing key decisions, ensuring that the ecosystem remains decentralized and community-driven.

In summary, NEON is the native token that supports the functionality and governance of the Neon EVM, which bridges the Ethereum and Solana ecosystems, enabling developers to leverage the strengths of both platforms.

How do I store Neon EVM?

To store Neon EVM (NEON) tokens, you have several options:

  1. KuCoin Account: You can store NEON tokens directly in your KuCoin account. This is a convenient option if you plan to trade or use the tokens within the KuCoin ecosystem.

  2. Non-Custodial Wallets: You can also store NEON tokens in non-custodial wallets, which provide more control over your assets. This option is recommended for long-term storage and security.

  3. Ledger Wallet: You can add a Neon EVM (NEON) account to your Ledger wallet by following these steps: go to the Accounts section, click "Add account," select NEON from the list, and connect your wallet.

  1. Math Wallet: Math Wallet is a multichain wallet that supports NEON tokens. You can store, send, and exchange NEON tokens using this wallet, which is available on both mobile and desktop platforms.

  2. NeonPass and Token Accounts: NEON tokens can also be stored in NeonPass, which is used to transfer tokens between Neon EVM and Solana. This process involves setting up wallets, connecting them to NeonPass, and conducting the transfer.

How to buy Neon EVM?

To buy Neon EVM (NEON) tokens, follow these steps:

  1. Choose a Reliable Exchange: Select a trustworthy cryptocurrency exchange that supports NEON trading, such as Binance, Coinbase, Bybit, or KuCoin.

  2. Create an Account: Sign up for an account on the chosen exchange, providing the required information and setting up a strong password.

  3. Verify Your Account: Complete the Know-Your-Customer (KYC) and security verification processes to ensure the security of your account.

  1. Deposit Funds: Add funds to your account using a payment method accepted by the exchange, such as a credit/debit card or bank transfer.

  2. Find the NEON Trading Pair: Locate the NEON trading pair, such as NEON/USDT, on the exchange's spot market.

  3. Place an Order: Use the exchange's order types, such as market orders or limit orders, to buy NEON at the desired price.

  1. Store Your NEON: Once the order is executed, your NEON tokens will be available in your trading account. You can store them in your exchange account or transfer them to a personal wallet.

For more detailed instructions, refer to the specific exchange's guide on how to buy NEON, such as Gate.io or KuCoin.

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History of Neon EVM

Neon EVM (NEON) is a cryptocurrency that represents a significant evolution in the Ethereum Virtual Machine (EVM) ecosystem. It is built on the Solana blockchain and allows developers to deploy EVM-compatible decentralized applications (DApps) on Solana with minimal reconfiguration.

Neon EVM was developed by Neon Labs, founded by Marina Guryeva in 2021. Guryeva has been active in the blockchain space since 2015 and previously held roles at CyberFund and Commun. The Neon Foundation oversees the development and governance of Neon EVM.

Neon EVM integrates the EVM capabilities into the Solana blockchain, enabling developers to leverage the familiar EVM environment for deploying and executing smart contracts on Solana. This integration combines the strengths of Ethereum's ecosystem with the speed and scalability of Solana's blockchain. The platform supports the transfer of Ethereum projects to the Solana network and allows for parallel execution of transactions, achieving a throughput of 4,500 transactions per second (TPS).

The NEON token, native to the Neon EVM ecosystem, serves a dual role. It functions as a utility token, facilitating transactions on the Neon platform, and as a governance token, empowering holders to participate in decentralized decision-making processes through Neon DAO.

Neon EVM has undergone security audits by notable companies such as Halborn, Neodyme, Least Authority, and Ackee Blockchain, ensuring the integrity and reliability of its decentralized applications. The platform has also been designed to support high-speed, parallel processing, and reduced gas fees, making it an attractive option for developers seeking high-performance blockchain solutions.

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How Neon EVM works

Neon EVM (NEON) is a protocol that integrates the Ethereum ecosystem with the Solana network. It allows developers to utilize the capabilities of the Ethereum Virtual Machine (EVM) and the Ethereum ecosystem, along with Solana’s superior scalability and transaction speed. This integration enables Ethereum native applications to run on Solana without requiring any changes to their codebase, leveraging familiar EVM development tools.

Key Components and Functionality
  1. Neon Proxy:

    • Acts as a bridge between the Ethereum blockchain and Solana.
    • Packages Ethereum-like transactions into Solana transactions.
    • Supports the migration of Ethereum DApps to the Solana blockchain.
    • Neon operators, responsible for running Neon Proxy servers, are rewarded with NEON tokens for their services.
  2. NeonScan:

    • A block explorer and analytics platform for the Neon EVM ecosystem.
    • Allows users to examine and analyze Neon transactions on the Solana blockchain.
    • Provides a transparent view of the network’s activity, enabling users to verify transactions, track token movements, and understand block information.
  3. NeonPass:

  • Facilitates the transfer of ERC-20 tokens between Solana and Neon EVM.
  • Each transaction incurs a gas fee, payable in either NEON or SOL tokens, depending on the originating network.
  1. Neon Faucet:
    • A service that helps users obtain NEON and other ERC-20 test tokens.
    • Enhances the application development and testing processes on the Neon EVM platform before deployment on the main network.
How Neon EVM Works
  1. Transaction Creation:

    • Users create and sign Ethereum-like transactions.
    • These transactions are sent to Neon Proxy through the Neon API service.
  2. Transaction Processing:

    • Neon Proxy forwards the wrapped transactions to the Neon EVM program in Solana.
    • The smart contract in Neon unwraps and checks the user’s signature on the transaction.
    • The transaction is then executed in the Solana BPF.
  3. State Change:

  • After successful execution, Solana and Neon EVM perform a state change.
Benefits
  • Scalability: Neon EVM achieves high transaction throughput, leveraging Solana’s parallel execution capability.
  • Low Fees: Transactions incur lower gas fees compared to traditional Ethereum transactions.
  • Interoperability: Enables seamless integration with Solana’s ecosystem using familiar EVM development tools.

Neon EVM offers a robust and efficient platform for deploying and executing smart contracts on Solana, combining the strengths of Ethereum’s ecosystem with Solana’s speed and scalability.

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Neon EVM's strengths

The token Neon EVM (NEON) has several strengths that contribute to its utility and potential within the cryptocurrency ecosystem:

Interoperability and Scalability

NEON is the native utility token of the Neon EVM, which integrates Ethereum Virtual Machine (EVM) capabilities into the Solana blockchain. This integration allows developers to deploy EVM-compatible decentralized applications (DApps) on Solana with minimal reconfiguration, leveraging the strengths of both Ethereum and Solana. The parallel execution of transactions on Solana enables higher throughput, with a potential of 4,500 transactions per second, surpassing Ethereum's general limit.

Familiarity and Ease of Use

Developers can continue using familiar smart contract languages like Solidity and Vyper, and tools like MetaMask and Truffle, making the transition to Solana smoother. This ease of use and familiarity can expand the reach of Ethereum developers and tap into Solana's user base and liquidity.

Governance and Utility

NEON serves as a utility token, facilitating transactions on the Neon platform, including transfers, DApp deployment, and interactions within DApps. Additionally, NEON holders can engage in decentralized governance through the Neon DAO, making decisions on distributing funds from the treasury.

Token Allocation and Distribution

The token supply is fixed at 1,000,000,000, with a balanced allocation across various sectors, including public sale, early token purchasers, contributors, advisors, and founders. This allocation encourages collaboration, innovation, and long-term commitment from diverse stakeholders.

Security and Compliance

The Neon EVM ensures secure and automated smart contract execution, underpinning decentralized applications and providing interoperability across different crypto projects. The platform also adheres to rigorous KYC/AML processes for token recipients.

These strengths position NEON as a versatile and powerful token within the Solana ecosystem, offering a unique combination of interoperability, scalability, and governance.

Neon EVM's risks

Neon EVM (NEON) is considered a high-risk investment due to its significant volatility. The proprietary scoring system used by InvestorsObserver analyzes the amount of money required to move the price over the past 24 hours, along with recent changes in volume and market cap, to evaluate how much a token can be manipulated by limited trading. This scoring system gives Neon EVM a high risk rating, indicating that it should only be considered by investors with a high tolerance for risk and a strong financial position.

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Did Neon EVM raise funds?

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Neon EVM’s team

  • Marina Guryeva: Founder and CEO of Neon Labs, actively involved in the blockchain space since 2015, with experience in managerial positions and leading blockchain tech teams.
  • Andrey Falaleyev: Team member at Neon Labs, contributing to the development of Neon EVM.
  • Yuriy Yurchenko: Team member at Neon Labs, involved in the innovation and development of Neon EVM.
  • Arkadii Irincheev: Team member at Neon Labs, part of the team driving innovation and development in Neon EVM.

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