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2024-08-13 09:36:56

Solana TVL is 2% below its peak.

Author: Loopy Lu

Recently, CoinList announced that it will launch the Solana EVM compatible solution Neon EVM Token NEON sale at 17:00 UTC on June 8 (1:00 Beijing time on June 9), with a total sales volume of 50,000,000 NEON, accounting for 5% of the total circulation, at a price of $0.1. The community sale is now open for registration, with the registration deadline at 12:00 UTC on June 5.

In the current situation of the significant shrinkage of the Solana ecosystem, the emergence of Neon EVM brings a new opportunity for Solana. How is the development of this project, which is about to start its public sale? Now, let’s take a quick look at the overview of Neon EVM brought to you by Odaily.

Neon EVM intends to combine the advantages of Ethereum and Solana

In November 2021, Solana TVL reached an all-time high, surpassing $10 billion.

With the collapse of FTX, Solana also faltered, and funds were withdrawn one after another. Since the collapse of FTX, TVL has been continuously declining for a long time. Currently, TVL has dropped to about 266 million US dollars, only about 2% of ATH.

As Solana is no longer under the influence of FTX, how to revive this EVM heterogeneous chain has become a concern for the Solana community and Solana developers to follow. Whether to introduce EVM to Solana has also become a topic of concern for the Solana community to follow.

Neon is one of the solutions to this problem. In 2021, Neon Labs was established. The project is dedicated to deploying an EVM compatibility layer on Solana, leveraging Solana’s low-cost advantages, and introducing mature EVM developer ecosystems and mature dApps.

Neon allows anyone to run ETH blockchain Smart Contracts on Solana without the need to reconfigure Smart Contracts before deploying dApps. The project designs a Neon EVM with incentive mechanisms, which runs dApps on EVM and wraps them into Solana transactions, replacing users’ execution and completion of transactions on Solana.

The Neon team believes that Neon can retain the advantages of both Ethereum and Solana.

The advantages of ETH include: the ability to use the more familiar Solidity or Vyper languages for developers; the use of infrastructure such as MetaMask, Hardhat, Remix, etc.; compatibility with ETH RPC API; support for ETH account, signature, Token standards, etc.

While the advantage of Solana lies in its high concurrency execution capability; the cost of each transfer is as low as 0.000015 SOL gas fee; up to 5000 tps, and so on.

To achieve these functions, NEON consists of three parts: NEON EVM, NEON Proxy, NEON DAO.

Neon EVM is used to execute and process EVM transactions. Neon Proxy is responsible for packaging Neon transactions into a Solana transaction and executing them on Solana. Neon DAO consists of a series of Smart Contracts deployed on Solana. It also serves as the governing body of Neon, providing a governance layer to control the functionality of Neon EVM, allowing the community to propose and vote on the operation and development of Neon.

NEON Tokenomics

The Neon compatibility layer uses the project’s native Token NEON as gas. The operation process is that users use NEON to pay Money Laundering to the agent operation, and then the agent operation uses SOL to pay the fee to the Neon vault of Solana validators. Therefore, a portion of the user’s gas will enter the Neon vault, which is also the future source of income for Neon.

Neon EVM announced its tokenomics, showing a total supply of 1 billion NEON tokens. The total sales volume of this public sale is 50,000,000 tokens, accounting for 5% of the total supply, with a price of 0.1 US dollars per token.

The NEON Token distribution model is as follows:

Early buyers: 16.12%. Lock-up period of 1 year, with linear release in the following year.
Main partners and advisors: 7.02%. Minimum lock-up of 1 year and linear release over 1 year.
Ecosystem Development: 31.92%. Minimum lock-up of 1 year, followed by linear release.
Founder: 15.00%. Locked for 1 year, then released linearly over 1 year.
Early contributors: 1%. Minimum lock-up period of 1 year, followed by linear vesting for 1 year.
Public sale: 5%. Unlocked on July 17, 2023.
Ecosystem rise (Treasury): 23.94%. Determined by governance proposal.

The Neon EVM roadmap shows that the project has now progressed to the Mainnet stage, with Mainnet and some early dApps deployments scheduled for this quarter. In the next quarter, key Decentralized Finance protocols will be deployed, and a funding program will be initiated to promote the development of dApps within the ecosystem.

As the most thriving ecosystem in encryption development, Ethereum provides many tools for dApp developers and users in terms of tools and infrastructure. With Neon EVM, dApp developers can easily access Solana, and in the current declining situation of Solana, this move may be crucial for the Solana community.

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