Neon is an Ethereum Virtual Machine on Solana that allows developers to scale Ethereum dApps by using Solana.
Solana is a fast-growing blockchain, which uses a proof-of-history consensus mechanism. This algorithm uses timestamps to define the next block in Solana’s chain. The speed at which blocks are added to Solana’s blockchain requires additional levels of security for the blockchain. This is where Solana’s proof of history algorithm comes into play. This algorithm timestamps each block in such a way that maintains the system’s security. From time-to-time Solana experiences downtimes and Neon EVM is impacted by these downtimes; however the Solana team is working rigorously to fix these known issues with a potential solution to be implemented in about 6 months. Nevertheless, due to its immense potential as an innovative Layer 1, Solana is highly popular amongst a variety of dApps. Neon EVMs performance has been tested through multiple use cases, and the platform now includes the infrastructure and capabilities to support production level development. Notable Ethereum-based projects starting to build on Neon include Curve and Sobal.
Neon EVM has over 200 projects in its pipeline committed to launching during mainnet and shortly after the launch of mainnet, including blue-chip DeFi protocols, wallets, fiat on/off ramps, infrastructure, DAO tooling, etc. Looking beyond mainnet, the plan is to develop interoperability with Solana smart contracts, full ecosystem compatibility, integration with additional major Ethereum tools and services, and an early grants program.
