A quick look at Neon, which will be publicly sold on CoinList, to build the Ethereum virtual machine EVM on Solana

Just like developers had to develop mobile apps for both Android and iOS systems to gain access to both markets, so far Ethereum dApp developers had to do custom development to be able to because Ethereum and Solana were designed with different transaction structures. Enter Solana's public chain ecology.

The Solana-based Ethereum Virtual Machine (EVM) Neon aims to change that. Neon Labs, the development team behind Neon, was established in 2021 and raised US$40 million through private equity sales at the end of the same year. Jump Capital led the investment, and Three Arrows Capital, Solana Capital and other institutions participated in the investment. The founder and CEO of Neon Labs, Marina Guryeva, has been active in the blockchain field since 2015. She was a director of CyberFund, a start-up company that invests in blockchain, and then joined the blockchain-based platform as a director in 2019. Chain's social network, Commun, leads blockchain-based social networks run by autonomous communities.

In the field of mobile applications, tools such as Xamarin and Flutter provide cross-platform mobile application development. Likewise, Neon EVM provides a cross-L1 blockchain development solution for dApp developers. It brings Ethereum compatibility to the Solana blockchain, making Solana's throughput, fast block speeds, and low gas prices available for Ethereum contract solutions, allowing them to bring their dApps from Ethereum to Solana, while Requires minimal reconfiguration of the code base.

Specifically, Neon EVM makes major Ethereum dApp tools compatible with Solana, including Vyper, Solidity, MetaMask, Hardhat, Truffle, and Remix. The solution allows any Ethereum application to run on Solana, including Ethereum projects such as Uniswap, SushiSwap, 0x, and MakerDAO, all with minimal reconfiguration.

Additionally, the Neon EVM protocol enables dApps to access tokens traditionally tied to native L1 from the EVM to Solana, and vice versa. This will allow Ethereum-native dApps to access Solana's SPL-compliant tokens and Solana-based user base for the first time through a single protocol.

The Neon EVM economic model is charged, and its token NEON is a utility token based on the SPL standard, which can be used to pay gas fees and participate in NEON's governance activities. At 1 am on June 9th, Beijing time, Neon will start the sale of NEON tokens on CoinList, an encrypted asset financing platform. This time, a total of 50 million pieces will be sold at a price of US$0.1 each. The token is planned to be sold around July 17. Unlock all.

Neon transactions are formed according to the standards of Ethereum. In an Ethereum transaction, users specify how much they are willing to pay for the gas spent in the transaction. In Neon EVM, this fee is paid in NEON to the entity that submits the transaction on Solana, the Neon EVM Operator (operator). An Operator is an independent entity that provides a public endpoint for accepting Neon transactions. They then process these transactions and submit them to the Solana Virtual Machine (SVM).

The cost of Neon transaction execution in Neon EVM is calculated according to the Solana rules of Solana transaction execution, which makes its gas cost significantly lower than that of Ethereum or Ethereum native L2.

The Solana gas price is determined by fee parameters, including the number of computing units required and the number of signatures included in the transaction. With the Neon EVM implemented for transactions on Solana, the signature count is always set to 1: the signature count of the Neon EVM operator responsible for the transaction. The fees paid by Neon EVM operators in SOL tokens are divided into two categories: fees charged by Solana leaders to execute Solana transactions and fees charged by the Neon DAO Treasury.

Neon DAO is the organization responsible for managing the design and functions of the Neon EVM. Its functions include setting Neon EVM parameters and agreeing to redesign and update Neon EVM programs. For example, if the incentive policy needs to be modified, such as variables such as the required deposit size for Neon proxy operators conducting iterative Neon transactions, the DAO will manage the change process.