Wigwam is the best Neon blockchain crypto wallet

Neon Blockchain review

Launched in 2023, Neon Blockchain has managed to disrupt the scaling solutions by offering the best from the top two chains, a virtual machine from Ethereum, and the scalability of parallel processing from Solana. Neon offers deployment of Ethereum’s smart contracts and dApps on Solana with lower gas fees and fast transaction speed of up to 730 TPS, a record in the EVM ecosystem.

Origins & Vision

Marina Guryeva, the current CEO founded the Neon Blockchain in July 2023. Neon was created to provide unlimited scalability and decentralization without sacrificing security. 

Key Milestones

Neon blockchain broke all previous records on 16 December 2023 when its mainnet showcased its capabilities by achieving 730 Transactions Per Second (TPS), the first time such high tps on the EVM mainnet.

Even after being launched just a few months earlier this year, the NEON token surpassed $11 Million in daily trading, and the token’s price ($NEON) increased by over 400%.

What Consensus Algorithm Does Neon Blockchain Use

Neon is neither a Layer 1 or Layer 2 blockchain, it is a blockchain somewhere between Layer 1 and Layer 2, built on top of the Solana chain. A user interacts with the Neon by deploying smart contracts, interacting with existing ones, or sending transactions through a web3 provider like Command-Line Interface (CLI) or Graphical User Interface (GUI). 

These transactions are divided into two types, based on their processing method. A transaction that follows Solana rules is S-TRX and the transaction that follows Ethereum’s rules for processing is N-TRX. Neon’s Proxy packages the N-TRX into Solana’s transactions format which allows them to be processed in parallel. 

Who are the Main Players in the Neon Blockchain

Neon Blockchain lets Ethereum dApps run their smart contracts on Solana blockchain, these smart contracts generate transactions according to Ethereum rules and are later broadcasted as Neon Transactions. 

However, Ethereum and Solana are miles apart in terms of consensus mechanisms as well as technology. To bridge this gap, Neon Blockchain introduced special Proxy Servers that execute transactions according to Solana’s parallel processing. 

Proxy Operators maintain these Proxy Servers, by packaging the N-TRX into Solana’s transactions format which allows them to be processed in parallel. They provide the RPC endpoint for transaction processing and ensure their execution on Solana Blockchain. 

DeFi Ecosystem on Neon

Neon Blockchain integrates Ethereum’s dApp ecosystem with Solana’s fast-speed ecosystem, giving the users a scalable ecosystem with Solana’s parallel execution of transactions, reducing the gas fees, and attracting many known DeFi projects to its ecosystem and many users. 

Neon’s DeFi ecosystem is quite diverse as it has decentralized exchanges like “Moraswap V2”, and “Sobal”.  To join Neon DeFi use the Wigwam DeFi wallet.

NFTs Marketplaces on Neon

Neon blockchain offers lower gas fees with Ethereum’s EVM capabilities attracting many artists and collectors to mint, sell, and collect NFT on its mainnet. 

“Neon Punks” and “Neon Saga” are some of the well-known NFT Marketplaces on the Neon blockchain. 

Tokenomics and Gas Usage on Neon

Neon Blockchain’s native token, NEON is used for gas fees and the DAO has plans to expand its utility as a governance token which led to its exceptional growth as its value went from $0.67 to $1.45 in just three days after its launch in July 2023, showcasing a 116% launch. 

Conclusion

Neon Blockchain is the first-ever EVM mainnet to achieve a record-breaking 730 Transactions Per Second (TPS). The blockchain managed to achieve such a record under its belt by combining the EVM with Solana’s parallel transaction processing. Neon managed to disrupt the scaling solutions with its performance and it hasn’t been a full year since its full launch, reflecting that Neon is about to make many more records in the future.