NEON is NON-Stakable but a Utility Token
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Neon in the Everstake Blog
Table of Contents
Delegating step-by-step
About Neon
Tokenomics
Delegating step-by-step
Staking is not yet available. Stay tuned!
About Neon
Neon EVM is a groundbreaking technology that allows developers to run Ethereum Virtual Machine (EVM) compatible smart contracts on the Solana blockchain. Developed by Neon Labs, it brings together the best of both worlds, enabling developers to take advantage of the powerful capabilities of Solana while retaining compatibility with the vast Ethereum ecosystem.
Key features:
- Built on top of the Solana network, which is known for its speed, scalability, and low transaction fees. By utilizing the Solana network, Neon EVM is able to offer unparalleled performance, with block times as low as 400 milliseconds and transaction throughput of up to 65,000 TPS. This makes it one of the fastest and most efficient EVM-compatible solutions available today.
- Uses a unique approach to consensus called "Proof of Stake Sidechain," which allows for fast finality and ensures that transactions are irreversible. This provides developers with the confidence they need to build mission-critical applications that require a high level of security.
- Allows developers to easily port their existing Ethereum smart contracts to the Solana blockchain. This allows developers to take advantage of the advanced features of Solana while maintaining the same Ethereum programming model and tooling they are already familiar with. Developers can use popular Ethereum development tools such as Truffle and Remix to write, test, and deploy their smart contracts on the Solana blockchain.
- Supports a wide range of Solidity versions and has built-in support for popular Ethereum standards such as ERC-20 and ERC-721.
- Offers a number of Solana-specific features, such as access to Solana accounts and the ability to use SPL tokens.
Tokenomics
The NEON token stands as the principal token of the Neon EVM. It plays a dual role as a utility and governance token on the platform.
- As a utility token, NEON is the primary method of payment for user transactions on the Neon platform, including transfers, dApps deployment, and interaction with dApps. Its function on Neon is similar to that of ETH on Ethereum.
- In its role as a governance token, NEON serves as a representation of a vote in the Neon DAO for decentralized community governance.
Other specifications of the NEON token include:
- The NEON token is a divisible unit of value that can be divided into Alans, where 10^18 Alan is equivalent to 10^9 Galan, and 1 NEON.
- It features no inflation or deflation rates.
- When transactions are executed on the Neon platform, 50% of the transaction fees go to Solana Validators, while the remaining 50% is deposited in the Neon DAO Treasury.
- NEON is an SPL token on Solana and simultaneously functions as the native token on the Neon EVM, much like ETH does on Ethereum.
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