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Neon EVM Adopts Network Extensions to Redefine Solana’s Product Categories

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[PRESS RELEASE – London, United Kingdom, October 16th, 2024]

Neon EVM Pioneers the Network Extension Category on Solana, Ushering in a New Era of Unified Growth.

Neon EVM, a leading Ethereum Virtual Machine (EVM) on Solana, formally adopts Solana Network Extension as a product category, perfectly capturing the essence of this new category. Network Extensions fill a critical gap in the Solana ecosystem. By offering a formal category for projects that natively extend Solana’s functionalities, Neon EVM provides clarity to developers, investors, and users alike.

Traditionally, the positioning resulted from the inherent nature of Neon EVM and various other projects (MagicBlock, MetaPlex, etc.) since these are not typical Layer 1 or Layer 2 blockchains.

Unlike traditional rollups, L2s, or sidechains, Neon EVM is a program deployed directly on Solana’s blockchain and relies upon its settlement, consensus, and data availability. Today, this makes Neon EVM part of an emerging product category known as Network Extensions—a native, composable expansion of Solana’s core capabilities, stirring up debate.

The controversy sparking the Network Extensions category

Solana’s Network Extensions sparked controversy in September 2024, with co-founder Anatoly Yakovenko calling Ethereum’s L2 solutions “parasitic.” Yakovenko argued that L2s drain liquidity and fragment the ecosystem, a view echoed by Solana advocates who said L2s create a disjointed user experience. In contrast, Yakovenko claimed Solana’s Network Extensions are “natively composable” and enhance the core chain without pulling liquidity. Supporters emphasized that they are not disguised L2s but maintain a direct connection to Solana’s base layer, enabling seamless composability without Ethereum’s issues.

Network Extensions differ fundamentally from L2s.

Unlocking Seamless Ethereum Compatibility on Solana: Neon EVM as a Native Network Extension

Solana sees its Network Extensions as specialised modules that broaden the L1 blockchain’s core functionalities. These extensions natively integrate with the Solana base layer, allowing new capabilities to be added while preserving the core performance and composability of the underlying L1 chain.

Neon EVM epitomises this concept by enabling Ethereum compatibility for dApps while maintaining an execution environment with Solana. Neon isn’t a typical L2—it runs as an EVM (Ethereum Virtual Machine) on Solana’s blockchain, providing compatibility with Ethereum-based applications while remaining fully integrated with Solana’s L1. Unlike Optimistic or ZK Rollups, Neon doesn’t process transactions off-chain, but via Neon Proxy. Instead, it allows developers to deploy Ethereum dApps on Solana, leveraging Solana’s core capabilities— and no Rust coding is needed. Neon EVM seamlessly integrates with Solana at the protocol level and maps Ethereum transactions directly into Solana instructions, leveraging Solana’s advanced Sealevel transactional infrastructure. As a result, dApps running on Neon EVM benefit from Solana’s high-throughput environment and unparalleled scalability, enabling parallel processing and efficient execution.

This technology positions Neon EVM as a key player in enhancing the accessibility and composability of blockchain applications to the Solana ecosystem.

The Solana Foundation team has reiterated Neon EVM’s role as a Network Extension on social media platform X, as seen in the post below, while Anatoly Yakovenko, co-founder of Solana, has clearly stated that Neon EVM is definitely not an L2.

Davide Menegaldo, CCO of Neon EVM and highlights the importance of network extensions, stating, “Network Extensions offer a powerful way to enhance and augment the capabilities of blockchain networks like Solana without the downsides typically associated with traditional scalability solutions.” Menegaldo further takes a deep dive and explains the key to determining Network Extensions:

– Unified Liquidity: By operating within the same liquidity pool, Network Extensions prevent the liquidity fragmentation that often occurs with Layer 2s or sidechains, ensuring a more unified and efficient ecosystem.

-Enhanced User Experience: The user gets to use native wallets and tools with ease, abstracting away all complexities associated with multi-chain and fragmented environments.

– Remains native to the host chain, extending core functionality: Network Extensions are deeply integrated into the base layer and do not compete with or directly overlap it. They expand Solana’s capabilities by adding new features, new execution environments, storage or consensus capabilities, NFT functionalities without replacing the core functionalities of the underlying Solana environment.

Projects like MagicBlock with Ephemeral rollups, and MarginFi, are creating tools, services, and infrastructure that don’t always fit into well-defined single categories of L1 and L2 terminologies.

To fully comply with the definition of Network Extensions, Neon EVM will abstract away the complexities of the EVM layer, ensuring a seamless experience for users. EVM developers can fast-track their deployment on Solana without needing to chart the complexities of Rust. Solana users can interact with these dApps through their preferred wallets, such as Phantom, Backpack, or Solflare, paying gas fees in Solana-native currency.

This composable and intuitive user experience ensures that while the technology behind these applications is Ethereum-compatible, the end-user will benefit from a unified user experience – without even noticing the underlying Ethereum-like codebase powering the dApps.

Neon EVM drives innovation in Solana, expanding beyond traditional blockchain models

Network Extensions in the Solana ecosystem are setting a new precedent for how blockchain infrastructure can evolve beyond the traditional L1 and L2 models. As Solana continues its growth trajectory with Firedancer and many upcoming updates, Neon EVM is poised to play a pivotal role in accelerating innovation, bringing unparalleled growth opportunities to developers and users alike. The future of blockchain is extensible, and Neon EVM is poised to lead the charge beyond the standard pathways.

About Neon EVM

Neon EVM is the first of its kind—a Network Extension on Solana—designed to seamlessly integrate Ethereum Virtual Machine (EVM) compatibility into Solana’s high-performance ecosystem. By operating natively within Solana’s base layer, Neon EVM provides Ethereum developers with a fast, high-throughput pathway to deploy their EVM dApps on Solana, without the need Rust coding, separate blockchain layers, or fragmented liquidity. It enhances the composability of dApps while preserving Solana’s core advantages. Neon EVM expands Solana’s capabilities, offering a unified experience where Ethereum-based projects can thrive with the speed and scalability Solana is known for.

For more information about Neon EVM, users can visit neonevm.org and connect with the community on Twitter or Discord.

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Bitcoin Enters New Volatile Range as Markets Continue to Struggle

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As the crypto market continues to struggle, bitcoin (BTC) has broken into a new volatile range. On March 10, the cryptocurrency fell below $80,000 and touched the $76,800 range before climbing back up to $81,000 at the time of writing.

According to the latest edition of the Bitfinex Alpha report, the cryptocurrency’s decline to $76,800 triggered massive losses in the market, with investors recording over $950 million in liquidations for both short and long positions.

Bitcoin in New Volatile Range

Bitfinex said its analysts expected a temporary upside move toward the previous range lows near $90,000 after BTC fell briefly below $80,000 in February. The expectations played out earlier last week, with the leading cryptocurrency reclaiming those levels before consolidating between $85,000 and $92,000 towards the weekend.

However, bitcoin’s volatility increased as the Crypto Summit at the White House approached. Bitfinex said this was fueled by speculation around the creation of a U.S. Strategic Crypto Reserve. By the way, around that time, President Donald Trump signed an executive order establishing the bitcoin reserve and a digital asset stockpile.

When news emerged on March 7, crypto prices rallied across the market. However, the gains were soon erased as investors understood that the order would not result in any immediate new buying of BTC or other cryptocurrencies. This, in addition to one of the largest Bitcoin and Ethereum options expiry event on the same day (up to $3 billion), triggered more short-term fluctuations, leaving investors in losses.

Market Stabilization on the Horizon?

Regardless of bitcoin’s negative price action, the leading cryptocurrency has been stable relative to altcoins. But market sentiment about the coin remains cautious, and liquidity conditions and macroeconomic uncertainty are playing key roles in the asset’s next move.

“The intense whipsaw in price action over the past two weeks has created turbulent market conditions and driven a surge in realized volatility for Bitcoin, particularly across shorter time frames,” the report stated.

On the other hand, the Bitcoin options market has reached some of the highest levels of realized volatility in this cycle, surpassing 80% for its one-week and two-week timeframes. This level of realized losses shows that many traders and short-term holders have been forced to exit their positions below their cost basis. This means they have sold their assets at a loss.

However, Bitfinex said such mass capitulation events often precede a phase of market stabilization because strong hands start accumulating as weak hands leave the market.

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Meme Index ICO Nears $4M With 20 Days Left – Next Meme Coin to Explode?

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Have you ever found yourself scrolling through X (Twitter) or Reddit, trying to spot the next big meme coin before it takes off?

You can ditch that approach thanks to Meme Index (MEMEX).

This project is transforming meme coin investing and has already raised nearly $4 million in ICO funding.

But with just 20 days left before the ICO ends, could MEMEX be the next crypto to explode?

What is Meme Index and How Does It Unlock Meme Coin Diversification?

So, what is Meme Index?

Instead of stressing over which meme coin to pick, Meme Index lets you diversify across the entire sector with curated “baskets.”

Think of these baskets as ETFs for meme coins, but more accessible and completely decentralized.

For example, say you’ve got $500 to invest but can’t decide between DOGE, SHIB, or PEPE.

Meme Index has you covered – with four different indexes, you can gain exposure to multiple coins at once.

There’s the Titan Index for the bigger coins, and the Moonshot Index for up-and-comers with potential.

The Midcap Index hits the sweet spot of established but still growing coins.

And for the truly risk-seeking investors, there’s the Frenzy Index – filled with low-cap plays that could produce explosive returns.

MEMEX token holders get to vote on which coins will be added to each index.

That means the developers aren’t calling the shots – a community of meme coin enthusiasts decides what’s hot and what’s not.

MEMEX Token Staking App and Analyst Backing Set Stage for Post-Listing Growth

But Meme Index isn’t just about index funds.

The project also has a staking app that’s up and running – even while the ICO is still live.

Right now, it offers yields of 573% per year, though they will decrease as more investors get involved.

Still, that hasn’t stopped investors from locking up 174 million MEMEX so far.

Meme Index’s ICO is crushing it, having already raised $3.9 million in funding.

With just 20 days left before MEMEX’s open market debut, FOMO is beginning to kick in, and investors are rushing to secure tokens for $0.0166883 each.

All the signs of a project gaining momentum are there – a growing Telegram presence and rankings on top sites like ICOBench.

Even popular YouTubers are taking notice.

Crypto expert Borch Crypto took a deep dive into the project last week and said it could “explode” after listing.

Meme Index Continues to Thrive Despite Meme Coin Market Chaos

Meme coins in general are taking a beating right now.

DOGE has dropped to $0.154, SHIB is sitting at $0.0000114, and SPX just took a 23% hit since yesterday.

The sector’s entire market cap has shrunk to $43 billion – a far cry from where it was in December.

Yet, Meme Index continues to pull in investors.

This early demand is mainly because Meme Index offers something different from most other meme coins.

It’s not just another dog or cat-themed token looking to pump and then dump – it has an actual use case.

Meme coins have always been unpredictable, but Meme Index’s index-based approach brings order to the chaos.

Instead of guessing which coin will explode next, investors can gain exposure to several at the same time.

For beginners, this could be extremely helpful.

Most beginners will suffer at least one painful loss when they first dive into the meme coin space.

But with Meme Index, they soften the blow by spreading their bets across multiple meme coins.

It’s a quick and easy way to diversify.

With millions already raised in its ICO and an exchange listing on the horizon, Meme Index might be one to keep an eye on.

Visit Meme Index ICO

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

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Is it Time to Grab the Crypto Dip – RAD, ARKM and BTCBULL Outlook

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The crypto market is crashing right now – but is this the time to worry, or is it a golden opportunity?

Experienced traders know that deep in the red is where the best deals lie.

And with some experts still bullish on tokens like Arkham (ARKM) and BTC Bull Token (BTCBULL), those who act now could be rewarded when the market recovers.

Is the Crypto Market Crash a Golden Opportunity?

It’s a tough time to be a crypto investor.

Everyone is dumping risk assets, spooked by the latest tariff wars between the U.S., China, Mexico and Canada.

These economic tensions have triggered a domino effect – traditional markets are tanking, with the S&P 500 shedding $1.4 trillion yesterday and crypto stocks like MicroStrategy and Coinbase plunging double digits.

With over $700 million in liquidations, it’s no surprise Bitcoin and altcoins are struggling to find solid support.

The Crypto Fear and Greed Index has also fallen to a two-year low of 24, now in “Extreme Fear” territory.

But history shows that fear often creates opportunity – so is this dip a chance to get in before the next leg up?

Arkham Price Rallies 60% After Upbit Listing as Experts Back It for Further Gains

One altcoin that experts remain bullish on is Arkham.

This AI-powered blockchain analytics platform saw a strong boost today after ARKM was listed on Upbit, South Korea’s largest exchange, prompting a 60% price surge.

Although ARKM sold off a bit since then, holders are still optimistic about the token’s prospects.

Arkham’s core value lies in its ability to deanonymize blockchain transactions, making it a go-to tool for institutions tracking fraud and illicit activity.

Its “ULTRA AI” engine maps wallet addresses across multiple chains, while the Intel Exchange allows users to trade blockchain intelligence like stolen fund trails.

The platform has also caught attention with its influencer tracking feature – exposing discrepancies between what they promote and what they actually hold.

Popular trader Moon Whales on Twitter believes ARKM could be about to take off.

He tweeted earlier today that a “clean breakout” above the $0.70 level could extend the token’s rally.

BTC Bull Token Presale Nears $3.5M Mark – Could This be the Next Big Meme Coin?

BTC Bull Token is another coin that’s still doing well despite the market dip.

Built on Ethereum, this token is designed to reward holders with actual Bitcoin while using deflationary tokenomics to drive scarcity.

The project has raised almost $3.5 million in its presale, and with influencers like Danjo Capital Master backing it, the hype isn’t going away anytime soon.

BTCBULL’s reward system is its key selling point.

It’s tied directly to Bitcoin’s price milestones – holders get Bitcoin airdrops when BTC hits $150K, $200K, and beyond.

On top of that, the team will slash the token supply by 15% at key Bitcoin price levels, boosting BTCBULL’s value in the long run.

Throw in staking rewards estimated at 123% per year, and it’s easy to see why the project has gone viral.

None of this comes at the expense of safety, as Coinsult and SolidProof verified the project’s security through smart contract audits.

So, with strategic partnerships reportedly in the pipeline and a growing community, BTCBULL might be positioned to rally once the market picks back up.

Traders Predict Big Gains for Web3 Crypto Project Radworks

Alongside Arkham and BTC Bull Token, experts are also bullish on Radworks (RAD), a project that is shaping the future of decentralized software development.

Its censorship-resistant tools make it a key piece of Web3 infrastructure, and traders are beginning to take notice.

According to CryptOpus on Twitter, RAD looks like it’s about to break out of a falling wedge on the weekly chart – a classic bullish setup.

The token is already up 39% in the past day alone.

Radworks’ flagship tools, Radicle and Drips, are its main selling points, with over 1,200 projects funded since 2023.

As demand for these tools grows, we could see RAD rise in tandem.

In fact, spot trading volumes for RAD have rocketed 625% since yesterday, helping it rank on CoinMarketCap’s trending cryptos list.

That helps explain why Radworks could be the market’s next big mover if this momentum keeps up.

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

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