The NEON token is used to pay for transactions and participate in institutional governance at Neon Labs, the first Ethereum virtual machine (EVM) developed for the Solana ecosystem.
EVM is a standardized virtual machine system that enables DeFi apps to run on the Ethereum environment. This method, however, cannot be supported because of Solana’s distinct design, which means that Ethereum-compatible projects cannot be deployed on Solana.
The architecture of Neon Labs serves as a bridge for the easy conversion of pure Ethereum apps to Solana, benefiting from each other’s characteristics. Neon Labs is also working to ensure that Ethereum and Solana applications are fully compatible. This EVM is already used by many veteran projects like as Aave and Curve.
“Neon EVM combines together the best of Ethereum and Solana, and will be the Ethereum killer forever,” said project founder and CEO Marina Guryeva.
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