Neon EVM proposes adoption of Solana by DeFi giant Aave

Purpose of providing Solana user base etc. to Aave

Neon EVM, a smart contract platform that introduces Solana’s parallel processing technology to the Ethereum virtual machine EVM, has proposed that Ethereum’s DeFi giant Aave adopt Neon EVM and participate in the Solana ecosystem. NEON token price has increased by about 30% following this proposal.

Go check out our proposal in the @aave governance forum!

This is our first step in bringing Aave V3 MVP to Neon mainnet, expanding Aave’s presence and enabling access to the Solana ecosytem.https://t.co/P68kusOggV

— Neon (@Neon_EVM) January 15, 2024

The proposal, created by the Neon Foundation and Aave contributor Aave Chan Initiative, aims to extend Aave’s lending services to the Solana blockchain, initially as a minimum viable product (MVP). The proposal is currently in the “temperature check” stage, where Aave community members and users can share their opinions and feedback on the proposed integration.

Neon EVM (Neon Ethereum Virtual Machine) is a fully compatible Ethereum environment (EVM) on Solana that allows developers to bring Solana’s parallel processing power to Ethereum dApps using Solana as a settlement layer. can bring.

Aave’s implementation proposal recommends a conservative approach by introducing three types of token collateral: SOL, mSOL, and jitoSOL, and a single borrowable asset: USDC. One version of Aave v3 has already been deployed on the Neon EVM Devnet.

Regarding the use of Neon EVM, if Aave were to introduce it, users would need to convert their assets on Solana to the Neon EVM environment via an official bridge called “neonpass.” The Neon EVM environment can be used with EVM-enabled wallets such as Metamask.

Marina Guryeva, CEO of Neon Labs, developer of Neon EVM, spoke to Blockworks about the significance of introducing parallel processing power to EVM, saying, “Ethereum is still the mainstream blockchain that supports smart contracts and dApps, but Solana’s Sealevel technology (parallel processing that allows virtual machines to process multiple transactions simultaneously by distributing the transaction workload across multiple threads on the validator’s hardware) significantly reduces gas fees. “This enables high scalability.”

The Neon EVM ecosystem currently includes native decentralized exchange Moraswap, Myso Finandce,IceCreamSwapis also adopted.

connection: Expanding “Neon EVM” fee payment currency that gives Ethereum compatibility to Solana

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