Neon EVM Partners With DeBridge To Support New Chains

Users can now bridge between Solana and multiple EVM networks via Neon.

By: Samuel Haig Loading...

Neon EVM Partners With DeBridge To Support New Chains

Neon EVM, a Solana-integrated chain supporting Ethereum Virtual Machine and Vyper smart contracts, has integrated with deBridge to introduce support for EVM-native networks.

Announced on Feb. 6, Neon EVM emphasized that the integration will allow developers to access the Ethereum ecosystem among other networks supporting Ethereum smart contracts.

The move allows users to tap into billions of dollars in external liquidity with “near-instant” asset transfers and swaps between Solana and top EVM chains including Ethereum, BNB Chain, Arbitrum, and Avalanche.

“Now, Neon EVM developers can easily add new cross-chain functionalities to decentralized applications on mainnet,” the team said. “The partnership streamlines native asset transfer, boosts liquidity, enhances interoperability, and eliminates token wrapping friction.”

DeBridge facilitated $152.8M worth transactions between nine different networks in January, with transfers from Ethereum to Solana accounting for 20% of the total. The number of Solana users interacting with deBridge also increased by more than 2,900% last month.

Neon EVM will tap into deBridge’s cross-chain infrastructure services, including the dePort asset custody and zero-slippage deSwap Liquidity Network.

The project’s NEON token is up 10% in the past 24 hours, according to CoinGecko.

Neon describes itself as a EVM-compatible network boasting “direct access to Solana” liquidity and parallelized transaction execution.

Neon completed its mainnet launch in December 2022, but has attracted just $1.4M in total value locked across five projects, according to DeFi Llama.

However, Neon’s tides may soon turn, with a recent Aave governance proposal to launch its v3 iteration of Neon passing its temperature check with 83% support. Aave is the leading DeFi lending protocol with a total value locked of $7B across 10 chains.

In December, Neon also launched a points campaign in a bid to bolster engagement with the protocol. Neon will distribute points to users who generate social media content and participate in Neon events including hackathons, conferences, and online events. On Feb. 3, Neon said more than 1,200 participants have signed up for the program.