Have you ever imagined a DApp with Ethereum’s qualities and Solana’s speed and scalability? This is exactly what Neon EVM offers: a protocol that merges the best of both worlds.

In this article, we’ll explore Neon EVM, how it works, and how to buy it in India at the most trusted exchange.

What is Neon EVM?

Neon EVM is an Ethereum Virtual Machine (EVM) implemented on the Solana blockchain. It offers seamless compatibility with Ethereum DApps, requiring no reconfiguration, and supports popular smart contract languages like Solidity and Vyper. This allows developers to use familiar languages while taking advantage of Solana’s scalability to enhance Ethereum DApps.

Key Components of Neon EVM: How It Works?

• Neon EVM

The Neon EVM program is a smart contract on the Solana blockchain that processes Ethereum-style transactions according to Ethereum’s rules. These transactions, known as Neon Transactions, adhere to a subset of Ethereum’s JSON-RPC Specification and serve as inputs for Neon clients.

• Neon Proxy

Neon Proxy is essential for porting Ethereum DApps to Neon with minimal reconfiguration. It converts a Neon transaction into a Solana transaction, enabling the smooth execution of Ethereum-like transactions on Solana. Neon Proxy servers, operated by Neon operators, accept NEON for payments and facilitate transactions within the Solana ecosystem in SOL.

• Neon DAO

Neon DAO supports the Neon Foundation with custodial services and guides future research and development. It comprises contracts on Solana that provide a governance layer for controlling Neon EVM functionality. Using a web interface, NEON token holders can propose and vote on changes affecting Neon EVM.

Neon EVM Advantages

• Practical: Development teams can deploy Ethereum DApps on Solana without reconfiguration, using familiar programming languages (Solidity or Viper) and standard tooling.
• Expanding User Base: By migrating DApps from Ethereum to Solana, developers can tap into Solana’s user base and benefit from its ample liquidity.
• High Scalability: Leveraging the Solana blockchain, various DApps can achieve high transaction speeds with low gas fees.

Key Features of Neon EVM

• ERC-20 SPL-Wrapper contracts can be deployed for each Solana token, allowing the use of Ethereum wallets like Metamask to transfer funds in Solana tokens.
• The ERC-20 SPL-Bridge can create a Solana token that represents the corresponding ERC-20 token in the SPL-token contract.
• Neon EVM operators can be compensated in an ERC-20 token chosen by the user for completing transactions, providing additional flexibility.
• Gas consumption follows Ethereum’s rules.
• Neon EVM monitors hard forks and upgrades on Ethereum and Solana, ensuring network changes do not cause disruptions.

Neon EVM Tokenomics

The NEON token serves as the native currency of the Neon EVM. It functions as:

• A Utility Token: It is used for user transactions, such as transfers, DApp deployments, and interactions with DApps on the Neon platform, similar to how ETH is used on Ethereum.
• A Governance Token: It gives holders voting rights in the Neon DAO for decentralized community governance.

Token Distribution

5% – Public Sale

16.12% – Early Purchasers

1% – Early Contributors

7.02% – Key Partners and Advisors

15% – Founders

23.93% – Treasury Ecosystem Growth

31.92% – Ecosystem Development

Source: ICO Analytics

Buying Neon EVM (NEON) in India

Below are a few simple steps you can follow and buy the NEON tokens in India with WazirX, India’s most trusted and widely used crypto exchange.

The best way to buy NEON tokens is by depositing INR in your WazirX wallet. Alternatively, you can also buy NEON using P2P trade; to get answers to all your queries related to the P2P trade, click here!

Step 1 – Sign-Up on the WazirX platform

To begin buying and selling NEON, you must sign up for an account on the WazirX platform. If you already have an account, you can log in directly.

For your reference, here’s how you can open an account on WazirX.

Step 2 – Set up your account security by verifying your email address.

This step is about verifying your email address. After you sign up on the WazirX platform, you’ll get a verification link on your registered email. By clicking on that link, you’ll get two options to ensure the security of your account – the authenticator app and mobile SMS.

Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.

Step 3 – Complete the KYC process.

After choosing your country, you can proceed with completing the KYC process. Click here for a detailed overview.

Note: You must complete your KYC to be able to trade P2P or withdraw funds on the WazirX app.

Step 4 – Add funds to your WazirX wallet.

To add funds, simply go to your account on the WazirX app or web. Click on “Funds” and then on “Deposit INR.”

You can deposit INR using any mode (NEFT/ RTGS/ IMPS).

You can also buy NEON through P2P to the WazirX wallet. The NEON will act as funds to help you buy your favorite cryptos.

Step 5 – Finally, buy NEON on WazirX.

You can now easily purchase NEON tokens using INR Deposits. In the case of P2P trade, check NEON to USDT here.

After logging in to your WazirX account, you can choose INR from the “Exchange” tab. You can also check all the price charts, order book data, and an order input form on the right side of the screen.

Click “Buy” after entering the amount and checking the total INR amount to be paid.

Your order will be placed according to the price you have input. And, in the case of P2P trade, a seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.

The order might take a few minutes to complete, but as soon as it is executed, you will receive the NEON Tokens you purchased in your WazirX wallet.

Happy Trading!

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.