In the rapidly evolving landscape of blockchain technology, Neon EVM, a smart contract on Solana (SOL) has emerged as a frontrunner by introducing a landmark parallel processing architecture on its mainnet.
This approach has enabled Neon EVM to achieve an increase in performance, scalability, and efficiency, according to a press release share with NewsBTC.
Neon EVM Dominates Transaction Processing
Neon EVM, the first parallel Ethereum Virtual Machine (EVM) on mainnet, has achieved a record-breaking 730 Transactions Per Second (TPS) on its mainnet. Notably, this is the first time such high tps has been achieved on an EVM mainnet.
The milestone was reached on December 16, 2023, when Neon EVM’s mainnet showcased its transaction processing capabilities. While many blockchains demonstrate high tps on testnets, Neon EVM’s has standout by improving its scalability.
Neon EVM, which went live on the mainnet in July 2023, operates as a fully Ethereum-compatible environment on the Solana blockchain. Since its launch, Neon EVM has garnered investor interest, resulting in multiple listings on platforms such as ByBit, Crypto.com, and Gate.io.
Given these developments, the utility token NEON has experienced remarkable growth, with its value surging from $0.67 to $1.45 in just three days, representing a 116% increase.
Neon EVM’s success comes when there is growing interest in high-speed, parallelized processing blockchains. Currently, Neon EVM stands as the only parallel processing EVM live on the mainnet, showcasing its tps capabilities compared to other blockchain networks.
Outshining Ethereum’s Transaction Speed
The fundamental difference between Neon EVM and blockchains like Bitcoin and Ethereum lies in their transaction processing approach. While Bitcoin and Ethereum process transactions sequentially, Neon EVM allows for simultaneous processing of multiple transactions, facilitating increased throughput and reducing the likelihood of congestion during periods of high demand.
In a notable comparison, Neon EVM’s parallel processing architecture outperformed the combined tps of the entire Ethereum ecosystem on December 16, as reported by L2Beat.
The project’s commitment to Ethereum compatibility on the Solana blockchain and its high-speed transactions…
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