In a trailblazing feat for blockchain technology, Neon EVM has unveiled a pioneering parallel processing architecture on its smart contract platform, powered by the Solana network. This innovative step propels Neon EVM to the forefront, marking a surge in processing performance, scalability, and operational efficiency.
The breakthrough was publicly announced after a press release was distributed.
Neon EVM now holds the distinction of being the first parallel Ethereum Virtual Machine running on a mainnet, with a staggering 730 Transactions Per Second (TPS) achieved. This incredible throughput has set a new benchmark, since such figures on an EVM mainnet had not been realized until now.
The record was officially set on December 16, 2023, when the prowess of Neon EVM’s transaction processing was put on full display. Competitors often tout high TPS on test networks, but Neon EVM distinguishes itself by delivering scalability enhancements on its operating network.
Since its mainnet inception in July 2023, Neon EVM has created a buzz within the investment community, leading to its inclusion on several trading platforms such as ByBit, Crypto.com, and Gate.io.
Furthermore, the company’s native token, NEON, witnessed an extraordinary ascent, appreciating from $0.67 to $1.45 within a mere three-day span—an impressive 116% increment.
With the industry’s inclination towards high-speed, parallel processing blockchains, Neon EVM sets itself apart as the solitary parallel processing EVM that is functioning live on a mainnet, hence accentuating its TPS supremacy over rival networks.
Neon EVM’s transactional efficiency is radically different from that of blockchains like Bitcoin and Ethereum, which process transactions in a sequential manner. Neon EVM’s enabling of concurrent transaction processing serves to elevate throughput and reduce the odds of network clogging during peak demand periods.
On December 16, this aspect of Neon EVM’s technology proved superior to the entire combined throughput capabilities of Ethereum’s ecosystem, as was detailed in a report by L2Beat.
Neon EVM’s adherence to Ethereum compatibility within the Solana ecosystem, coupled with its agility in transactions and cost-effective appeal, renders the project particularly noteworthy amidst the burgeoning phase of a new Bull Cycle.
Polygon, another Layer 2 scaling solution complementing the Ethereum blockchain, too has demonstrated significant transaction processing speeds.
A post by Sandeep Nailwal, the founder of Polygon, highlighted the network’s efficiency, with over 16 million transactions taking place in just one day. During peak times, Polygon’s PoS chain attained a throughput of 255 TPS, nearly two or threefold the entire Ethereum ecosystem’s combined throughput.
Validators on Polygon’s network accrued about 1 million in transaction fees in one day, indicating robust network activity. It’s essential to point out that this period experienced a rise in gas fees—an overarching challenge affecting the broader Ethereum ecosystem.
Rewards to validators on Polygon’s network were substantial, with over 155,000 MATIC tokens handed out as block rewards in one day, equating to about 1.2 million in revenue. These incentives play a vital role in bolstering network security and reliability.
The marked increase in transactions on both Layer-2 networks underscores the critical relevance of scalability solutions. As the crypto market anticipates the influx of hundreds of new users in the forthcoming months, the utility and value of their respective tokens are likely to experience the direct benefits of these advancements.
