Coinbase Announces Support for Neon EVM (NEON) on Solana Network

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Coinbase Announces Support for Neon EVM (NEON) on Solana Network
  • Neon EVM on Coinbase enables to deploy Ethereum dApps on Solana network.
  • Coinbase listing boosts NEON token and Neon EVM project.
  • NEON holders can govern and influence the future development of the Neon EVM project

In a major development for the Solana ecosystem, Coinbase, the leading cryptocurrency exchange has announced plans to add support for Neon EVM (NEON) on its platform. The news revealed through a tweet by Coinbase Assets has created excitement through the crypto community.

According to the tweet, Coinbase will begin supporting NEON on April 30, 2024 around 12:00 PM ET. However the trading will commence in phases with Coinbase first ensuring sufficient liquidity is available on the platform. Additionally, the announcement says that NEON support may be restricted in certain jurisdictions likely due to local regulations.

Neon EVM has gained attention for its ability to bridge the gap between Ethereum and Solana. This innovative solution allows Ethereum developers to deploy their existing decentralized applications (dApps) on the Solana network without modifying their codebase. Neon EVM achieves this feat by being compatible with the Ethereum Virtual Machine (EVM) and the underlying technology that powers Ethereum dApps.

NEON, the native token of the Neon EVM ecosystem serves a dual purpose. Firstly, it functions as the utility token for gas fees on the Neon EVM platform. Gas fees are the transaction costs associated with using the network’s resources. Secondly, NEON holders can participate in decentralized governance allowing them to influence the future development of the Neon EVM project.

The specific trading pairs for NEON on Coinbase are yet to be confirmed, the announcement generally indicates that users will likely be able to trade NEON with major fiat currencies like USD and stablecoins like USDC and USDT. This will provide users with greater flexibility when buying and selling NEON.

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