TL;DR
- Yona Network has integrated Neon Stack to add Ethereum Virtual Machine (EVM) compatibility to its Bitcoin Layer 2 network.
- The integration aims to attract Ethereum developers by offering access to significant liquidity and unique assets like Ordinals and BRC-20s, thus expanding Bitcoin’s capabilities.
- Neon Stack complements the Solana Virtual Machine (SVM) that Yona Network already uses, facilitating high transaction performance.
Yona Network, an innovative Layer 2 network for Bitcoin, has announced the integration of Neon Stack technology, known for its compatibility with the Ethereum Virtual Machine (EVM). This update will allow EVM-based decentralized applications (dApps) to be ported to the Bitcoin ecosystem.
With this integration, developers will be able to connect their applications to a broad and liquid market, including unique assets like Ordinals, Runes, and BRC-20, thereby enhancing the functionality and appeal of Bitcoin for Ethereum users.
📢 Yona Network integrates Neon Stack!
With the adoption of Neon Stack, @yona_network can unlock EVM compatibility on its Bitcoin L2.
The Neon Stack toolkit allows SVM-powered blockchain networks to integrate compatibility for EVM dApps.
Ethereum 🤝 Solana 🤝 Bitcoin
Learn… pic.twitter.com/9cb3VBJUDn
— Neon (@Neon_EVM) July 25, 2024
Neon Stack, developed by Neon EVM, enables EVM compatibility, facilitating the creation and execution of smart contracts on the Bitcoin network. This technology adds to the Solana Virtual Machine (SVM), which Yona Network already employs to support high performance in transactions through parallel processing. Unlike Ethereum, which processes around 250 transactions per second (TPS), and Bitcoin, which handles approximately 5 TPS, Solana can process an average of 3,173 TPS over a 24-hour period.
Yona Network Seeks to Overcome Bitcoin’s Limitations
The integration of Neon Stack into Yona Network aims to attract the Ethereum developer and user community by offering access to vast liquidity currently exceeding one trillion dollars. The key is to expand Yona Network’s market, facilitating interaction with applications and services in the Bitcoin ecosystem.
The growth of Layer 2 networks for Bitcoin responds to the need to overcome the scalability limitations and smart contract functionality of the mainnet. Bitcoin faces challenges due to its 1MB block size and 10-minute block times, which restrict its processing capacity and expansion.
In the Layer 2 solutions ecosystem, Bitlayer stands out as the largest EVM-compatible Bitcoin Layer 2 network in terms of total value locked (TVL), with $381.7 million, followed by Merlin and other networks such as Stacks and Rootstock. Additionally, projects like Bouncebit and Lightning Network have also demonstrated solid value locked, reflecting the growing interest in enhancing Bitcoin’s capacity and functionality.
