Neon EVM is working to let users pay transaction fees with tokens other than the platform’s native token NEON. This feature is currently live on testnet and is expected to go live on Neon EVM’s devnet in the coming weeks, with mainnet support expected in Q1 2024.
Neon is an Ethereum-based smart contract layer on Solana. The new feature gives users who transact in Solana-based tokens, such as SOL, USDC and USDT, the option to pay transaction fees in the transaction token instead of the native NEON token, a statement said. The Neon DAO will consider what additional tokens to support in the future.
The initiative also means users can bridge tokens from Ethereum to Solana for use in Neon EVM ecosystem dapps or services without needing the NEON token, simplifying the user experience.
“We are very excited to introduce this important enhancement to Neon EVM,” Marina Guryeva, director of the Neon Foundation, said in the statement. “These advancements reinforce our commitment to providing dapps with unparalleled flexibility and lower transaction costs and convenience to users.”
Solving the ’empty tank’ problem
Neon EVM’s multi-token transaction fees are designed to address the common ’empty tank’ problem, where users may be unable to make outgoing transactions from their crypto wallet without first replenishing it with a native token from another wallet to cover costs. transaction costs.
Furthermore, the update also allows dapps to cover costs, allowing application providers to offer free transactions as part of their service offering.
Neon EVM went live in July, allowing developers to build Ethereum-native applications on Solana, offering further scalability via the fast blockchain. Neon’s implementation works as a smart contract built on top of Solana to implement Ethereum Virtual Machine code – something that was previously not possible on the network.
