DeFi
Yona Network Integrates Neon for EVM and SVM Compatibility on Bitcoin
Yona Network has integrated Neon Stack to combine EVM compatibility with its Solana virtual machine.
Yona Network, a Bitcoin Layer 2 network, brings multiple virtual machines to Bitcoin.
On July 25, Yona announced that it has integrated Neon Stack, Neon EVM’s technology stack, to introduce Ethereum Virtual Machine (EVM) compatibility to the Yona network. The integration allows developers to port EVM-based decentralized applications (dApps) to the Yona network and the broader Bitcoin ecosystem.
“EVM developers and users will have access to the Bitcoin ecosystem, leveraging over $1 trillion of untapped liquidity and unique Bitcoin-based assets like Ordinals, Runes, and BRC-20,” Yona Network said.
“With the integration of Neon Stack, we will enable Yona Network to expand its market reach and also interact with the Ethereum community,” said Davide Menegaldo, Chief Commercial Officer of Neon EVM.
Yona already leverages the Solana Virtual Machine (SVM) to facilitate high transaction throughput. Over the past 24 hours, Solana treaty an average of 3,173 transactions per second (TPS), compared to 250 TPS in the Ethereum ecosystem. and5 TPS on Bitcoin.
Neon EVMThe technology stack facilitates EVM compatibility for Solana and SVM based chains.
Bitcoin’s L2 Ecosystem Is Growing
The news comes amid a proliferation of Bitcoin Layer 2 networks as developers seek to overcome Bitcoin’s scalability limitations and lack of smart contract features. Analysts attribute Bitcoin’s scalability limitations to its 1MB block size and 10-minute block times.
According to DeFi Llama, Bitlayer currently ranks as the largest EVM-compatible Bitcoin L2 in terms of total value locked with $381.7 million. Merlin comes in second with $294.7 million, followed by Stacks sidechains with $198.4 million and Rootstock with $169.6 million.
Bouncebit, a Bitcoin Staking Protocolhas a TVL of $388.7 million, while Lightning Network, a payments-focused Bitcoin sidechain, also hosts $333.9 million.
Other Layer 2 projects bringing EVM functionality for Bitcoin include Hemi Network, Citrea, Bitfinity, Botanix and Conflux, all of which are currently live on the testnet.
Related: Jeff Garzik’s Hemi Network Brings EVM Execution to Bitcoin