MYSO x Neon — Announcing the launch of MYSO on Neon EVM Mainnet
Exploring the key benefits of Neon EVM and our choice to expand to the first Ethereum-compatible environment on Solana
At MYSO, we’ve been committed to exploring new and innovative ecosystems for our peer-to-peer Zero-Liquidation Loans. Our focus lies on tapping into blockchain ecosystems that provide numerous technical advantages as well as opportunities for burgeoning DeFi primitives like ours to succeed. One such ecosystem is Neon EVM, which brings Solana’s sophisticated and low-cost transaction capabilities to Ethereum DApps like MYSO!
As part of our commitment to consistently delivering the best possible experience to our users, we’re excited to announce that MYSO is now live on Neon EVM Mainnet!
Check out the power of MYSO on Neon EVM here: https://app.myso.finance/
We feel that it’s important to discuss how Neon EVM works and to go over some of the key synergies that will allow MYSO to provide the best possible borrowing/lending experience. Let’s learn more below👇
What is Neon EVM, and why expand to it?
At its core, Neon EVM is a fully-compatible Ethereum environment solution that operates as a smart contract directly on Solana. Neon EVM is able to receive Solana transactions that contain wrapped Ethereum-like transactions and process them on Solana according to Ethereum rules. This allows Ethereum DApps like MYSO to deploy and thus benefit from Solana’s technical advantages — low fees, high transaction speeds, and parallel transaction execution capabilities.
As you may know, Solana is one of the most technically advanced blockchains, offering extremely high throughput of transactions and low gas costs (~0.000015 SOL/tx). Solana is able to offer such impressively inexpensive transaction costs by only charging for storage allocation. This contrasts with Ethereum, where calculations require much more gas, and gas is charged for every change in data stored. As a result, gas usage on Solana is much cheaper than on Ethereum, and Neon EVM passes these savings on to users! To learn more about how this works and Neon EVM’s architecture, be sure to look through their docs.
Furthermore, among Solana’s additional innovations includes a Proof-of-Stake (PoS) consensus system which is reinforced via a Proof-of-History (PoH) protocol. Solana’s transaction parallelization technology optimizes resources and also ensures horizontal scaling across SSDs and GPUs. Additionally, Solana’s optimized mempool system speeds up throughput significantly, allowing for more than 2000+ transactions-per-second (tps).
These numerous technical advantages means that by connecting to Neon, MYSO users will be able to create loan offers quickly at scale with extremely low costs while also tapping into Solana ecosystem liquidity to access SOL, native Solana assets (SPL tokens), and other bridged asset loans!
MYSO on Neon
MYSO is proud to be launching as the first protocol on Neon to offer borrowing/lending services, allowing users to access innovative peer-to-peer loans with fixed terms and no liquidations!
MYSO unlocks an expansive realm of new credit market opportunities for native Solana assets and Neon ecosystem protocols alike. As an oracle-independent protocol, MYSO is able to deliver credit markets to even the most underserved assets — this flexible architecture allows users and protocols to create loan pairings for any tokens and be matched with a counterparty at any risk appetite! This bodes particularly well for protocols launching on Neon, as reliable external price feeds may not be readily available for new projects!
Due to the low cost and extremely high throughput accessible through Neon, lenders will be able to save $$$ on creating loan/swap offers and will be able to create these offers at scale very quickly.
$NEON Token Support
We’re also excited to share that the native $NEON token has been integrated on MYSO and is now available to be used as collateral/lent out!
For users already looking to put their $NEON to use, we’ve put together some indicative loan quotes to lend out your $NEON — from the lender’s perspective, this strategy on MYSO mirrors entering a covered call position. This means that you’ll earn an upfront fee in stables (akin to a call premium) for lending out your $NEON, which translate to some juicy effective APYs!
A Look Ahead
We’re extremely excited to now be live on Neon EVM Mainnet — tapping into the technical advantages of Solana as well as the respective growing Neon ecosystem!
MYSO’s oracle independent nature allows for new projects launching on Neon to quickly and easily launch a lending market for their token and customize terms that fit their needs — this can help bolster liquidity, add significant utility to many tokens, and promote long-term incentive alignment between community holders/teams.
If you’re a project building on Neon, create your own bespoke market on MYSO in minutes — please reach out to us on Discord if you’re interested!
Neon also recently announced the launch of their Points Program and we’re happy to support users in earning Points — be on the lookout for updates on how you can do so and for the expansion of our ongoing MYSO Activity Points (MAP) Program onto Neon👀
The sky’s the limit for MYSO x Neon EVM!
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