- NEON has only 200 daily transactions and a TVL of \$23k.
- Aurora saw a drastic TVL drop, but Moonbeam is doing well.
- Kava is the standout with increasing trade volumes.
- Market conditions influence performance.
- Chains launched during bullish phases outperform those introduced in bearish times.
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Prominent DeFi researcher and content creator, Ignas, analyzed the adoption rates of different EVM chains and highlighted Solana’s new EVM chain, NEON. However, despite the promise of Ethereum’s infrastructure with faster speeds and lower fees, NEON currently sees around 200 daily transactions, only two dApps deployed, and a total value locked (TVL) of just $23k.
1/11 Solana's new EVM chain, $NEON, has just launched.
But adoption is slow, with only ~200+ daily transactions.
Neon isn't alone in this struggle.
Here's how EOS, Near, Polkadot, and Cosmos EVM chains and their tokens compare: 👻🏘️ pic.twitter.com/rRr8V7BGUC
— Ignas | DeFi Research (@DefiIgnas) July 21, 2023
Slow Adoption for Solana and EOS EVM Chains
Both Solana’s NEON and EOS EVM chains are experiencing slow uptake. Despite Solana’s faster block intervals and reduced fees, NEON only has around 200 daily transactions and minimal TVL. Similarly, EOS EVM, which supports over 800 swaps per second, sees approximately 400 daily transactions. Notably, a substantial portion of EOS’s TVL is concentrated in a single dApp, Noah Swap.
TVL Contrasts: Near’s Aurora and Moonbeam on Polkadot
Near’s Aurora, once a popular market favorite boasting a TVL of $1.28B in 2022, has significantly reduced to a TVL of $15.8M at present. In contrast, Moonbeam, Polkadot’s EVM parachain, has sustained solid traction with prominent dApps like Lido, Frax, and Curve successfully deployed on its platform.
Cosmos Kava Emerges as Strong Performer
Cosmos Kava has stood out as a strong performer, with its TVL declining from $664M to $212M, yet experiencing a rise in trading volumes. This success has caught Tether’s attention, leading them to introduce native USDT on the Kava platform, differentiating it from other projects in the space.
NEON, Moonbeam, and Aurora Face Trading Challenges
NEON, Moonbeam’s GLMR, and Aurora’s token values experienced significant declines after their respective launches. These EVM chains seem to have underperformed in the market, potentially influenced by prevailing market conditions. During bullish phases, projects like Aurora, Moonbeam, and Kava showed better outcomes, while EOS EVM and NEON, which launched during bearish periods, encountered more challenging obstacles.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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