Neon, an Ethereum virtual machine on the Solana blockchain, today announced that it is integrating Aleph.im, a cross-blockchain computing network and decentralized indexing provider, for on-chain data on Solana — a first step towards bringing cross-chain decentralized finance (DeFi) between Ethereum and Solana.
- Ethereum is currently the dominant blockchain for general-use smart contracts, with over US$170 billion in total value (TVL) locked, according to DeFi Llama. With Ethereum’s scalability issues, Solana, a high-performance blockchain has emerged as an attractive alternative with its lower transaction costs (gas fees) and higher transaction speeds.
- Neon enables developers to deploy their Ethereum applications on Solana without the need for changes to the codebase. With the integration with Aleph.im, users will be able to view current and historical transaction data including total value locked (TVL), deployed Ethereum contracts on Solana, transaction costs and statistics about smart contracts on Neon, according to a media statement.
- Several DeFi protocols on Solana have already integrated Aleph.im for indexing to provide historical and real-time transaction data, including Raydium, Saber, Port Finance, Orca and Serum Markets.
- “We’re excited to tackle this challenge to help bring fully decentralized indexing solutions for all Ethereum use-cases running on Solana through Neon. This solution is unique in that dApps on Neon will be indexed on both sides, on Ethereum and on Solana,” said Jonathan Schemoul, founder of Aleph.im, in a statement. The integration will bring critical data to all the apps that will deploy on Solana through Neon, for example, Aave and SushiSwap, Schemoul told Forkast.News in a follow-up interview.
- Schemoul added that Aleph.im’s integration was a first step towards having full cross-chain DeFi between Ethereum and Solana. “This indexing is really important because it gets data on the interoperability layer, which is needed for everything else afterwards,” Schemoul said. “The next step is cross-chain analytics, and once you have cross-chain analytics, you can have cross-chain DeFi.”
- Aleph.im is in the midst of rolling out its decentralized computing network, currently in beta version, for public release next month. The decentralized computing network will enable Aleph.im to compete with AWS for decentralized projects, Schemoul said.
Michelle is a journalist at Forkast. Prior to joining the team, she wrote for CNN and served with the Singapore Foreign Service. She holds a Master of Journalism from the University of Hong Kong and a Bachelor of Business Administration from the National University of Singapore.