Subsquid to partner with Neon EVM and join the Solana blockchain.A Complete News[2024]

Subsquid, a Web3 data lake and query engine, has announced a new strategic partnership with Solana-powered (SOL) Neon EVM, according to the information shared with Finbold on April 25.

The partnership aims to streamline access to on-chain data for dApp developers and marks Subsquid’s initial moves on the Solana blockchain.

About Subsquid

Subsquid Network is a distributed query engine and data lake around which the Subsquid ecosystem is built. It offers developers permissionless, cost-efficient access to on-chain data from over 100 chains and is integrated into a large ecosystem of Web2- and Web3-native developer tools.

How Subsquid Works

Subsquid is a decentralized data query engine designed to make blockchain data accessible and easy to use. It simplifies the process of extracting, processing, and storing on-chain information for developers.

Here’s a breakdown of how it works:

Core Components:

• Squid: This is a custom API that collects and processes blockchain data to fit the needs of a specific application. It’s like a tailor-made data pipeline.  
• Subsquid Network: This is the underlying infrastructure that powers Squids. It’s a decentralized network of nodes that handle data storage, processing, and querying.

Process:

1. Data Collection: Subsquid collects raw blockchain data from various networks (EVM-compatible and Substrate).  
2. Data Processing: The collected data is processed and transformed into a structured format that’s easier to query.  
3. Data Storage: Processed data is stored in a decentralized data lake for efficient retrieval.
4. Querying: Developers can use Squids to query the stored data through a GraphQL interface. Subsquid efficiently retrieves and processes the requested data.  
5. Data Delivery: The processed data is delivered to the application as required.  

Key Benefits:

• Efficiency: Subsquid optimizes data processing and storage, allowing for fast and efficient queries.
• Scalability: The decentralized network can handle large amounts of data and growing user demands.  
• Flexibility: Squids can be customized to fit specific application requirements.  
• Decentralization: Reduces reliance on a single point of failure and ensures data security.

In Essence:

Subsquid acts as a bridge between complex blockchain data and developers, providing a streamlined way to access and utilize on-chain information. It’s like having a powerful data analyst at your disposal, ready to extract valuable insights from the blockchain.

About Neon EVM

Neon EVM is an Ethereum Virtual Machine operating as a smart contract on Solana that accepts transaction requests via public PRC endpoints. It gives developers the power to directly deploy Ethereum dApps with minimal reconfiguration to the code while benefiting from Solana’s technical advantages such as parallel processing. It is built with security, decentralization, and sustainability as core tenants. For more information about Neon EVM and future updates, visit NeonEVM.org and connect with the community on Twitter and Discord.

How Neon EVM Works

Neon EVM is essentially an Ethereum Virtual Machine (EVM) built on top of the Solana blockchain. It bridges the gap between Ethereum’s robust ecosystem and Solana’s high-speed, low-cost platform.  

Here’s a simplified breakdown of how it works:

Key Components:

• Ethereum Virtual Machine (EVM): This is the core component responsible for executing smart contracts. Neon EVM replicates this environment on Solana.  
• Solana Blockchain: This underlying infrastructure provides the speed, scalability, and low transaction fees necessary for high-performance dApps.  
• NEON Token: This is the native token of the Neon EVM ecosystem, used for transaction fees and governance.  

How it Works:

1. Transaction Initiation: Developers create Ethereum-compatible smart contracts and dApps using familiar tools.  
2. Transaction Conversion: These Ethereum transactions are converted into a format compatible with Solana by the Neon EVM.  
3. Execution on Solana: The converted transactions are processed on the Solana blockchain, leveraging its parallel processing capabilities for faster execution.
4. State Updates: The results of the transactions are stored on the Solana blockchain, ensuring data integrity and security.

Key Benefits:

• High Speed: Leveraging Solana’s infrastructure, Neon EVM offers significantly faster transaction speeds compared to Ethereum.  
• Low Fees: Transactions on Neon EVM are typically much cheaper than on Ethereum.  
• Ethereum Compatibility: Developers can reuse their existing Ethereum tools and codebase.
• Scalability: Solana’s architecture allows for handling a larger number of transactions.

In Essence:

Neon EVM combines the best of both worlds: the rich ecosystem of Ethereum and the high performance of Solana. This allows developers to build scalable and efficient dApps while benefiting from the existing Ethereum community and tools.

Understanding Solana

Solana is a blockchain with striking similarities to Ethereum—in fact, it’s often referred to as an “Ethereum killer.” Like Ethereum, the SOL token can be purchased on most major exchanges. The token’s real value is in conducting transactions on the Solana network, which has unique advantages.

The Solana blockchain uses a proof-of-history consensus mechanism. This algorithm uses timestamps to define the next block in Solana’s chain.

Most early cryptocurrencies, such as Bitcoin and Litecoin, use a proof-of-work algorithm to define the blocks in their chains. Proof of work uses a consensus mechanism that relies upon miners to determine what the next block will be.

However, this proof-of-work system is slow and resource-heavy, leading to the use of tremendous amounts of energy. This is one reason why Ethereum converted to a proof-of-stake system, reducing energy consumption by 99.9%.

Unlike the earlier proof-of-work mechanism, proof of stake uses staking to define the next block. Staked tokens are held as collateral by the blockchain until validators reach a consensus about the chain’s next block

How Does Solana Work?

Solana works on a combination of proof-of-history and delegated proof-of-stake protocols.

The reason for this combination of protocols, Bryan Routledge, associate professor of finance at Tepper School of Business at Carnegie Mellon University, says Solana is trying to “process lots of transactions quickly.”

Routledge points out that trying to process transactions quickly usually requires centralization. For example, Visa uses a huge network of computers to keep its processing speed on track. Bitcoin, on the other hand, Routledge says, “processes transactions very slowly” to remain decentralized.

Since the entire point of blockchain technology is to provide decentralized systems, Solana attempts to process transactions at speeds akin to a large, centralized company like Visa while maintaining the decentralization of Bitcoin. This speed allows for increased scalability since the environmental and monetary costs of Solana’s systems are lower.

The speed at which blocks are added to Solana’s blockchain requires additional levels of security for the blockchain. This is where Solana’s proof of history algorithm comes into play. This algorithm timestamps each block in such a way that maintains the system’s security.

Solana’s SOL tokens are then staked and used as collateral to process transactions on the network. These transactions include everything from validating smart contracts to using Solana as a non-fungible token (NFT) marketplace.

One of Solana’s big breaks came in August 2021, more than a year after Solana launched when Degenerate Ape Academy became the first major NFT project on the Solana NFT marketplace. During the first three weeks of that month, Solana’s price jumped from around $30 to $75 in value.

Solana’s all-time high was in November 2021, when it peaked at nearly $260 during the height of the crypto bull run.

Solana blockchain user experience?

• Speed: Transactions on Solana are validated very quickly, thanks to its unique Proof of History (PoH) system combined with Proof of Stake (PoS). This means faster confirmation times and less waiting around for things to happen on the blockchain.
• Low Fees: Compared to other blockchains, Solana boasts lower transaction fees. This makes it more affordable to use for everyday transactions and micropayments.
• Developer Friendly: Solana’s design makes it easier for developers to build applications on the blockchain. This translates to a wider variety of user-friendly apps and services being built on Solana.
• Recent Innovations: Solana recently introduced Solana Actions and Blockchain Links (Blinks) aimed at further improving user experience. These tools allow users to perform blockchain transactions directly on other platforms like social media, eliminating the need to switch back and forth between apps.

Overall, Solana is designed to make interacting with the blockchain faster, cheaper, and more convenient for users. There are still some hurdles to overcome in the broader crypto space, but Solana’s focus on user experience is a positive step forward.

An alternative to centralized API providers

Subsquid is a pioneering decentralized data lake and query engine designed with utility and scalability at its core, with a list of partners including Manta Network, Parity, and Enjin.

Unlike centralized infrastructure firms like API providers, Subsquid offers a secure alternative by providing blockchain indexing, app development, and analytics services. 

Initially supporting Ethereum (ETH) and its Layer-2 solutions, as well as Substrate — Polkadot (POL) and Kusama (KSM) — Subsquid is now expanding its reach to Solana.

On-chain Neon EVM data on Subsquid

Through the new partnership, Subsquid seeks to integrate on-chain data from Neon EVM into its decentralized data lake secured by ZK proofs. 

The integration will make accessing existing information easier for developers building dApps on the Neon platform.

Neon, a fully Ethereum-compatible environment operating as a smart contract on Solana, offers a range of Ethereum solutions.

Those include accounts, signatures, tools, infrastructure, and token standards such as ERC-20 tokens. 

By working with Solana, the platform also overcomes many ETH drawbacks, such as high gas fees, limited liquidity, and long transaction times by improving liquidity, scalability, faster transactions, and costs.

Neon EVM and Subsquid: Empowering Developers

With our partnership with Subsquid, we offer developers a unified data access layer for building multichain dApps and power smooth user experiences on Neon EVM. The integration of Neon EVM on-chain data into the Subsuqid data lake allows developers to build on Neon EVM data access utilizing the Subsquid SDK. Existing Subgraphs can easily be migrated for a smooth transition.

Developers on Neon EVM will now get access to:

• Indexing SDK: open-source typescript libraries that retrieve, decode, and transform data and power high-performance batch indexing without relying on RPC access.
• Subsquid Cloud: a hosted service for custom indexers and GraphQL APIs.
• Firehose: an adapter for running Subgraphs against Subsquid Network, removing the need to access archive nodes via RPC.

More upcoming changes

Expanding to the Solana network is the first significant milestone for Subsquid in Q1 2024. 

However, the platform still has more changes in store for this year.

Most notably, the platform is preparing for the launch of a mainnet, support for Cosmos, and the introduction of permissionless dataset submission.

Currently, Subsquid provides developers with permissionless and cost-efficient access to on-chain data from over 100 chains. 

Additionally, it is seamlessly integrated into a vast ecosystem of developer tools, both Web2 and Web3 native.

Subsquid and Neon EVM: A Powerful Partnership for Solana

Subsquid, a leading Web3 data lake and query engine, has announced a strategic partnership with Solana-based Neon EVM. This collaboration marks a significant step forward for both platforms, promising to revolutionize the development of decentralized applications (dApps) on the Solana ecosystem.

Unlocking the Power of Solana for Developers

By joining forces, Subsquid and Neon EVM aim to provide developers with unparalleled access to on-chain data. Subsquid’s expertise in data indexing and processing, combined with Neon EVM’s Ethereum compatibility on Solana, creates a potent synergy.

Key benefits of this partnership include:

• Simplified data access: Developers can easily extract and utilize on-chain data from Neon EVM through Subsquid’s intuitive interface.
• Accelerated development: By streamlining data management, developers can focus on building innovative dApps more efficiently.
• Enhanced scalability: Subsquid’s decentralized infrastructure complements Solana’s high-performance capabilities, enabling the handling of increased transaction volumes.

A New Era for Solana

This partnership is a testament to the growing maturity of the Solana ecosystem. By attracting projects like Subsquid, Solana solidifies its position as a leading platform for building scalable and efficient dApps.

As the DeFi and NFT markets continue to expand, the demand for robust data infrastructure will only increase. Subsquid and Neon EVM are well-positioned to meet this demand and drive the next wave of innovation on Solana.

This collaboration is expected to have a profound impact on the Solana ecosystem, attracting new developers and fostering the creation of groundbreaking dApps.

Subsquid and Neon EVM: A Game-Changer for Solana

The partnership between Subsquid and Neon EVM is poised to reshape the Solana ecosystem by providing developers with an unparalleled toolkit for building high-performance, data-driven dApps.

By combining Subsquid’s robust data indexing capabilities with Neon EVM’s Ethereum compatibility on Solana, this collaboration creates a powerful synergy that addresses key challenges faced by developers in the blockchain space.

Key Benefits and Implications:

• Accelerated dApp Development: Developers can leverage Subsquid’s pre-indexed data to focus on application logic, reducing development time and costs significantly.
• Enhanced User Experience: Faster data retrieval and processing will lead to improved user experiences, with real-time updates and seamless interactions.
• New Economic Opportunities: The combination of Solana’s speed and low fees with Subsquid’s data infrastructure opens up new possibilities for innovative financial products and services.
• Strengthened Solana Ecosystem: By attracting more developers and projects, this partnership contributes to the growth and maturity of the Solana ecosystem.

Potential Use Cases:

• DeFi Applications: Real-time price feeds, liquidity aggregation, and decentralized exchanges can benefit immensely from efficient data access.
• NFT Marketplaces: Advanced analytics, rarity scoring, and secondary market insights can be powered by Subsquid’s data capabilities.
• Gaming: Game developers can create immersive experiences with dynamic in-game economies and real-time data-driven gameplay.
• Social Platforms: Decentralized social networks can leverage Subsquid to analyze user behavior, trends, and engagement metrics.

Looking Ahead

The integration of Subsquid and Neon EVM is a major milestone for both projects and the Solana ecosystem as a whole. As the partnership matures, we can expect to see a proliferation of innovative dApps that push the boundaries of what is possible on the blockchain.

This collaboration has the potential to redefine the development landscape and drive mass adoption of decentralized technologies.

Subsquid and Neon EVM: A Catalyst for Solana’s Growth

The partnership between Subsquid and Neon EVM is more than just a strategic alliance; it’s a catalyst for unlocking the full potential of the Solana blockchain. By combining the strengths of both platforms, this collaboration creates a powerful ecosystem that fosters innovation, scalability, and developer experience.

Overcoming Data Challenges in Web3

One of the most significant hurdles in Web3 development has been the efficient management and utilization of blockchain data. Subsquid’s expertise in building decentralized data lakes addresses this challenge head-on. By indexing and processing vast amounts of on-chain data from Neon EVM, Subsquid provides developers with a streamlined way to access and analyze information.

Accelerating dApp Development

The integration of Subsquid with Neon EVM will significantly accelerate the development cycle for dApps. Developers can focus on building innovative applications without the burden of complex data management. This increased efficiency will lead to a surge in dApp creation, driving the adoption of Solana and its ecosystem.

Expanding the Solana Ecosystem

By offering a robust data infrastructure, Subsquid and Neon EVM attract a wider range of developers to the Solana ecosystem. This influx of talent will lead to the creation of diverse and innovative dApps, expanding the utility and value proposition of the Solana blockchain.

Potential Impact on the Broader Market

The success of the Subsquid and Neon EVM partnership could have far-reaching implications for the broader blockchain industry. By demonstrating the benefits of a combined approach to data management and scalability, this collaboration could serve as a blueprint for other blockchain platforms.

As the partnership evolves, it will be essential to monitor its impact on developer adoption, dApp growth, and overall ecosystem development. The potential for this collaboration to reshape the Web3 landscape is immense.

Disclaimer ||

The Information provided on this website article does not constitute investment advice ,financial advice,trading advice,or any other sort of advice and you should not treat any of the website’s content as such.

Always do your own research! DYOR NFA

Coin Data Cap does not recommend that any cryptocurrency should be bought, sold or held by you, Do Conduct your own due diligence and consult your financial adviser before making any investment decisions!