Bybit supports the withdrawal of native NEON — Expanding the possibilities for the Neon EVM community

We are thrilled to announce that Bybit now supports the withdrawal of “native” NEON direct to EVM-compatible wallets.

What does this mean for the Neon community?

The support of “native” NEON by Bybit enhances NEON's utility and offers traders more options and versatility.

Initially, Bybit supported the withdrawal of NEON to a Solana-compatible wallet such as a Phantom wallet. To use the NEON within Neon EVM, users then had to utilize NeonPass to transfer the NEON into an EVM-compatible wallet such as MetaMask.

This new feature reduces the complexity of the UX and reduces the number of transactions — which means that withdrawal to an EVM wallet is now cheaper too!

What is NEON and Neon EVM?

NEON is an SPL token that is compatible with the first EVM on Solana. NEON is a utility token used to pay Proxy Operators to accept their EVM-compatible transactions, package them as Solana-compatible transactions, and submit these to Solana’s Mainnet. 

That’s right, Neon EVM is no Layer 2 or a sidechain solution. Neon EVM is the first parallelized EVM that settles directly to Solana Mainnet. This allows dApps to enjoy Solana’s low-cost, fast transactions and Sealevel’s parallel transaction capabilities.

Furthermore, as the Neon Ecosystem matures, NEON will be the governance token of the Neon DAO, empowering holders to direct how the ecosystem operates and develops.

Native NEON is an integral part of our ecosystem’s approach to blockchain compatibility. 

How does an SPL token behave like a “native” token in Neon EVM to be used as a gas payment token? This is all thanks to logic implemented within the Neon EVM smart contract on Solana. 

What is Bybit?

Bybit is a cryptocurrency exchange known for its advanced trading features. Bybit made its name for its derivatives offerings and has evolved its product to include spot trading for a variety of digital currencies.

Bybit has expanded its offerings by adding NEON to its spot market. This move enhances the range of tradeable assets available on the platform. The addition of NEON to Bybit's spot market was a significant step for the NEON EVM community. Now, with this new withdrawal feature, the UX is improved, giving the end user more choice.

Want to learn more?

Jump to the FAQ in our documentation to understand more about the interface contract responsible for making SPL tokens compatible within the EVM — all without wrapping. Check out the SPL NEON on Solana: SolScan.io/Token/NeonTjSjsuo3rexg9o6vHuMXw62f9V7zvmu8M8Zut44. Or, come and join the Neon EVM community on Discord to have your questions answered by the community and developer team — or even chat with the AI on its dedicated channel!