- NEO has witnessed a significant 15% price surge within the last 24 hours, following the announcement of an innovative EVM-compatible sidechain by Neo’s founder, Da Hongfei.
- The sidechain, designed to be resistant to MEV-attacks, aims to fortify the DeFi landscape and ensure the security of transactions and user data.
A Leap Forward: Neo’s EVM-Compatible Sidechain and Its Market Impact
The decentralized finance (DeFi) ecosystem has just witnessed a monumental advancement as Da Hongfei, founder of Neo, unveils the development of a new Ethereum Virtual Machine (EVM) compatible sidechain. This announcement alone catalyzed a substantial 15% increase in NEO’s market price within the last 24 hours, illustrating the market’s positive response to this innovative move.
Safeguarding the DeFi Terrain
The primary goal of this newly announced sidechain is to arm Neo’s platform against the prevalent threat of Miner Extractable Value (MEV) attacks, aiming to create a more secure and reliable DeFi environment. By curbing the prevalence of these toxic MEV attacks, commonly executed through enveloped and proxy transactions, Neo takes a bold step in mitigating transactional insecurity.
Interestingly, this development leverages the foundational elements of the Neo N3 stack, integrating features such as a dBFT consensus mechanism, NeoVM (a pioneering non-EVM smart contract system), and a dual-token NEO structure. This strategic integration ensures that the sidechain is not only robust in its defensive capabilities but also offers a seamless and enhanced user experience, expanding its reach and potential for growth within the Neo Ecosystem.
Anticipating the Launch
The crypto community can expect the official unveiling of this sidechain by the end of 2023. Da Hongfei shared insights during the Neo APAC Hackathon Hong Kong Finale, stating,
“The sidechain is under development. The test net is planned to be launched at the end of 2023.”
With its launch, Neo is poised to enter a new era of innovation and user-centric enhancements.
Reflecting the market’s enthusiasm, NEO’s price exhibited a remarkable 15% jump, trading at $8.86. The recorded 24-hour low and high stand at $7.49 and $9.03, respectively. Additionally, a more than 200% increase in trading volume within the last 24 hours signals a heightened interest from traders, solidifying Neo’s position in the DeFi landscape.