- NEO founder Da Hongfei unveiled plans to develop an EVM compatible sidechain that resists MEV attacks.
- The sidechain will inherit key features from NEO, in addition to higher scalability and faster transactions.
- NEO price posted 8% daily gains, rallying alongside other altcoins.
NEO, an open-source blockchain platform announced the creation of a sidechain that resists Maximum Extractable Value (MEV) attacks and is compatible with Ethereum. This is a key development for NEO as it would boost the scalability and speed of transactions.
In response to the development, NEO price rallied. The asset yielded 8% daily gains for holders on Binance.
Also read: SEC to consider up to ten Bitcoin ETF applications as markets price in approvals
NEO founder announces plans for Ethereum compatibility
Da Hongfei, founder of NEO, unveiled plans for the development of an Ethereum compatible sidechain, at a Hong Kong event. The new chain will inherit the economic model and the Byzantine Fault Tolerance (dBFT) consensus mechanism of NEO, with Ethereum Virtual Machine (EVM) compatibility.
#Neo Founder @dahongfei, announcing #Neo’s New Chapter: an #MEVFree, #EVM compatible sidechain, to ensure security, privacy, and a smooth experience in the increasingly complex #DeFi landscape.
— Neo Smart Economy (@Neo_Blockchain) October 27, 2023
The sidechain is under development. The testnet is planned to be launched at the end… pic.twitter.com/EO9Ck52qGt
NEO’s sidechain is currently under development and will be released by the end of 2023. The release marks a key milestone for NEO holders as it is expected to increase the speed of transactions and help the network scale.
NEO’s environment offers developers the flexibility to write smart contracts in a language of their choice. Further, the sidechain is built to resist sandwich and MEV attacks that affect users on decentralized exchanges.
NEO sidechain plans fuel price rally
NEO price rallied to $8.94 on Binance, marking nearly 8% daily gains for holders. Over the past week, NEO price climbed 35.40%, alongside other altcoins in the top 100 assets by market capitalization.
The bullish developments in NEO are expected to boost the bullish momentum and support the token’s rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.