- 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
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
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.