Neo (NEO) Coin Surging on Announcement of its New Chapter
/ Neo (NEO) surges 15% on news of MEV-resistant EVM-compatible sidechain, heralding a new era in blockchain innovation.
By Nilesh Hembade.
Date: 27 Oct 2023, 15:48 PM IST
In the cryptocurrency market today, Neo (NEO) has recently captured the attention of investors. Over the last 24 hours, this coin, often dubbed the “Ethereum of China,” has experienced a remarkable surge of +15%. The native token of Neo, the $NEO token, is currently trading at $9.01, marking a substantial increase of +15.10% over the past day, and the coin’s market capitalization has reached an impressive $635 million.
This surge in Neo’s value has not gone unnoticed, and the catalyst behind this impressive upswing is none other than Neo itself. The cryptocurrency project Neo, often referred to as the “Open Network for the Smart Economy,” made a announcement today that sent its price upside today.
Neo Announces a New Chapter
The buzz surrounding Neo intensified as the project unveiled its ambitious plan for a brand new chapter. Neo, with its rich history of innovation and development, announced the creation of a sidechain specifically designed to withstand MEV (Miner Extractable Value) attacks, all while being fully compatible with the Ethereum Virtual Machine (EVM). This announcement signifies a significant leap forward for Neo as it continues to position itself as a formidable force in the blockchain and cryptocurrency realm.
#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
This new sidechain, currently in active development, is expected to be released to the public by the close of the year 2023. What sets this project apart is its commitment to preserving the economic model and Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism that Neo N3 is renowned for. Neo’s focus on maintaining these integral features ensures that the project’s core principles remain steadfast as it enters this exciting new chapter.
Conclusion
In conclusion, Neo (NEO) has emerged as a beacon of innovation, setting its sights on a future where smart economies thrive. The surge in NEO’s value is a testament to the market’s belief in Neo’s vision, and the announcement of the new MEV-resistant, EVM-compatible sidechain promises an exciting and secure future for the project and its community.
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