|

NEO price rallies as founder outlines plans to develop Ethereum-compatible sidechain

  • 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’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.

 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Ripple Price Forecast: Sellers retain control as Evernorth Holdings files with SEC to buy more XRP

Ripple’s (XRP) correction on Monday is deepening below $1.30, reflecting growing headwinds in the broader cryptocurrency market. Based on the token’s technical picture, the path of least resistance could stay downward until the $1.30 supply area flips into support.

Bitcoin stalls around $80,000 as geopolitical tensions dampen risk appetite

Bitcoin hovers around $80,500 on Monday after three straight weeks of correction. Rising geopolitical tensions in the Middle East continue to push oil prices higher, stoking inflation concerns and dampening risk appetite.

Crypto Today: Bitcoin, Ethereum and XRP extend losing streak as bearish momentum builds

Cryptocurrency prices are broadly correcting on Monday, led by Bitcoin’s five-day sell-off. Ethereum edges lower and trades around $2,325, as sellers build momentum to retain control over the trend. Meanwhile, Ripple shows signs of consolidating.

Pi Network Forecast: PI token remains under bearish pressure despite network access and security upgrade

Pi Network trades around $0.075 on Monday, holding steady after two consecutive days of roughly 2% losses, resulting in the lowest weekly close ever. Pi Network rolled out desktop version 0.6.4 on Thursday, focused on improving remote access and security for local AI apps.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.