NEO Price Soars 15% As Neo Announces MEV-Attack Resistant EVM Sidechain

Marking a major development in the DeFi landscape, Neo Founder Da Hongfei announced a new Ethereum Virtual Machine (EVM) compatible sidechain. The announcement resulted in the rise of NEO prices by 15% in the past 24 hours. The MEV-attack resistance will be a boost to Neo’s journey, against manipulation and will strengthen the Defi landscape.

Expectations from Neo EVM Sidechain

According to reports, the new announcement, adding to Neo’s new evolution will lead to safeguarding the platform from rising Miner Extractable Value (MEV) and making it MEV-free.

The new development will enhance Neo to tackle potential cyber threats involved in the DeFi landscape, ensuring the security of user’s data and transactions. 

Notably, the update will reduce the transactional insecurity and will combat toxic MEV attacks on EVM chains, which usually happen due to enveloped and proxy transactions.

What is interesting about this new development is that it will be based on the foundation of the Neo N3 stack, leveraging its key attributes. It will also have a dBFT consensus mechanism, NeoVM (the first non-EVM smart contract system) along with dual-token NEO.

As said in the X announcement, the development will be a smooth and better experience for all its users, expanding the offer range to a wider audience and grabbing the scope of growth of the Neo Ecosystem.

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When Is Neo Sidechain Launch?

This new development is expected to be unveiled officially in 2023 end. According to the X announcement, the Neo Ecosystem, during the Neo APAC Hackathon Hong Kong Finale, made the key announcement.

The Neo Founder Da Hongfei said, “The sidechain is under development. The test net is planned to be launched at the end of 2023.”

With this, after the official launch, Neo will witness a new chapter, as said by the Neo founder. It will enhance the users’ experience and pave the way for innovation and evolution.

NEO price jumped 15% in the past 24 hours, with the price trading at $8.86. The 24-hour low and high are $7.49 and $9.03, respectively. Furthermore, the trading volume has increased by over 200% in the past 24 hours, indicating rise in interest from traders.   

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