Neo Introduces EVM-Compatible Sidechain to Combat MEV Attacks

  • Neo’s sidechain development has had a significant impact on the Neo token’s market performance.
  • The sidechain aims to create a more secure and equitable environment for users in the DeFi sector.
  • Neo has introduced an EVM-compatible sidechain that is designed to operate in conjunction with the Ethereum Virtual Machine (EVM).

Neo, an open-source and community-driven blockchain, announced the upcoming launch of a sidechain that is compatible with Ethereum Virtual Machine (EVM) and to resist Maximal Extractable Value (MEV) attacks.

According to their announcement on X, the sidechain would ensure security, privacy, and a smooth experience in the decentralized finance (DeFi) landscape. The sidechain is currently under development, with the testnet planned to be launched at the end of 2023.

The announcement was made by Da Hongfei, founder of NEO, who unveiled plans for the development of the sidechain at a Hong Kong event. At the event, Hongfei shared that the new chain would inherit the Byzantine Fault Tolerance (dBFT) consensus mechanism of NEO while being Ethereum Virtual Machine (EVM) compatible.

The Neo sidechain will reportedly use enveloped transactions to eliminate toxic MEVs and censorship. Neo shared that they believe this development could create the “fairest playing field for both seasoned DeFi traders and average users.”

As per the announcement, the sidechain will utilize Neo’s native GAS token for both governance and utility functions. Moreover, the sidechain is built to resist MEV attacks that affect users on decentralized exchanges.

According to CoinMarketCap, the price of the Neo token has increased 14.19% in the past 24 hours, reaching $8.92 at press time. Moreover, the price has seen an increase of 31.6% in the past seven days. The market capitalization reached $628,993,326, while the trading volume for the past twenty-four hours reached $128,653,093, recording a surge of 217.14%.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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