Neo blockchain has introduced the event of a brand new Ethereum digital machine (EVM)-compatible sidechain. An EVM-compatible blockchain can execute sensible contracts written for Ethereum with out adjustments.
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- Neo founder, Da Hongfei, launched the sidechain throughout his keynote speech at Neo’s 2023 Asia-Pacific hackathon’s grand finale held in Hong Kong.
- The Neo Sidechain will additional enable the deployment of sensible contracts, paving the way in which for trading-specific purposes, together with decentralized finance.
- The sidechain shall be interoperable with Neo N3 (mainnet). Moreover, the sidechain is structured to counteract Most Extractable Worth (MEV) assaults like frontrunning, to reinforce the buying and selling expertise.
- DeFi has turn out to be a preferred use case of blockchain expertise with over US$41 billion value of worth locked in decentralized purposes, in keeping with DeFiLlama knowledge.
- Nevertheless, MEV assaults threaten its sustainability. The transparency of most DeFi transactions permits attackers to govern and exploit transaction particulars. They use refined algorithms to watch mempools, enabling them to execute worthwhile actions, together with transaction reordering.
- Neo’s cryptocurrency, NEO, rose 13.7% to US$8.87 within the 24 hours to eight:20 p.m. in Hong Kong on Friday, placing on the strongest every day efficiency among the many high 100 cryptocurrencies by market capitalization.
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