Neo Sets Sights on DeFi
The Neo blockchain project has announced the creation of a new Ethereum virtual machine (EVM)-compatible sidechain. Smart contracts written for Ethereum can be executed on an EVM-compatible blockchain without modification.
Da Hongfei, the founder of Neo, introduced the sidechain during his keynote speech at the grand finale of Neo’s 2023 Asia-Pacific hackathon in Hong Kong.
The Neo Sidechain will also enable smart contract deployment, paving the way for trading-specific applications such as decentralised finance.
The sidechain will be compatible with the Neo N3 mainnet. Furthermore, the sidechain is designed to mitigate Maximum Extractable Value (MEV) attacks such as frontrunning, enhancing the trading experience.
(With inputs from Shikha Singh)
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