NEO was founded as AntShares in China in 2014 by Da Hongfei and Erik Zhan and rebranded as NEO in June 2017.
NEO, which attracted attention with its rise in previous bull seasons, is known as China's Ethereum in the cryptocurrency market.
Today, Neo announced Ethereum and the NEO price started to rise.
Speaking at Neo's event held in Hong Kong, Neo's founder Da Hongfei announced the development of an Ethereum virtual machine (EVM) compatible sidechain.
It was stated that the sidechain to be developed will support ETH-based dapps and strengthen the interoperability features of the Neo N3 mainnet.
Additionally, it was stated that the sidechain is configured to resist Maximum Extractable Value (MEV) attacks such as frontrunning to improve the trading experience.
Stating that the side chain is under development, the Neo co-founder said that the test network is planned to be implemented at the end of 2023.
“Neo Co-Founder Da Hongfei announces the new Chapter of Neo.
An EVM-compatible sidechain will be developed to ensure security, privacy and a seamless experience in the increasingly complex DeFi environment.
The sidechain is under development. “The test network is planned to be commissioned by the end of 2023.”
After this announcement, Neo's native token NEO rose by nearly 13% to $8.8, becoming the highest-earning altcoin in the last 24 hours. NEO, which rose to $9.2 after the announcement, is trading at $8.83 at the time of writing.
*This is not investment advice.