News

Neo Sets to Revolutionize the DeFi Landscape with Cutting-Edge Technology

Published

1 year ago

October 27, 2023

In a move that could send ripples through the blockchain space, the founder of Neo, Da HongFei, has disclosed plans for a revolutionary sidechain designed to be immune to Miner Extractable Value (MEV) attacks while being completely compatible with Ethereum Virtual Machine (EVM).

In his words, Enveloped Transactions will be used by the Neo Sidechain to get rid of harmful MEV and censorship. This will the playing field for both experienced DeFi participants and regular users.

According to HongFei, this project has already begun development, and its premiere is anticipated to take place by the end of 2023 at the latest.

The sidechain is expected to inherit Neo N3’s economic model as well as the dBFT (Delegated Byzantine Fault Tolerance) consensus mechanism.

Because there is a probability of exploiting transactions and lead to unfavourable consequences for network participants, MEV attacks have been a challenge in the realm of blockchain for a considerable amount of time.

Neo plans to eliminate this vulnerability with the launch of this sidechain in order to provide users with a more protected and confidential environment in which to carry out their DeFi endeavours.

The sidechain being used with EVMs is another important selling feature because users want a platform that interfaces seamlessly with the various Ethereum-based applications and smart contracts that are already in existence because the DeFi landscape has gotten increasingly complex and diversified.

Users are expected to have a seamless experience moving between the Neo ecosystem and the larger DeFi universe thanks to Neo’s plan to implement a sidechain that does not need MEVs.

As the launch date approaches, the blockchain community eagerly anticipates the positive impact this innovation will have on the DeFi landscape, offering enhanced security, privacy, and compatibility with existing EVM-based solutions.