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NEO is surprisingly on a rampage today, coming off as one of the best-performing altcoins on the market. At the time of writing, NEO is up 11% and its price is pegged at $8.76. This growth surge is accompanied by a 199% jump in trading volume, which is now pegged at $119,011,851. The NEO outlook has helped it extend its weekly gains to a high above 27%.
NEO is an unusual high flier, thus, this current growth trend is highly pivotal for the digital currency. Looking at the charts, NEO has not seen as much growth in a day and a week in more than eight weeks, and the current price point is the highest it has inked since early August.
Beyond the general resurgence in the market, birthed from the revival in the market over the past week, questions keep brewing over the possible reasons behind NEO's bullish activation.
With a lot of ongoing work by the development team concerning the hackathon in the APAC region, expectations of a major bootstrap of decentralized applications on the blockchain protocol are high in the coming weeks.
NEO teases new sidechain
As part of the aforementioned development effort, the team revealed its plans to launch an MEVFree Ethereum Virtual Machine (EVM) sidechain. This proposed sidechain will address fundamental issues like "security, privacy, and a smooth experience in the increasingly complex DeFi landscape."
The EVM sidechain is a particularly positive milestone for NEO considering how well it will open up its ecosystem to other EVM-compatible protocols around. It has always been known that Ethereum maintains the biggest liquidity in the DeFi ecosystem. Plugging in through this sidechain will position it alongside Filecoin and EOS, which have also launched related protocols.
NEO said the EVM sidechain testnet is slated to go live before the end of this year.
Gamza Khanzadaev
Yuri Molchan
