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Surprisingly, NEO is making waves today and is emerging as one of the best-performing altcoins on the market. At the time of writing, NEO is up 11% and its price is set at $8.76. This surge in growth is accompanied by a 199% increase in trading volume, which is now pegged at $119,011,851. The NEO outlook has helped it extend its weekly gains to a high of over 27%.
NEO is an unusually high flyer, so this current growth trend is very pivotal for the digital currency. Looking at the charts, NEO has not seen this much growth on a daily and weekly basis in over eight weeks, and the current price is the highest it has reached since early August.
Beyond the general market resurgence, arising from the market revival over the past week, questions continue to arise regarding the possible reasons behind NEO’s bullish activation.
With a lot of work underway by the development team regarding the hackathon in the APAC region, expectations are high for a major startup of decentralized applications on the blockchain protocol in the coming weeks.
NEO teases new sidechain
As part of the aforementioned development effort, the team revealed his plans to launch a MEVFree Ethereum Virtual Machine (EVM) sidechain. This proposed sidechain will address fundamental issues such as “security, privacy, and a seamless 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. Ethereum has always been known to maintain the highest liquidity in the DeFi ecosystem. Connecting through this sidechain will position it alongside Filecoin and EOS, which have also launched related protocols.
NEO said the EVM sidechain testnet is planned to go live before the end of this year.
