The highly anticipated Neo EVM-compatible sidechain boasts MEV-resistant capabilities, while the funding program promises to flood the new chain with sophisticated and secure decentralized applications (dApps)
Hong Kong — 25th July 2024 - Neo X is live. Neo, the open-source, community-driven blockchain platform, heralded the long-awaited mainnet launch of its EVM-compatible sidechain Neo X by unveiling the Elevate Program, a $20 million ecosystem funding program designed to kickstart development on the new chain. The Elevate Program will support innovative projects launching on Neo X to inspire the future of the digital economy. This financial support will empower builders to develop a range of new applications for the new chain, which bridges Neo’s N3 blockchain and the widely adopted EVM network. EVM-compatible and MEV-resistant, Neo X is the latest chapter in Neo’s legacy of fostering technological advancement.
The Neo X MainNet inherits the Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism from the existing Neo N3 blockchain. It is also compatible with the Ethereum Virtual Machine (EVM), based on the v1.13.11 Geth node implementation, with the Shanghai hardfork supported as the latest addition from the list of newly added Ethereum forks. A native bridge serving as the interoperability layer between Neo N3 (NeoVM) and Neo X (EVM) enables seamless transfer of assets and data.
Neo X will evolve rapidly, adding unique capabilities such as the anti-toxic-MEV mechanism, which includes envelope transactions and dBFT process modifications. The Neo team is currently stress-testing this mechanism and laying the groundwork for its smooth deployment to the network in the very near future.
Da Hongfei, Founder of Neo, said: “Neo X aims to be the go-to blockchain platform for creating a decentralized and secure smart economy, and thus, the gateway to the Neo ecosystem. By focusing on community empowerment, sophisticated technological tooling, and robust security, Neo X combines our legacy of innovation with the latest advancements in blockchain technology to meet the needs of users worldwide. Now that the tooling is available with the launch of the Neo X Mainnet, we hope the Elevate Program will inspire projects to bolster the next generation of decentralized applications (dApps) of all kinds built on Neo.”
The $20-million Elevate Program consists of two parts, Elevate Grants and Elevate Investments. Depending on a project’s business type, participants of Neo X’s Elevate Grants can apply for inclusion in either the Genesis or Partner Track. The Genesis Track is designed for innovative, early-stage projects that will contribute to a robust and thriving Neo X ecosystem, while the Partner Track is designed for established core infrastructure projects already operating on other EVM networks. Beyond this, Elevate Investments offers investment packages of up to $500,000 for established projects capable of advancing Neo X with strategic advantages.
Besides the Elevate Program, Neo has also revealed that a series of online and offline activities will be organized to initiate and deepen its connections with Web3 developers and entrepreneurs in multiple countries and regions. These activities include an ambassador program, WebX in Tokyo, Korean Blockchain Week in Seoul, Token2049 in Singapore, and hackathons.
Before the Mainnet launch, Neo X had already secured commitments from over twenty Web3 projects to integrate with the chain and develop within the Neo X ecosystem. This includes Web3 infrastructure builder SubQuery, decentralized AI infrastructure provider Phoenix, and pioneering Web3 game onboarding company ZeroX, among others.
Projects seeking partnership or funding through the Elevate Program can email proposals directly to [email protected].