As the field of applicable Layer 1 blockchain protocols continues to expand and new players attempt to solve the problem of high transaction costs and slow processing times, legacy projects are using their history and track record of excellence to secure market share. It will ensure its survival through the next market cycle.
Neo (NEO) meets the requirements outlined above and the project aims to bring it to life in 2022 as governments around the world gradually discover the fact that blockchain and digital currencies have certain advantages and opportunities that can be integrated into public and private businesses. . .
Data from Cointelegraph Markets Pro and TradingView shows that the price of NEO is up 60% since it bottomed at $16.10 on January 24 and reached a daily high of $25.68 on February 11. The project is back in action. The 24-hour trading volume was up 292% on February 17th.
NEO/USDT on the 4-hour chart. Source: Trading View
Three reasons for the increase in demand for NEO include the adoption of the Neo blockchain by the China Blockchain-based Service Network (BSN), the full deployment of Neo N3, and the launch of various non-fungible tokens (NFTs) and decentralized finance (DeFi) on the network.
BSN . Accreditation
The most significant recent development for Neo was the announcement by China’s BSN that the newly launched Jiuquan network would be listed among the ten networks that will make up China’s core network.
Through this integration, Chinese citizens will now be able to access NFT markets that run on the BSN open permission blockchain and remain compliant with Chinese regulations.
As part of this process, the NFTs in BSNs are renamed “Decentralized Digital Certificates” (DDC) to help distinguish “Chinese NFTs” from those used in the rest of the world and to ensure that the NFT tool goes beyond just graphic image or music tracks.
Jiuquan’s network will also include integration with the Neo domain name service, allowing users to define a unique short syntax to replace complex hash chains and wallet addresses.
Publish the full N3
Another reason for Neo’s emergence is the successful launch of N3, the most advanced version of the Neo blockchain.
N3 was originally deployed on August 2, 2021, but the network took a targeted approach to migrating assets from N2 to N3 to ensure there were no major errors or issues in the process.
The database update was made to help Neo compete with other smart contract platforms as the concept of the smart economy continues to gain momentum with widespread use of smart devices that transmit data to the Internet.
On the topic: “The ban on cryptocurrencies in China has had little impact on Neo,” the organization’s developers say.
NFT and DeFi projects launched on N3
The third factor behind the development of NEO was the launch of several NFT projects on the network now that N3 has been fully launched.
MegaOasis, the NFT Marketplace, is the latest addition to the Neo ecosystem and provides community members with access to NFTs created by famous artists that can be found exclusively on the Neo Network.
ToTheMoon Universe is another N3-based NFT marketplace that has launched on Neo and has already completed its first N3 auction on the N3.
Several DeFi protocols have also been successfully launched on N3, including Flamingo Finance (FLM), which was ported from N2, and NeoBurger, a new protocol launched with the release of N3.