Developers at the Neo network have said that the crypto ban in China had little impact on its operations. The developers have stated that the blockchain continues to receive adoption from DeFi platforms and DApps.
Table Of Contents
After China banned cryptocurrencies last year, the entire cryptocurrency market fell. One of the hardest-hit tokens was Neo, a token that was initially known as the “Ethereum of China.” The token’s price has not been performing well since the ban.
Neo developers have now stated that most of the Neo Global Development (NGD) sponsorship projects are run by partners outside of China to achieve a global reach.
Neo attracting more projects
During an interview with Cointelegraph, Neo developers stated that they were expanding their operations within China. Neo is among the seven permissionless blockchains running the country’s Blockchain-based Service Network (BSN).
The developers, who chose to remain anonymous, added that one of their key objectives was to boost the adoption of non-fungible tokens (NFTs) in China. Chinese regulators have previously stated that they were open to non-crypto NFTs.
Last year, Neo launched the Neo 3.0 mainnet. Since the launch, the network has seen a few decentralized finance (DeFi) projects and decentralized applications (DApps). One of the projects on the Neo N3 mainnet is Defina Finance. This is an NFT metaverse game operating under a play-to-earn model.
Defina has been expanding on the Neo N3 mainnet since 2021 with the help of NGD. At the time of writing, the Defina marketplace’s total trading volumes had surpassed $100 million.
The developers also pointed to another project on the blockchain, Rentfuse, which they said was the “coolest” development. They explained that Rentfuse was “a protocol designed to manage NFT rental agreements between owners and tenants for gaming or other functions. Neo leadership is working with Rentfuse to establish it as an NFT leasing standard for the Neo ecosystem.”
The Rentfuse developers have sought success through interacting with the community. They stated that they have engaged with thousands of people via Neo socials to boost brand awareness. The founder of Rentfuse, Michael Fabozzi, noted that the community had believed in the project, hence the growth levels.
The other successful project built on Neo is Ghostmarket, a multi-chain NFT marketplace. The platform recently raised $2 million in strategic funding and launched an initial DEX offering on Flamingo Finance.
The protocol stated that Neo managed to attract and onboard new projects because of the $10 million N3 early adoption program launched in 2021. The program not only aided in the growth of the ecosystem, but it was also “very much needed to exponentially scale Neo ecosystem.”
Neo has invested in unique features
The developers also explained several features that made the Neo blockchain unique from the other proof-of-stake networks. One of these reasons was the native in-built oracle that supported HTTPS and NeoFS requests. The NeoFS Network features a data storage solution that provides scalability and privacy.
The other feature that has aided in the growth of the Neo ecosystem is the interoperability of the network with the Poly Network. By providing interoperability, the network supports cross-chain communications between the Neo blockchain and other networks such as Ethereum, Binance Smart Chain and others.
The blockchain also features NeoID. This is a self-sovereign identity initiative. It offers support for developers to customize the extent of attribute verification that is needed. The platform ensures that the contract will operate as expected through this feature to boost efficiency.
To learn more about this token visit our Investing in NEO guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.