Neo X mainnet launched, and announced $20 million ecosystem funding plan

24-07-25 21:54

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Article source: NEO X

Neo X is a sidechain of Neo, compatible with EVM and resistant to malicious MEV. The Ecosystem Grant Program is expected to allow well-designed and secure decentralized applications (dApps) to join the construction of the new chain.

Hong Kong - July 25, 2024 - Open source, community-driven blockchain platform Neo announced the launch of its sidechain Neo X mainnet, and at the same time announced its total $20 million ecosystem grant program - Elevate Program. The program aims to help projects start development on the Neo X chain. The Elevate Program will support innovative projects deployed on Neo X to inspire the future of the digital economy. This grant will support developers to build a range of new applications for Neo X, and also serve as a bridge between the Neo N3 blockchain and the widely adopted EVM-based blockchains. Neo X is compatible with EVM and resistant to MEV (Maximum Extractable Value), and is the latest chapter in Neo's technological advancement.

Neo X mainnet inherits the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism of Neo N3. While being compatible with the Ethereum Virtual Machine (EVM), the Neo X mainnet node is based on the v1.13.11 Geth node, which currently supports the Shanghai fork in the list of newly added Ethereum forks. Native Cross-Chain Bridge serves as an interoperability layer between Neo N3 (NeoVM) and Neo X (EVM), enabling seamless transfer of assets and data.

Neo X will iterate quickly and deploy unique features to the network, such as a mechanism to resist malicious MEV, including sealed transactions and dBFT consensus improvements. The Neo team is currently stress testing this mechanism in preparation for its smooth deployment to the network in the near future.

Da Hongfei, founder of Neo, said: "Neo X aims to become the preferred blockchain platform for creating decentralized applications and a secure smart economy, and the entrance to the Neo ecosystem. By focusing on empowering the community, developing advanced technical tools, and maintaining high security, Neo X combines our tradition of innovation with the latest advances in blockchain technology to meet the needs of global users. Now that the Neo X mainnet is online, these tools are also open to everyone. We hope that the Elevate funding program will incentivize projects to develop the next generation of decentralized applications (dApps) on Neo."

The $20 million “Elevate Ecosystem Grant Program” is divided into two parts: the “Elevate Grants Program” and the “Elevate Investment Program”. Depending on the business type of the project, Neo X’s Elevate Grants applicants can apply for “Genesis” or “Partnership”. The Genesis track is designed for innovative projects in the early stages that will contribute to the strength and prosperity of the Neo ecosystem, while the Partner track is designed for mature core infrastructure projects that are already running on other EVM networks. In addition, the Elevate Investment Program also provides a package of investment grants of up to $500,000 for mature projects that can drive the development of Neo X and have strategic advantages.

In addition to the Elevate Grant Program, Neo also plans to organize a series of online and offline events to establish and deepen connections with Web3 developers and entrepreneurs in multiple countries and regions. These events include the Ambassador Program, WebX Tokyo, Korea Blockchain Week Seoul, Token2049 Singapore, and hackathons.

Before the mainnet launch, the Neo X ecosystem has gathered more than two dozen Web3 projects that will integrate the chain and develop it. These include Web3 infrastructure builder SubQuery, decentralized AI infrastructure provider Phoenix, and Web3 gaming project ZeroX, among others.

Projects applying for the Elevate investment program or seeking technical cooperation can submit proposals to the Neo EcoFund directly by emailing neox@neo.org.

About Neo

Founded in 2014, Neo is a community-driven open-source blockchain platform that welcomes developers to explore the smart economy. By helping developers digitize and automate asset management using smart contracts, Neo is committed to realizing the optimized digital world of the future. As the most developer-friendly blockchain, Neo seamlessly integrates the world's most widely used programming languages and tools, and provides the most comprehensive blockchain platform for building full-stack decentralized applications to meet the needs of developers to the greatest extent. At the same time, Neo has native support for powerful infrastructure, including decentralized storage, oracles, domain name services, etc., which is an ideal foundation for developers to build the next generation of the Internet.

Neo X is a sidechain of Neo. Neo X is compatible with the Ethereum Virtual Machine and can protect users from malicious MEV at the protocol level. It is the most convenient and secure choice for developers and users to enter the Web3 field.