Community enthusiasm for the Neo ecosystem launchpad, Polaris, and the project’s migration to a new mainnet, N3, are driving the price of its native cryptocurrency higher on the market.
Although the price of NEO has almost returned to its weekly low at the time of writing, The cryptocurrency saw a spike of 31,7% growth, compared to its lowest price in the past 7 days. On Sunday, NEO surpassed $13,2 per token.
NEO is being boosted in the market by Polaris, the network’s launchpad, where a series of events are currently taking place until June 21. Also, Neo’s migration to N3, a more powerful and feature-rich version of the Neo blockchain, is behind the rally the cryptocurrency saw late last week.
According to CoinMarketCap, NEO is trading at $10,71 by cryptocurrency at press time, showing growth of almost 5% in the last 24 hours.
NEO trading activity has also increased significantly over the past 24 hours, currently exceeding $406,4 million in daily trading volume for the cryptocurrency.
According to the CoinMarketCap platform, this metric has grown more than 375% since this Sunday.
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What is Neo (NEO)?
Neo, which began development in 2014, is one of the most innovative projects currently in the crypto industry.
This is a project that seeks to completely transform the current Internet, integrating a series of technological innovations, such as smart contracts, blockchain oracles, self-sovereign identity and a distributed and interoperable storage system, which allow the creation of complete and highly efficient decentralized applications (DApps), to take advantage of the full power of the global blockchain ecosystem in all possible areas.
Cryptocurrency NEO is the blockchain governance token and serves to enable the holders to exercise their voting power in the decisions and proposals of the network.
Neo uses a rather innovative consensus mechanism, called dBFT, which has allowed it to become a high-capacity blockchain, ideal for applications with a high level of security, scalability and performance.
Polaris Launchpad and Neo's new mainnet, N3
Polaris Launchpad is the launch platform for the Neo blockchain, where a number of events are currently taking place.
At Neo, the Polaris Plus event, which will run until June 21, follows a series of hackathons that focused on the development of different areas of the crypto industry, such as decentralized finance (DeFi), non-fungible tokens (NFT), the Metaverse, blockchain infrastructure, and Decentralized Autonomous Organizations (DAO).
Now, on Polaris Plus, the Neo community can choose which projects to fund additionally. For this special event, participants from previous hackathons can apply, regardless of whether they were winners or not, say the developers; although it will be the community members who decide which projects are eligible, based on their performance.
On the other hand, N3 is the most significant update the blockchain has had to date. This was announced by its developers on their website. As they explained, N3 integrates functions that optimize Neo's performance, simplicity and ease of use. In addition, the update implements improvements to the ecosystem's economy and its blockchain infrastructure in general.
In the post, the developers note that “the real beauty of N3” lies in the diverse set of components and functionalities that the upgrade implements on the Neo blockchain, to meet the demands of application developers and to lower the barrier to entry into the blockchain ecosystem.
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