Neo users explain why they’ve held on to the project despite China’s heavy crypto crackdown


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It has been a wild ride for Neo traders previously few years, particularly as China started to incrementally introduce harsher crypto regulations relevant to the mission, which has been dubbed by some as “Ethereum of China.” However regardless of the chances, the group appears to be resilient, with a devoted society of builders worldwide and bourgeoning decentralized finance, or DeFi, hub that got here into prominence by way of the launch of the Neo N3 mainnet final yr. 

As instructed by Neo traders Lucas and Jiří, who spoke to Cointelegraph, they weren’t anticipating such a “big drop in value” for Neo. However, they determined to carry their Neo tokens by means of all the value turmoil, citing the mission builders’ dedication to its underlying expertise. Lucas mentioned:

“I do know a bunch of Neo developer communities which can be situated the world over. They don’t seem to be going to cease the mission simply because one nation would not agree with their imaginative and prescient.”

When requested about what made Neo’s DeFi functions significantly engaging, in comparison with different alternate options, Jiří mentioned:

“For Flamingo Finance, you may comply with any steps on the roadmap they’re making ready and what will probably be going subsequent. They at all times saved the deadlines, or there was some cheap justification for a delay. So I actually just like the transparency of the method of how the platform was evolving.”

Flamingo Finance is a platform for changing crypto, incomes yields and offering liquidity. The mission migrated to Neo N3 in This fall of 2021. According to DeFi Llama, Flamingo Finance has roughly $80 million in whole worth locked. Lucas, who can be a person of Flamingo Finance, added: 

“They actually centered on their on their person base. Some time in the past, they launched a function the place you may declare completely different DeFi swimming pools. I requested the workforce for a “declare all” button in order that I haven’t got to spend time clicking the completely different swimming pools to assert rewards. Inside a number of days, that function was applied.”

On Monday, Neo additionally introduced a partnership with EU social economic system community Diesis, which has a help community of 90,000 organizations, and 1.2 million employees throughout 21 international locations. Via the deal, Neo will assist the latter develop blockchain options utilizing the Neo N3 ecosystem’s decentralized file storage, NeoID. Luca Pastorelli, president of Diesis Community, commented:

“Neo pioneered the dBFT [delegated Byzantine Fault Tolerance] consensus mechanism, so there is no such thing as a mining on Neo. And N3 being an all-in-one growth expertise makes it the perfect blockchain associate for a worldwide social and solidarity economic system community.”