Amid a whirlwind of excitement, Neo, the pioneer open network of the smart economy, took center stage with its utility token, GAS, surging an impressive 32% in the past 24 hours. The GAS token is currently trading at $4.14 with a market cap of $41 million. Fueling the frenzy is a notable 276% increase in GAS 24-hour trading volume.

The frenetic rally was ignited by Neo’s latest, most exciting revelation to date – the beginning of a new chapter in his journey.

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Neo announces new chapter:

Neo officially revealed its strategic move to create a sidechain that is resistant to MEV (miner extractable value) attacks and compatible with the Ethereum Virtual Machine (EVM). This groundbreaking sidechain project will inherit the highly regarded economic model and delegated Byzantine Fault Tolerance (dBFT) consensus mechanism of Neo N3, ensuring a seamless transition to a new era of decentralized innovation.

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What’s unique about this development is not only its ambitious vision, but also its timing. The Neo community can expect to witness the fruits of this labor by the end of 2023, when the sidechain is expected to be released to the world.

The role of $GAS in the Neo ecosystem:

In the grand scheme of Neo's dual-token model, GAS takes center stage as the utility token that powers the ecosystem. GAS is the lifeblood of the Neo smart economy, serving a variety of essential functions. It facilitates transactions, interactions, and purchases within the Neo network, making it an integral part of the vibrant tapestry of the Neo ecosystem.

Following the news, the native token NEO also made moves yesterday, gaining +15%.