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

It has been a wild journey for Neo buyers prior to now few years, particularly as China started to incrementally introduce harsher crypto rules relevant to the undertaking, which has been dubbed by some as “Ethereum of China.” However regardless of the chances, the group seems to be resilient, with a devoted society of builders worldwide and bourgeoning decentralized finance, or DeFi, hub that got here into prominence through the launch of the Neo N3 mainnet final yr.

As informed by Neo buyers Lucas and Jiří, who spoke to Cointelegraph, they weren’t anticipating such a “big drop in worth” for Neo. However, they determined to carry their Neo tokens via all the worth turmoil, citing the undertaking builders’ dedication to its underlying expertise. Lucas stated:

“I do know a bunch of Neo developer communities which might be positioned internationally. They are not going to cease the undertaking simply because one nation does not agree with their imaginative and prescient.”

When requested about what made Neo’s DeFi purposes notably engaging, in comparison with different options, Jiří stated:

“For Flamingo Finance, you may observe any steps on the roadmap they’re making ready and what shall 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 undertaking migrated to Neo N3 in This autumn of 2021. In response to DeFi Llama, Flamingo Finance has roughly $80 million in complete worth locked. Lucas, who can also be a consumer of Flamingo Finance, added:

“They actually targeted on their on their consumer 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 carried out.”

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 nations. By 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 isn’t a mining on Neo. And N3 being an all-in-one improvement expertise makes it the perfect blockchain associate for a world social and solidarity economic system community.”