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


Neo investors have had a wild ride in recent years, especially as China began to gradually implement stricter crypto legislation that applies to the project, called “Ethereum of China” by some. Despite the odds, the network appears to be durable, with a global developer community and a burgeoning decentralised finance (DeFi) hub that rose to prominence with the introduction of the Neo N3 mainnet last year.

Neo investors Lucas and Ji stated that they had not anticipated such a “dramatic decline in price” for Neo. Despite the price volatility, they choose to keep their Neo tokens due to the project’s developers’ commitment to the underlying technology. According to Lucas:

“I’m familiar with a number of Neo developer groups throughout the globe. They have no intention of abandoning the initiative because one country disagrees with their vision.”

When asked what differentiated Neo’s DeFi apps from the competition, Ji said:

“You may follow Flamingo Finance’s progress on the roadmap they’re putting together and what will happen next. They never missed deadlines unless there was a good cause for it. As a result, I appreciate how open the platform’s development process was.”

Function that allows claiming several DeFi pools

Flamingo Finance is a cryptocurrency exchange that also earns returns and provides liquidity. In the fourth quarter of 2021, the project was moved to Neo N3. Flamingo Finance has around $80 million in total worth locked up, according to DeFi Llama. Lucas, who uses Flamingo Finance as well, added:

“They put a lot of emphasis on their target audience. They just introduced a function that allowed you to claim several DeFi pools. I requested a “claim all” option from the team. So that I wouldn’t have to waste time browsing through the various pools to get awards. That function was implemented in a matter of days.”

Neo also launched a cooperation with Diesis, an EU social economy network with 90,000 organisations and 1.2 million workers spread over 21 countries, on Monday. Neo will assist the latter in the development of blockchain solutions using the Neo N3 ecosystem’s decentralised file storage, NeoID, under the terms of the agreement. Diesis Network president Luca Pastorelli had this to say:

“There is no mining on Neo because it pioneered the dBFT [delegated Byzantine Fault Tolerance] consensus process. N3 is the appropriate blockchain partner for a worldwide social and solidarity economy network. Since it offers an all-in-one development experience.”

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