Developments on NEO ecosystem attributed to price gains

The price of Neo (NEO/USD) has recorded some significant gains attributed to the developments happening across the Neo ecosystem. The Neo network has made bold moves that could see it reclaim its former glory.

The price of NEO has gained by around 60% from its January 24 lows, and it reached a daily high of $25.68 in February. On February 17, the token’s 24-hour trading volumes increased by 292%.

Neo adopted as one of the networks on China’s BSN

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One of the major developments surrounding Neo is the announcement that the network would be added to China’s Blockchain Service Network (BSN). It will be among the ten blockchains in the BSN.

Citizens in China will use the BSN to access non-fungible token (NFT) markets that are compliant with the regulations in the country. China plans to differentiate its NFTs from the others in the market by naming them the “Decentralized Digital Certificates.” Moreover, the “Chinese NFTs” will have more utility than images and audio.

This integration will also involve the Neo domain name service. This will enable users to access simple wallet addresses whose usage will be easier as they will now use unique short sentences.

Neo successfully launches N3

The increased activity surrounding Neo also stems from the successful launch of N3. Neo launched N3 in August 2021, but the migration of assets to N3 has been a slow and well-detailed process to reduce the risk of vulnerabilities.

N3 is now fully launched, which is fuelling the adoption of the network by NFT projects. MegaOasis, an NFT marketplace, recently launched on the Neo ecosystem. This marketplace allows community members to access NFTs developed by leading artists. These NFTs will be exclusive to the Neo blockchain.

Another NFT marketplace that has also launched on N3 is ToTheMoon Universe. This marketplace has already run its first NFT auction on the blockchain.

Besides NFTs, decentralized finance (DeFi) projects are also tapping into the potential of N3. Among these projects are Flamingo Finance, which migrated its project from N2 to N3, and NeoBurger, launched after the transition to N3.