Neo’s GAS token is taking the cryptocurrency market by storm, demonstrating remarkable growth over the past month. GAS, the utility token for Neo’s Blockchain, has seen a remarkable surge of over +628% in its price, garnering the attention of eager investors.
As of the latest update, the GAS token is trading at an impressive $17.68 increased by +50% in last 24 hr., and its market capitalization has reached a substantial $179 million.
Source: Coinmarketcap
A major factor which have contributed to this remarkable surge in the GAS token’s value is that Neo recently announced a groundbreaking development in the form of a new sidechain, which is designed to be resistant to MEV (Miner Extractable Value) attacks and compatible with the Ethereum Virtual Machine (EVM). This new sidechain will inherit the economic model and Delegated Byzantine Fault Tolerance (dBFT) consensus mechanism of Neo N3. Currently in development, it is expected to be launched by the end of 2023.
Notably, every transaction on this sidechain will be facilitated using GAS as a utility token, further enhancing its utility and demand.
Neo’s commitment to innovation and the development of cutting-edge solutions has certainly captured the attention of cryptocurrency investors, driving the impressive surge in the GAS token’s value.
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