TechFlow news, on July 25, Neo announced the official launch of the Neo X mainnet, alongside the unveiling of a $20 million "Elevate Ecosystem Grant Program." As a sidechain of Neo, the Neo X mainnet is Ethereum Virtual Machine (EVM)-compatible and utilizes the delegated Byzantine Fault Tolerance (dBFT) consensus mechanism. A cross-chain bridge between Neo X and Neo N3 has been established to ensure seamless asset transfers. Initially powered by standby validators, the network will transition in the future to elected validators. Neo X nodes are based on Geth v1.13.11 and support the Shanghai hard fork, with future integration of the Deneb and Cancun upgrades planned.
The Elevate Ecosystem Grant Program aims to support innovative projects deploying on Neo X. The program consists of two parts: Elevate Grants and Elevate Investments. Elevate Grants primarily target early-stage Web3 projects, providing crucial funding to help them launch and scale their impact. Applicants must define project development milestones, and supported categories include dApps, DeFi platforms, gaming, AI, and NFT projects.
Elevate Investments is designed for mature projects that can bring strategic advantages to Neo X. Such projects may receive up to $500,000 in investment, including but not limited to decentralized exchanges, lending protocols, contract products, liquid staking derivatives, restaking services, account abstraction (smart contract wallets), stablecoins, and NFT-related platforms.
