2020 was the year DeFi exploded. A plethora of projects rapidly developed and took off on the Ethereum network — however, Ethereum’s high GAS fees and performance ceiling rapidly resulted in a strong spillover effect. At the same time, Binance Smart Chain — an Ethereum compatible public chain — quickly captured a large number of projects thanks to its low GAS fees and easily accessible development environment. As an Ethereum compatible chain, BSC seemed to offer the best of both worlds.
But does this solution really represent the pinnacle of a public chain’s potential? From our perspective, no. This approach does not truly solve the underlying issue behind Ethereum’s performance ceiling and overly high GAS fees. In truth, both issues are symptoms of Ethereum’s structural issues, which can be traced back to the fact that many projects on Ethereum exist simply as independent projects with sub-optimal interoperability. As a result, many Ethereum projects are bandwidth-intensive which in turn raises user fees and lowers efficiency. Moving forward, it is clear that public chains must evolve to become more adaptable, high-performance, and secure to deliver large-scale commercial applications and financial solutions. Moreover, a key issue moving forward is the issue of native compatibility — that is, how easily can various chains integrate and work together. As a future-oriented platform, Neo N3 is built to deliver unparalleled performance, security, and — most significantly — optimized interoperability.
Despite its ability to host various large-scale commercial applications, Neo N3 still faces the challenge of encouraging more projects to adapt to an entirely new system and experience N3’s advantages in the age of Ethereum.
To encourage the developers to brave the frontier, we are starting the Early Adoption Program on the upgraded platform. This program includes grant sponsorship totaling 10 million US dollars for the qualified projects and will ...