neonewstoday.com
Neo has announced the launch of the Neo X MainNet, its new EVM-based sidechain. The release also includes a native bridge between Neo N3 and Neo X, an explorer, and a governance portal.
Neo X was announced in Hong Kong in October 2023 as a new initiative to expand the Neo ecosystem. It features Neo’s own dBFT consensus mechanism and is fully compatible with EVM. Neo X does not have its own native token, but instead uses GAS for governance and network fees. GAS is generated on Neo N3 and must be bridged to Neo X, creating a symbiotic relationship between the two networks.
The development of Neo X was a joint effort between Neo Global Development, AxLabs, and Neo SPCC, collectively known as Bane Labs.
Network launch & governance
Neo X has initially launched with seven StandBy validators operating the network to ensure stability during the early stages. These nodes are run by NGD, AxLabs, Neo SPCC, and Lazynode. After several weeks of stable operation, the network will transition to governance mode, allowing users to register as candidates for validators and seek election.
To become a validator, users must stake 20,000 GAS with a 5% fee charged upon exiting the candidate list. GAS token holders can vote for their preferred validator by staking GAS. Validators collect network fees as rewards, which can be shared with their voters at a distribution ratio set during registration. For example, a candidate may decide to share 70% of its rewards with voters, with funds distributed proportionally based on the amount of GAS staked.
The Neo X governance portal can be found at xgovernance.neo.org.
Using Neo X
Wallets
As Neo X is an EVM-based blockchain, users can use wallets such as MetaMask to manage assets and interact with the network. Other wallets planning to support Neo X include Echooo, Gate Wallet, Atomic Wallet, and Ellipal Hardware Wallet, along with traditional Neo wallets, Neon and NeoLine. Wallets that cannot be configured manually may not support Neo X immediately after launch.
Bridge
Alongside the launch of the Neo X Network, Neo has also launched the native bridge, allowing users to move GAS tokens between the two networks. The bridge will also support additional NEP-17 and ERC-20 tokens, which need to be added via a manual registration process and approved by the bridge governance members. Like the network validators, the bridge will be operated by NGD, Neo SPCC, and AxLabs.
Initially, only GAS can be bridged between N3 and Neo X, with a cap of 100,000 GAS for the first few weeks to ensure stability. This limit will be gradually lifted, and the service will expand to include NEO tokens and other assets once stability is confirmed.
Users will need both a Neo N3 wallet such as Neon or NeoLine and a Neo X compatible wallet to bridge assets.
An app is available for developers to start bridging tokens at xbridge.neo.org.
Developing on Neo X
Neo X developer documentation has been made available by the Bane Labs team. Regular users will find the network details required to add the Neo X MainNet or TestNet to EVM wallets. Information on how to run a Neo X node and differences between Neo X and standard Ethereum JSON-RPC API methods are also provided.
While EVM compatibility generally means that the world of Ethereum developer resources is available to builders on Neo X, some components are exclusive to Neo X. These include the native bridge, governance system, and the system contracts they depend on. Documentation for these services has been included by Bane Labs to help developers get up and running with their own integrations.
An official TestNet faucet is now available, allowing 0.2 GAS to be requested every 24 hours per address and IP. This limit may be increased to 1 GAS per 24 hours by connecting a Twitter/X social account with the faucet. The faucet page doubles as an ecosystem exploration tool, connecting users with projects deployed on Neo X for testing.
The Neo X blockchain explorer is an Etherscan-equivalent for the Neo X MainNet. Here users may browse blocks, transactions, addresses, and more. Wallets such as MetaMask may also be connected to the explorer, allowing write invocations to be performed directly against deployed smart contracts.
Various infrastructural projects have also launched tools for Neo X, with more to come over the following months. The new Neo X homepage features a project explorer with an infrastructure section, cataloging products such as indexers, name services, interoperability solutions, and privacy protocols. Developers should visit the page and Neo social channels to learn about new tools as they become available.
Branding
Accompanying the MainNet launch is the reveal of visual identity for Neo X, featuring a new ‘X’ logo and an expanded color palette. The logo signifies fusion and connection, while the new colors, including purple and magenta, symbolize the smooth integration of Neo and Ethereum. This rebranding aligns with Neo X’s goals of inclusivity and accessibility, marking a new chapter for Neo’s ecosystem.
Moving forward
Future MainNet upgrades are already planned, including the enveloped transaction solution and dBFT modification required to support it. This feature, which lays the groundwork for the Neo X anti-MEV mechanism, is not part of the initial MainNet release. A plan to roll out this feature to the network after careful testing has been prepared to ensure a smooth upgrade when ready.
Neo intends to drive the adoption of Neo X through several key initiatives. The US $20 million Neo X Elevate Program will provide resources and support to developers and projects. The NeoPod Ambassador Program will be revitalized to foster community leadership and innovation.
Neo will also showcase Neo X at major blockchain events, including WebX in Tokyo, Korean Blockchain Week in Seoul, and Token2049 in Singapore. Additionally, various initiatives such as online and offline events, workshops, and hackathons will engage global developer communities.
Further details will be announced in the coming months.
The full MainNet launch announcement can be found at the link below:
https://medium.com/neo-smart-economy/neo-x-mainnet-launches-f524ab7afeb6