Neo users explain why they stuck to the project despite China’s heavy crypto repression

It has been a wild ride for investors in Neo (dubbed “Ethereum of China”) in recent years, especially as China gradually began to introduce stricter crypto regulations. But despite the odds, the community appears to be resilient, with a committed society of developers around the world and a burgeoning decentralized financial or DeFi hub that came to prominence via the launch of Neo N3 mainnet last year.

As told by Neo investors Lucas and Jiří, who spoke to Coin-Crypto, they weren’t expecting such a “huge price drop” for Neo. Still, they nevertheless decided to hold onto their Neo tokens amid all the price turmoil, citing the developers’ commitment to the underlying technology. Luke said:

“I know some Neo developer communities that are located all over the world. They won’t stop the project just because one country doesn’t agree with their vision.”

When asked what made Neo’s DeFi applications particularly attractive compared to other alternatives, Jiří said:

“For Flamingo Finance, you could follow all the steps on the roadmap they are preparing and what will happen next. They always kept to the deadlines, or there was a reasonable justification for a delay. So I really like the transparency of the process of how the platform evolved.”

Flamingo Finance is a platform for converting cryptocurrencies, earning returns and providing liquidity. The project migrated to Neo N3 in Q4 2021. According to to DeFi Llama, Flamingo Finance has secured approximately $80 million in total value. Lucas, who is also a Flamingo Finance user, added:

“They really focused on their user base. A while ago they released a feature that lets you claim different DeFi pools. I asked the team for a “claim all” button so I don’t have to spend time click on the different pools to claim rewards. That feature was implemented within a few days.”

On Monday, Neo also announced a partnership with the EU social economy network Diesis, which has a support network of 90,000 organizations and 1.2 million employees in 21 countries. Through the deal, Neo will help the latter develop blockchain solutions using Neo N3 ecosystem’s decentralized file storage, NeoID. Luca Pastorelli, Diesis Network president, commented:

“Neo pioneered the dBFT [delegated Byzantine Fault Tolerance] consensus mechanism, so there is no mining on Neo. And because N3 is an all-in-one development experience, it is the ideal blockchain partner for a global social and solidarity economy network.”

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