To answer some important questions about the migration from Neo Legacy to Neo N3, the “early bird” migration was launched on August 9th, and the large-scale migration was launched on September 1st.
Written by: Neo
The time has come. At 17:00 on August 2, 2021, the Neo N3 mainnet was officially launched.
We have experienced a long journey since Neo founder Zhang Zhengwen first announced the intention of Neo 3.0 in July 2018. The entire world and the cryptocurrency market are changing rapidly, and the trend is rising and declining again and again, and the entire blockchain industry has matured.
Nevertheless, our goal is always the same: to build the most developer-friendly blockchain platform.
In the process of completing this difficult task, we have received tremendous support from all over the world. Whether it is COZ from the United States and Europe, NeoResearch from Brazil, AxLabs from Switzerland, Neo SPCC from Russia, Red4Sec from Spain, NeoTracker and NGD Enterprise from Seattle, or the NEXT community in China, all Neo community developers and members Persevering hard on the road to N3 and contributing to the establishment of a truly global blockchain platform.
We are very grateful to everyone for their efforts, and we are proud of the milestones we have reached together.
We have full confidence in N3. Neo N3 not only brings a large number of new functions including native decentralized storage and oracles, but also fundamentally reconstructs many frameworks and mechanisms of Neo Legacy, including new governance systems and economic models, and reconstructed The underlying architecture and so on. These new features, coupled with multi-language support and first-class development tools, make Neo the best choice for blockchain developers.
N3 takes us one step further from the vision of a smart economy.
We have prepared a series of promotional activities to celebrate the launch of the N3 mainnet. Including NFT airdrops, testnet activities, content creation plans, etc. For more information, please follow the official Neo channel in the coming weeks.
In addition, this article will answer some important questions about NEO and GAS migration from Neo Legacy to Neo N3, such as dates and incentives. For more information about the comprehensive launch plan, please refer to this article .
Token migration
Token migration is an important milestone in the launch phase of Neo N3. Normally, users need to create a new wallet address on Neo N3 and send Neo Legacy tokens to the migration contract. Subsequently, the contract will release the Neo N3 token to your newly created wallet address on Neo N3 at a ratio of 1:1, and bridge the two chains through the Poly Network.
There are three different migration channels to choose from: migration on the Neo.org website via dAPI, migration within the wallet, or migration via an exchange.
Please refer to relevant information such as specific dates, wallets and exchanges that provide support, and frequently asked questions. This page contains all the latest and most comprehensive migration details. Please note: The current page will be updated before August 9th (Monday).
NEO or GAS holders please note the following two important migration dates:
- August 9th-“Early Bird” migration starts
- September 1st-mass migration kicks off
August 9th-“Early Bird” Migration
Token holders can migrate NEO and GAS from Neo Legacy to Neo N3 as early as August 9. Please note that participating in the “early bird” migration has pros and cons:
The main advantage of participating in the “early bird” migration is that you can become the first batch of voters in Neo’s new governance system.
According to N3’s new economic model, most of the GAS will be allocated to NEO holders who vote for Neo board members. Since there are fewer NEOs used to vote in the early bird stage, the GAS allocated to each voter may be higher than the level after the large-scale migration.
However, during this time, external services (such as wallets and exchanges) may have limited support for N3. This means that you may not be able to migrate through your common wallet, or even store the N3 tokens after the migration. In addition, you cannot migrate back to Neo Legacy, which means that you cannot trade NEO and GAS after the migration until the exchange has reached support for N3.
In addition, for the rest of August, the N3 mainnet will still be in the “setup” stage. Although the current architecture is deemed stable and open to use, we will continue to add various infrastructures within this month. According to inference, this process will not be interrupted, nor does it contain any financial risks, but it cannot be ruled out that some unforeseen circumstances may slow down certain functions or the progress of the ecological and service provider’s support.
Token holders are asked to weigh the pros and cons by themselves based on the above description.
September 1-mass migration
After the mainnet setup phase is over, we will start a large-scale migration between NEO and GAS. We will launch a set of incentive programs for large-scale migration to encourage users to migrate from Neo Legacy. Users will be able to migrate through various channels including Neo official website, designated wallets and exchanges.
However, although we are working hard to ensure that more external channels support the Neo N3 mainnet as soon as possible, we cannot fully control the work process of external organizations. We will continue to make every effort to ensure the rapid popularity and application of N3. But in the end, general support may not be reached at the same time.
Token Migration Incentive Plan
The token migration incentive plan will last from September 1 to October 31, during which users who complete the migration can receive NEO rewards. Rewards will start at 1% and will decrease over a period of 8 weeks. details as follows:
- Completion of NEO migration from September 1, 2021 to September 14, 2021: NEO will be awarded 1% of the number of migrations;
- Completion of NEO migration from September 15, 2021 to September 30, 2021: NEO will be awarded 0.75% of the number of migrations;
- Complete NEO migration from October 1, 2021 to October 31, 2021: NEO will be awarded 0.5% of the number of migrations;
Please note: Since NEO is indivisible, the minimum migration incentive that users can get is 1NEO. Therefore, users need to migrate at least the following amount of NEO to get rewards:
- When rewarding 1% of NEO migrated-every 100 NEOs migrated will get 1 NEO incentive
- When rewarding 0.75% NEO of the number of NEOs migrated-1 NEO will be rewarded for every 134 NEOs migrated
- When rewarding 0.5% of NEO migrated-every 200 NEOs migrated will get 1 NEO incentive
Users cannot get any incentives when migrating NEO less than the above-mentioned amount. For example, if you migrate 199 NEOs in the first week, you will only receive 1 NEO incentive.
Centralized exchanges will have self-announced incentive plans and may provide detachable migration rewards. For details, please refer to the exchange’s incentive announcement.
Incentives will be issued within three days after the completion of the migration. There is currently no incentive plan for GAS migration.
Migration cost
When users migrate 10 or more NEOs, or 20 or more GAS, the Neo Foundation will bear the migration costs. This payment process will be automatically processed during the transaction, and the user does not need to take any action.
When the user transfers less than 10 NEO or 20 GAS, you need to pay 1 GAS fee. Because all transactions on Neo N3 are currently charged, if users are allowed to migrate a small amount of tokens for free, a loophole will occur, that is, users may chronically consume the Neo Foundation’s GAS through spam transactions.
The Neo Foundation has preset a total budget of 200,000 GAS to subsidize users’ migration costs-generally speaking, this budget is sufficient. If, under certain circumstances, the budget is used up, even if the number of relocated tokens exceeds the free threshold, subsequent migrants may still need to pay a certain fee.
Regardless of whether the user chooses to participate in the “early bird” migration or a large-scale migration, they need to pay 1 GAS fee, which will be paid by the GAS on Neo legacy during the migration process.
Neo Foundation Token Migration
In order to ensure the smooth launch of the Neo N3 network, currently, NEO and GAS held by the Neo Foundation will not be migrated through the Poly Network, but will be directly issued to the consensus multi-signature address on the Neo N3.
NEO and GAS held by non-Neo foundations will be issued to Neo N3’s cross-chain agency contract. Neo Legacy token holders can unlock their Neo N3 tokens from the contract through token migration.
When the Neo Legacy block height reaches 8,000,000: stop generating GAS
After Neo N3 goes online, Neo Legacy will enter a long-term support state and continue to operate for at least one year. During this period, Neo N3 migration channels will remain open.
However, due to the slightly different GAS generation mechanism on Neo Legacy and Neo N3, it may cause some problems for the ecosystem and service providers, such as exchanges that need to calculate the circulating supply.
To solve this problem, Neo Legacy will stop generating GAS when the block height is 8,000,000. It is currently estimated to occur around mid-September.
At this time, the circulation of GAS on Neo Legacy will be exactly 52,000,000. The initial supply of GAS on Neo N3 will be minted based on this amount and sent to the consensus multi-signature address on Neo N3.
As mentioned in the previous section, tokens that currently do not belong to the Neo Foundation will be issued to the cross-chain proxy contract on N3.
Continually updated
The migration phase is about to begin. Please use Neo official channels to learn about relevant information. Please refer to the latest news about available migration channels, specific dates, supported wallets and exchanges, and frequently asked questions. This page contains all the latest and most comprehensive migration details. Please note: The current page will be updated before August 9th (Monday).
When the NEP-5 token on Neo Legacy is migrated, the contract owner must first create a new NEP-17 contract on Neo N3. We welcome all project parties to contact NGD’s digital asset department for migration support. Token holders should ask the project party for information about the migration plan and timetable.
