BLOG August 30, 2021
The final phase of the Neo N3 MainNet rollout will begin on September 1st with the opening of Mass Migration. Neo invites all NEO and GAS token holders to migrate their tokens from Neo Legacy to Neo N3. NEO bonuses will be available from September 1st through October 31st.
What do i need to know?
Neo is upgrading to N3, the most powerful and feature-rich version of the Neo blockchain to date. As some of the advancements found in Neo N3 are incompatible with Neo Legacy, the updates were deployed in the form of a new chain.
As a token holder, you will need to migrate your tokens from Neo Legacy to Neo N3 to continue to get the most out of the Neo ecosystem and use the latest Neo dApps. You will also be able to participate in governance and receive increased GAS rewards by voting for Neo Council members to manage and decentralize the Neo network.
The Neo Legacy network will continue to operate for a least a year following the launch of Neo N3, so you have plenty of time to complete the migration. However, GAS generation will cease on Neo Legacy at block height 8,000,000, estimated to occur around the middle of September. If you wish to continue to collect GAS on your NEO tokens, consider migrating to Neo N3 before this block.
Those who migrate early may also benefit from the Token Migration Incentive Program.
Token Migration Incentive Program
Token holders who migrate between September 1st and October 31st may be eligible to receive a bonus on the migration of their NEO tokens. Bonuses will start at 1% and decrease over the two month period as follows:
- 1% bonus: 10:00, September 1st — 9:59, September 15th (UTC)
- 0.75% bonus: 10:00, September 15th — 9:59, October 1st (UTC)
- 0.5% bonus: 10:00, October 1st — 10:00, October 31st (UTC)
Please take note: As NEO is indivisible, the minimum token bonus you can receive is 1 NEO. This means you will need to migrate NEO in the following quantities to receive bonuses:
- 1% bonus: 1 bonus NEO per 100 migrated NEO
- 0.75% bonus: 1 bonus NEO per 134 migrated NEO
- 0.5% bonus: 1 bonus NEO per 200 migrated NEO
Migrating in quantities less than the above numbers will not net you a token bonus. For example, if you migrate 199 NEO during week one, you will only receive 1 NEO.
Rewards will be distributed within three days of completing your migration. There are currently no plans in place for GAS migration incentives.
How do i migrate?
There are three ways for you to migrate your tokens: the Neo.org migration website, native wallet migration, or through centralized exchanges.
Complete information, along with user guides can be found on the Migration Information page of the official Neo website, however some high level information is summarized below.
We want to stress the following: Only migrate using approved channels listed on the Neo.org Migration Information page. Failure to do so could result in the loss of your assets.
- Neo.org Migration Website
- The Neo.org migration website allows you to connect with your dAPI compatible wallets to complete the migration. Supported wallets currently include the NeoLine Chrome Browser extension and the O3 Desktop wallet.
- Native wallet migration
- Native wallet migration allows you to migrate your tokens from Neo Legacy to Neo N3 without having to leave your wallet or connect to any external platforms. The wallets currently supporting native migration include Neon Wallet desktop, NeoLine Mobile, and the ONTO wallet.
- Custodial exchanges
- Certain custodial exchanges will handle the migration of your tokens from Neo Legacy to Neo N3 for you. Several exchanges have signaled their intent to support the migration, including Binance, Huobi, Bitfinex, and others.
We want to note that although we are working hard alongside major exchanges to ensure early support for the Neo N3 MainNet, including migration support, we do not have control over the internal timelines of external organizations. Estimated support dates are listed on the Neo.org Migration Information page, but please understand that these dates are exactly that - estimates.
Additionally, we are currently waiting on the Ledger team to approve the Neo N3 application for Ledger devices. The application was submitted several weeks ago and is currently out of our hands. COZ and NGD are working on expediting the process and full support will be made available in Ledger compatible Neo wallets as soon as it is approved.
The Neo Foundation will cover the costs of transfer fees for users migrating 10 NEO, 20 GAS, or more. No action is required on your part as this will be handled automatically during the transaction.
A 1 GAS fee is required for users migrating less than 10 NEO or 20 GAS. This is because fees are now required on all Neo N3 transactions, and part of the migration process requires tokens to be transferred from the Neo Foundation N3 wallet to your account.
Allowing the migration of small quantities of tokens with no fee opens up an exploit where users could potentially spam transactions to burn Neo Foundation GAS inefficiently.
Token holders with a small number of tokens who wish to avoid paying the 1 GAS fee may consider migrating through an exchange.
Additionally, some users may see fees beyond 1 GAS if they have a large number of UTXO inputs. There is a limit (1KB) to how large a transaction can be on Neo Legacy before incurring fees, and having more than 15 UTXO inputs usually exceeds this size. To resolve this problem, you can consolidate your UTXOs by sending tokens to yourself before proceeding with migration.
Token holders seeking additional information can visit the Neo.org Migration Information page, which includes links to supported migration channels, guides, and frequently asked questions. You may also visit the Neo Discord if you need additional support.
We want to remind everyone one last time to stay safe and only trust migration information that is verified by official Neo channels.
Official Neo Migration Information page: https://neo.org/migration