Migration from Neo Legacy to the Neo N3 MainNet has officially begun. Details on the migration process were provided in an announcement from Neo Global Development, in addition to some information on voting. With Neo N3 governance now open to all NEO token holders, the network can finally begin the process of decentralization.
Asset migration can be performed using NeoLine or O3 wallet at the official migration page. A future Neon wallet release will also add support for in-wallet migration. A step-by-step migration guide is available with instructions for NeoLine and O3 users.
Users that migrate assets will be able to immediately begin participating in Neo N3’s governance mechanism. For a time, this is expected to result in accelerated GAS rewards due to the GAS allocated to each council member’s voters being split amongst fewer NEO.
It should be noted however that token holders who migrate now will miss out on the bonus NEO incentive from the Mass Migration phase. As such, users should carefully consider whether to migrate early or to wait for the bonus NEO rewards that can be gained from a later migration in September.
Potential fees of up to 1 GAS may be incurred when transferring less than 10 NEO or 20 GAS. This is to prevent malicious users from being able to disproportionately waste GAS on Neo N3 with lots of small migration transactions. Users who wish to avoid the fee but do not have sufficient assets to pass the limits are instead recommended to move assets to an exchange which supports the migration.
Any Neo N3 wallet that contains NEO and enough GAS to pay for the invocation can be used to vote for one of the initial 21 council nodes via the official governance portal. Users are recommended to vote for candidates that will best represent their values in Neo’s governance. 10 community-operated nodes are available as candidates in addition to 4 NGD nodes and 7 NF nodes.