Neo has moved into the Mass Migration phase of the Neo N3 MainNet rollout. All token holders are now invited to migrate NEO and GAS from Neo Legacy to Neo N3. An incentive program is running during the first two months of Mass Migration offering NEO-based bonuses to early participants.
GAS generation on Neo Legacy will cease in the middle of September. Once users have migrated to Neo N3, they can receive increased GAS rewards by voting for the Neo Council as part of Neo’s new governance system. The Neo Council is tasked with managing and decentralizing the Neo network.
Token holders should always refer to neo.org/migration as the primary source of information on migration, such as approved migration channels, exchange support, FAQs, and more.
The Token Migration Incentive Program is designed to reward users with NEO tokens for early migration to Neo N3. Token holders will receive up to a 1% bonus, based on the following timeline:
- 1% bonus: 10:00 a.m. (UTC), Sep. 1 – 9:59 a.m., Sep. 15
- 0.75% bonus: 10:00 a.m. (UTC), Sep. 15 – 9:59 a.m., Oct. 1
- 0.5% bonus: 10:00 a.m. (UTC), Oct. 1 – 10:00 a.m., Oct. 31
Since NEO is an indivisible token, the minimum amount receivable in the Token Migration Incentive Program is 1 NEO. Users must 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
The Neo Foundation will distribute rewards within three days of completing the Mass Migration. Currently, there are no plans in place for GAS migration incentives.
There will be a minimum of a 1 GAS fee incurred if migrating less than 10 NEO or 20 GAS. The Neo Foundation will cover the costs of transfer fees for users migrating 10 NEO, 20 GAS, or more of each asset.
Additional fees may be incurred if a user has more than 15 UTXO inputs. To avoid paying these fees, token holders may send all their tokens to themselves before attempting migration to consolidate the inputs.
There are only three official ways to migrate to N3: the Neo.org migration portal, native migration in approved Neo wallets, and custodial exchanges. Unauthorized methods could lead to a permanent loss of assets.
Neo’s migration portal supports web-wallets that have dAPI compatibility. Currently, users can migrate on Neo’s portal with the NeoLine Chrome Browser extension and the O3 Desktop wallet.
The Neon Wallet desktop, NeoLine Mobile, and ONTO wallets offer native migration, which allows users to migrate tokens without leaving the wallet or connecting to an external platform.
Custodial exchanges will also handle the migration of NEO from Legacy to N3 on behalf of their users. Several exchanges have signalled their intent to support the migration, including OKEx, Binance, Huobi, Bittrex, and others. Not all exchanges will be immediately available.
Neo Legacy LTS
Following the migration to N3, Neo Legacy will move into long-term support and continue to operate for at least one year. However, GAS generation on Legacy will cease at block height 8,000,000, which is estimated to occur around the middle of Sep. 2021.
At the time of press, Neo Legacy is around block height 7,907,000.
More information about Mass Migration can be found at the link below:
About The Author: Dylan Grabowski
Dylan is a reformed urban planner with a passion for covering the Neo ecosystem. His objective as a writer for Neo News Today is to report news in an objective, fact-based, non-sensational manner. When not behind a computer screen, he can be found in the mountains rock climbing. Find Dylan on Twitter (@GrabowskiDylan).
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