Migration to Neo N3 went into full swing in September as the Mass Migration phase opened on September 1st. The Neo Foundation offered NEO token bonuses as a reward for early migration, starting at 1% and reducing down to 0.5% over a two-month period.
In September alone, a total of 30,921,991 NEO and 10,378,258 GAS were migrated from Neo Legacy to Neo N3. Including the tokens that were migrated by the Neo Foundation and users during the Early Bird migration period, over 65% of native assets were moved to Neo N3 by the end of the month.
Custodial exchanges began migrating NEO and GAS assets from Neo Legacy to Neo N3
With Mass Migration well underway, multiple custodial exchanges began implementing support for the Neo N3 network:
CEX.IO was first out of the gate to announce its support. CEX.IO automatically migrated any legacy NEO tokens held on the platform to N3 and signaled that it would distribute NEO bonuses in accordance with the Neo N3 Migration Incentive Program.
Gate.io quickly followed, also automatically swapping legacy tokens to Neo N3. Users are still able to send their tokens to the exchange to migrate to the new network. Withdrawals are only available to Neo N3.
Huobi and OKEx both paused deposits and withdrawals of Neo Legacy assets as they prepared for Neo N3 migration.
Looking ahead to the remainder of 2021, other large custodial exchanges that have indicated their intent to support N3 assets this year include Binance, Bittrex, and Bitfinex.
GAS generation transitioned from Neo Legacy MainNet to Neo N3 MainNet
To ensure consistency in Neo’s total GAS supply, the Neo Legacy MainNet stopped generating GAS when it reached block height 8,000,000. On Sept. 19, GAS generation shifted to Neo N3 only.
At this point, the circulation of GAS on Neo Legacy was exactly 52,000,000, equal to the initial supply of GAS minted on Neo N3.
From this point forward, NEO holders who wished to continue generating GAS were required to migrate their tokens from Neo Legacy to Neo N3. Doing so enabled participation in governance to receive increased GAS rewards by voting for Neo Council members to manage and decentralize the Neo network.
Readers should note that even though GAS generation has ceased on Neo Legacy, NEO token holders with unclaimed GAS can still claim their existing tokens.
Neo Council reduced GAS fees by 80%
Speaking of the Neo Council, the committee stepped up and performed its first action on the Neo N3 MainNet on Sept. 14 by reducing network and system fees by 80%. The council’s action drastically reduced the costs of transactions on Neo.
Prior to the reductions, the cost for a GAS transfer on Neo N3 was approximately US $0.56, and the cost for a simple NFT mint was around $2.91.
Following the update, the cost for a GAS transfer on Neo N3 moved closer to $0.10, and the cost for a simple NFT mint near $0.60.
Community engagement: 12 AMAs
To go along with all the energy surrounding migration events, September saw strong engagement among the NGD leadership team, Neo partners, and the Neo community across 12 AMA events. During the month:
- Neo co-founders, Da Hongfei and Erik Zhang, held an AMA on Neo Reddit to discuss all things Neo N3. Highlights are available here.
- NGD hosted Neo partners TOTHEMOON and Humswap in AMAs on NeoLive.
- John Wang, Head of Neo Eco Growth, joined AMAs hosted by these Neo partners:
Watch for ongoing opportunities to connect with NGD and Neo partners in AMA discussions over the coming weeks.
NGD rolled out Neoverse to celebrate the Neo N3 launch
The most exciting part of the Neo N3 MainNet launch is all the new applications it will enable. The NGD team and the Neo community took time to celebrate with Neoverse, an N3-themed NFT mint and collection event.
Users could join the event by acquiring blind boxes through direct or secondary market purchases or by receiving airdrops through participation in ecosystem activities.
Neoverse featured 27,000 blind boxes, each containing one of nine different Element NFTs. Each Element NFT fragment represented one key piece of Neo N3 functionality, such as NeoFS, Oracle, and One Block Finality. Participants could burn a complete set of nine Element NFTs to mint a special N3 Collector’s Edition NFT. The collectible NFTs also carry “VIP” privileges in the Neo ecosystem.
Three renowned digital artists crafted custom works for the event:
By the numbers, 27,000 Neoverse NFT blind boxes were airdropped to community members by NGD and Neo ecosystem partners COZ, GhostMarket, BlockChain Cuties, and NeoLine, or purchased through the Neoverse website. The blind boxes sold out within 40 hours, and trading volume was $254,000 USD across 903 wallet addresses.
N Series – Aeras