Neo N3 mainnet launch and migration plan
The time has come. At 17:00:00 on August 2, 2021, the Neo N3 mainnet will be officially launched.
Since Neo founder Zhang Zhengwen first announced the intention of Neo 3.0 version in July 2018, we have experienced a long journey. The whole world and the cryptocurrency market are changing rapidly, and the trend rises and falls again and again, and the entire blockchain industry has matured.
Despite this, our goal remains the same: to build the most developer-friendly blockchain platform.
We've had tremendous support from around the globe in accomplishing this daunting task. 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 Persevere on the road to N3 and contribute to the establishment of a truly global blockchain platform.
We are very grateful for the hard work of everyone and proud of the milestones we have achieved together.
We have full confidence in N3. Neo N3 not only brings a large number of new functions including native decentralized storage and oracle machines, but also fundamentally reconstructs many frameworks and mechanisms of Neo Legacy, including a new governance system and economic model, a reconstructed underlying architecture and more. These new features, combined with multilingual support and best-in-class development tools, make Neo the best choice for blockchain developers.
N3 brings us one step closer to 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 events, content creation plans, and more. For more information, please stay tuned to the official Neo channel in the coming weeks.
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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 Neo N3 tokens to your newly created wallet address on Neo N3 at a ratio of 1:1, and bridge the two chains through Poly Network.
There are three different migration channels to choose from: on the Neo.org website via dAPI, in-wallet, or via an exchange.
Please refer to neo.org/migration for specific dates, supported wallets and exchanges, FAQs, and more. This page contains all the latest and most comprehensive migration details. PLEASE NOTE: The current page will be updated by Monday, August 9th.
NEO or GAS holders please note the following two important migration dates:
August 9th - "Early Bird" migration starts
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August 9 - "Early Bird" Migration
Token holders can start migrating NEO and GAS from Neo Legacy to Neo N3 as early as August 9th. Note that participating"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 members of the Neo Council. Since less NEO is used to vote in the early bird stage, the GAS allocated to each voter may be higher than the level after the mass 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 usual wallet, or even store N3 tokens after the migration is complete. In addition, you cannot migrate back to Neo Legacy, which means that you cannot trade the migrated NEO and GAS until the exchange supports N3.
Additionally, for the rest of August, the N3 mainnet will remain on"set up"stage. Although the current architecture is considered stable and open for use, we will continue to add various infrastructures throughout the month. According to inference, this process will not be interrupted and does not involve any financial risk, but it cannot be ruled out that due to some unpredictable circumstances, the possibility of slowing down the progress of some functions or the support of ecology and service providers cannot be ruled out.
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September 1st - Mass Migration
After the mainnet setup phase is over, we will start a large-scale migration of 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 the Neo official website, designated wallets and exchanges.
However, although we are working hard to ensure that more external channels support the Neo N3 mainnet in the first place, we cannot fully control the work process of external organizations. We will continue to make every effort to ensure the rapid popularization and application of N3. But in the end, general support may not be reached at the same time.
Token Migration Incentive Program
The token migration incentive plan will last from September 1st to October 31st, and users who complete the migration during this period can get NEO rewards. Rewards will start at 1% and decrease over an 8-week period.
details as follows:
NEO migration will be completed from September 1, 2021 to September 14, 2021: 1% of the transferred NEO will be rewarded;
Complete the NEO migration from September 15, 2021 to September 30, 2021: 0.75% of the NEO migration will be rewarded;
Complete NEO migration from October 1, 2021 to October 31, 2021: 0.5% of NEO will be rewarded for migration;
Please note: Since NEO is indivisible, the minimum migration incentive users can get is 1NEO. Therefore, users need to migrate at least the following amount of NEO to receive rewards:
When 1% of NEO is rewarded for migration - every 100 NEO migrated will get 1 NEO incentive
When rewarding 0.75% of NEO for migration - get 1 NEO for every 134 NEO migrated
When rewarding 0.5% of NEO for migration - get 1 NEO for every 200 NEO migrated
When migrating less than the above amount of NEO, users cannot get any incentives. For example, if you migrated 199 NEO in the first week, you will only receive incentives of 1 NEO.
The centralized exchange will have a self-published incentive plan, and may provide split migration incentives. For details, please refer to the exchange incentive announcement.
Incentives will be issued within three days of migration completion. There is currently no incentive program for GAS migration.
Migration costs
When a user migrates 10 or more NEO, or 20 or more GAS, the Neo Foundation will bear the migration fee. This payment process is automatically processed during the transaction, and the user does not need to take any action.
When the user migrates less than 10 NEO or 20 GAS, a fee of 1 GAS is required. Because currently all transactions on Neo N3 are charged, if users are allowed to migrate a small amount of tokens for free, there will be a loophole, that is, users may slowly 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 exhausted, subsequent migraters may be required to pay a fee even if the number of tokens migrated exceeds the free threshold.
Regardless of whether the user chooses to participate in the "early bird" migration or large-scale migration, a handling fee of 1 GAS is required, which is paid with 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, the 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 not held by the Neo Foundation will be issued to the Neo N3 cross-chain proxy contract. Neo Legacy token holders are able to unlock their Neo N3 tokens from this contract through token migration.
When the Neo Legacy block height reaches 8,000,000: Stop generating GAS
After Neo N3 goes live, Neo Legacy will enter a long-term support state and continue to operate for at least one year. During this period, the migration channel for Neo N3 will remain open.
However, since the GAS generation mechanism on Neo Legacy and Neo N3 is slightly different, it may cause some troubles for ecology and service providers, such as exchanges that need to calculate the circulating supply.
To solve this problem, Neo Legacy will stop generating GAS at block height 8,000,000. It is currently estimated to occur around mid-September.
At this point, the GAS circulation 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 do not currently 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, and all users are requested to learn about relevant information through Neo's official channels. For the latest news on available migration channels, specific dates, supported wallets and exchanges, FAQs, and more, see: neo.org/migration. This page contains all the latest and most comprehensive migration details.PLEASE NOTE: The current page will be updated by Monday, August 9th.
When migrating NEP-5 tokens on Neo Legacy, the contract owner needs to create a new NEP-17 contract on Neo N3. We welcome all project parties to contact NGD's Digital Assets Department for migration support. Token holders should seek information from project parties regarding migration plans and timetables.
