Shanghai, China — On Sept. 1, 2021, the final phase of the Neo N3 mainnet rollout commenced with the launch of mass migration, during which all Neo and GAS token holders will be encouraged to migrate their tokens from Neo Legacy to Neo N3. Neo bonuses will be available from Sept. 1 to Oct. 31.
Given the sheer magnitude of Neo’s update from its Legacy network to N3, Neo N3 will be deployed as a separate and new chain that will function as the most powerful and feature-rich version of the Neo blockchain to date. With mass migration now starting, all token holders must migrate their tokens from Neo Legacy to Neo N3 to continue participating in the Neo network and its many cutting-edge decentralized applications. Moreover, token holders are also empowered to participate in governance and receive GAS rewards on the N3 network.
The Neo Legacy network will continue to operate for at least a year following the launch of Neo N3. However, GAS generation will cease on Neo Legacy around the middle of September at a block height of 8 million. Those who migrate early may also benefit from the token migration incentive program, meaning that token holders who migrate between Sept. 1 and Oct. 31 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: Sept. 1,10:00 am UTC to Sept. 15, 9:59 am UTC
0.75% bonus: Sept. 15, 10:00 am UTC to Oct. 1, 9:59 am UTC
0.5% bonus: Oct. 1, 10:00 am UTC to 10:00 am UTC, Oct. 31
Moving forward, users can migrate their tokens through three methods — the Neo migration website, native wallet migration, or through centralized exchanges. Through the Neo migration website, users can connect with decentralized API-compatible wallets, including the NeoLine Chrome Browser extension and the O3 Desktop wallet. Native wallet migration enables 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 Onto Wallet. Finally, select custodial exchanges will handle the migration of your tokens from Neo Legacy to Neo N3, including Binance, Huobi, Bittrex and others.
To further expedite migration, the Neo Foundation will cover the costs of transfer fees for users migrating 10 Neo, 20 GAS or more. However, please note that a fee of 1 GAS is required for users migrating less than 10 Neo or 20 GAS since 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. Token holders looking to avoid paying the 1 GAS fee can consider migrating through an exchange or first consolidating their unspent transaction outputs by sending tokens to themselves first before proceeding with the migration.