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Why do I need to migrate my tokens?
Neo Legacy is upgrading to Neo N3 - an all new version of the Neo protocol.
N3 improves on previous versions by offering an improved development experience. It boasts more powerful and complete features, a highly modular architecture, and an enhanced governance and economic model. It offers everything the hobbyist developer needs to build their first dApp, through to the power and scalability demanded by enterprise applications.
Due to the extent of improvements found in version N3, certain features are not backwards compatible with the existing Neo Legacy blockchain. This means that Neo's N3 upgrade will be implemented through a new genesis block. The Neo blockchain running N3 will coexist alongside the current Neo Legacy blockchain for an extended period of time. This will provide users with ample opportunity to migrate their tokens and applications to the new chain.
How do I migrate my tokens?
NEO & GAS tokens can be migrated from Neo Legacy to Neo N3 at a 1:1 ratio. You will need a Neo N3 compatible wallet or an account on an exchange that is supporting the migration.
Generally speaking, migration involves creating a new address on Neo N3 and sending your Neo Legacy tokens to a migration contract. The contract will then release an equivalent amount of Neo N3 tokens to your new Neo N3 address.
We recommend choosing a migration option that best suits you from the available options below and carefully reading the guides before proceeding with any steps.
Neo.org Website
Compatible Wallets
Native wallet migration
Native migration support allows you to migrate your NEO & GAS tokens from Neo Legacy to Neo N3 without ever leaving your wallet. The wallets will handle communication with the migration contract for you so you do not need to connect to an external platform.
Available Wallets
Exchanges
Participating Exchanges
Some exchanges are capable of handling the migration of your NEO & GAS tokens from Neo Legacy to Neo N3 for you. Neo is working with the below exchanges to integrate Neo N3 support. Please be aware that Neo is unable to control the internal timeframes of external parties and support may come gradually.
Binance
Availability: 2021 Q4
Huobi
Availability: 2021 Q3
Okex
Availability: 2021 Q3
Bitfinex
TBA
Developers
Developers looking for information on how to support token or contract migration may find the following resources useful.
Frequently asked questions
Is there a token migration deadline?
Yes, there will be eventually. However, the migration will remain open as long as the Neo Legacy network is running. Neo Legacy will move into long-term support following the launch of Neo N3 and will remain operational for at least one year.
How do I migrate my NEP-5 tokens to Neo N3?
The migration of NEP-5 tokens from Neo Legacy requires the contract owner to first create a NEP-17 contract on Neo N3. Project owners are welcomed to reach out to NGD’s Digital Asset Unit for migration support. Token holders should seek information from project owners on migration plans and timelines.
How much GAS do you need for migration?
There are two types of fee involved for the migration, incurred on Neo N3 and Neo Legacy respectively.
According to its new economic model, there are no more free transactions on Neo N3. The Neo Foundation has allocated 200K GAS to subsidize these costs on N3. However, in order to prevent this subsidy from spam and exploitation, a 1 GAS fee is required and deducted on the Neo Legacy side in cases where the migration amount is less than 10 NEO or 20 GAS.
On Neo Legacy, a certain amount of GAS will be charged for complicated transactions, such as transactions with more than 15 UTXO inputs. This is not applicable for N3 as Neo N3 does not adopt the UTXO model.
Can I combine multiple transactions to reach enough migrated NEO to receive the bonus? For example, 90 NEO in one transaction and 10 in another?
No. You should migrate the NEO in a single transaction.
Will exchanges continue to support Neo Legacy after the Neo N3 migration?
This will depend on the exchanges themselves. Please refer to each individual exchange and their latest announcements.
Will I receive the Token Migration Incentive Bonus if I migrate before September 1st?
No, you won’t.
When will I receive my Token Migration Incentive Bonus?
Bonuses will be distributed manually within three days of completing your migration.
Are there any incentives for GAS migration？
There are no plans for GAS migration incentives at this time.
The Token Migration Incentive Bonus starts at 1% and decreases to 0.5%. As NEO is indivisible, what happens if my token bonus does not equal a whole number?
The minimum token bonus you can receive is 1 NEO. This means you will need to migrate NEO in the following quantities to receive bonuses:
- Weeks 1 & 2 (1% bonus) - 1 bonus NEO bonus per 100 migrated NEO
- Weeks 3 & 4 (0.75% bonus) - 1 bonus NEO bonus per 134 migrated NEO
- Weeks 5 - 8 (0.5% bonus) - 1 bonus NEO bonus per 200 migrated NEO
Migrating in quantities less than the above numbers will not net you a token bonus. For example, if you migrate 199 NEO during week one, you will only receive 1 NEO.
Centralized exchanges that trade NEO in fractions may distribute token bonuses differently. Please refer to the individual exchanges for their rules.
What is the difference in the GAS generation model between Neo Legacy and Neo N3?
On Neo Legacy, GAS is produced every block and distributed to all token NEO holders evenly. The amount of GAS produced is currently around 5, and decreases steadily over time.
On N3, 10% of newly produced GAS is distributed to the Neo Council members, 80% to voters, and 10% evenly to all NEO holders. The GAS production is currently set at 5 GAS per block, but can be adjusted by the elected Neo Council.
For more information, please check the Governance guide.
Can I import my Neo Legacy private key on Neo N3?
Yes, you can. However, although Neo Legacy and Neo N3 share the same private key format, they will generate different public keys. You cannot import your Neo Legacy private key into a Neo N3 wallet as a method of migrating your tokens. You still need to migrate your tokens to the new public key.
Where can I perform the token migration?
There are three main options for performing the token migration:
- The Neo official migration portal.
Please ensure that you have updated the wallets to the latest version, NeoLine Chrome Extension or O3 Desktop for example. - Via wallets that feature native migration support, such as Neon Wallet or NeoLine mobile
- Custodial exchanges