Early Bird Migration FAQs
Q1: Where can I perform the token migration?
A: 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 featuring native migration support, such as Neon Wallet or NeoLine mobile
- Custodial 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 major exchanges to integrate Neo N3 support. Please follow Neo’s Twitter account and exchange announcements for updates.
Q2: Is there a token migration deadline? And how long will Neo Legacy exist?
A: Yes, there will be eventually a deadline for the token migration. 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.
However, having two blockchains that continually generate GAS at slightly different rates makes things complicated for providers, such as exchanges that need to calculate circulating supply. To solve this issue, NEO holders should be advised that GAS generation will stop on Neo Legacy at block height 8,000,000, estimated to occur around the middle of September.
Q3: What is the difference in the GAS generation model between Neo Legacy and Neo N3?
A: On Neo Legacy, GAS is produced every block and distributed to all NEO token 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.
Q4: How much GAS do I need for migration?
A: There are two types of fees 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.
Q5: Are there any incentives for GAS migration？
A: There are no plans for GAS migration incentives at this time.
Q6: How can I claim the GAS I receive on N3?
A: You can claim your GAS by doing any kind of transaction, including voting.
Q7: How do I participate in Early Bird migration if my wallet is not supported?
A: You will have to export your private key and import it into a supported wallet.
Q8: Can I import my Neo Legacy private key on Neo N3?
A: 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.
Q9: Will exchanges continue to support Neo Legacy after the Neo N3 migration?
A: This will depend on the exchanges themselves. Please refer to each individual exchange and their latest announcements.
Q10: How do I migrate my NEP-5 tokens to Neo N3?
A: 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 Neo Global Development (NGD) for migration support (firstname.lastname@example.org). Token holders should seek information from project owners on migration plans and timelines.