Early Bird migration from Neo Legacy to Neo N3 resumes

For a time, governance participation is expected to result in accelerated GAS rewards. As fewer NEO tokens will be used to vote during the Early Bird phase, the GAS will be split among less NEO and may yield a larger than usual GAS generation rate.

However, token holders who migrate now will miss out on the bonus NEO incentive available during the Mass Migration phase, scheduled to start on September 1st. As such, users should carefully consider whether to migrate early or to wait for the bonus NEO rewards.

To participate in migration safely, token holders must use a verified migration channel. Additionally, users who wish to use the Neo.org migration portal must update their wallets to O3 desktop v3.8.2 or NeoLine Chrome Extension v3.4.2.

The Neo Foundation says the migration process should take approximately 30 minutes for most, but could take up to 24 hours to complete.

Reason for new migration method

On Tuesday, Aug. 10, 2021, the NF paused the migration of tokens from Neo Legacy to Neo N3 following an attack on the Poly Network cross-chain protocol that led to the theft of over US $600m in assets. Within the following days, the attacker returned all stolen assets, except for 33 million USDT that had been frozen by Tether. Poly Network is the bridge that was used to facilitate the migration of tokens across chains.

Aside from the interruption to the migration, no Neo-related assets were affected by the attack.

A week later, the NF announced plans to reopen the N3 migration portal with a modified migration approach on the back-end. Under the new approach, users will send Neo Legacy NEO and GAS to a “blackhole address” on the Legacy network and attach an Neo N3 address to the transaction. The NF will then scan the blackhole address and distribute the corresponding amount of NEO and GAS to the Neo N3 address supplied by the user. The NF will only use the Neo Legacy blackhole address for the migration to Neo N3.

Users must not send funds manually to this address, or they risk losing their assets.

To migrate from Neo Legacy to Neo N3, visit the link below: https://migration.neo.org/