Closing Date for First Accrual Period Announced
Following on from our successful token upgrade earlier this week, we can now confirm the closing date of the first nahmii accrual period: 1st March 2020. Once the first accrual period has closed, NII token holders can then claim their share of nahmii’s transactions fees during that time.
As we move into the second accrual period, which will start immediately after the first period closes, only NII tokens held on mainnet addresses will accrue transaction fees. Token holders will therefore need to settle and withdraw their NII tokens from within nahmii to be eligible for the second fee distribution period. Read on to find out more, including details of February’s postponed airdriip.
First Accrual Period to Close
Every transaction within nahmii generates a transaction fee and fees accrue to holders of the NII token. In total, around 97% of all transaction fees are claimable by NII holders with the remaining 3% funding nahmii’s security bonds.
On 1st March 2020 the first nahmii accrual period will close. Token holders will then be able to claim their accrued transaction fees for that period. For the first accrual period only, NII tokens held off-chain on the nahmii protocol will accrue fees. From the second accrual period onwards, only NII tokens held on-chain will accrue fees in this way.
How Do I Claim?
If you hold NII tokens within nahmii, your share of the transaction fees will be distributed to you directly — you do not need to claim for this accrual period. Importantly, this is the only time we will include tokens held within nahmii for the purposes of fee accruals. From 1st March 2020, all NII tokens held off-chain will not be eligible to accrue fees. We are therefore giving you two weeks notice to settle and withdraw your tokens back to the mainnet if you wish to continue accruing fees.
If you hold NII tokens on-chain, you will need to claim for your accrued transaction fees from nahmii’s smart contracts directly. This will be how all fees are distributed from the second accrual period onwards. We will prepare a step-by-step guide to take you through the process, which is fully trustless. Please note: we are currently working on enabling fee claiming through hubii core, which should offer a much smoother user experience compared to using Etherscan or MEW. We aim to have this ready by 1st March 2020.
February Airdriip Completed
As part of the NII token upgrade, we had to postpone the February airdriip. The delayed airdriip has now been delivered, with all HBT token holders receiving NII tokens in their nahmii balance. Remember: in order for your NII tokens to accrue fees after 1st March, you will need to withdraw them from nahmii back to the mainnet. You can learn more about the on-going nahmii airdriips from the FAQ here.
How to Withdraw Tokens
We expect that many people will look to withdraw NII tokens from nahmii ahead of the 1st March cut-off point for accruing fees off-chain. As such, we are preparing a detailed step-by-step guide which will explain how to settle your nahmii account and withdraw funds. This guide will focus on hubii core, our wallet management software which is fully integrated with nahmii. The guide will arrive in the next few days.
What Happens Next?
In preparation for closing the first accrual period, we will continue to test the new smart contracts on Ropsten to make sure everything is working as planned. In the meantime, you should have received the latest airdriip in your nahmii balance (if you hold HBT tokens on-chain).
As promised in previous blog posts, we have decided to give you all plenty of notice about the closing of the first accrual period. This notice period of 14 days should provide ample time to settle and withdraw your NII tokens from nahmii ahead of the cut-over point. Withdrawals from nahmii require users to go through a settlement process, which takes 5 days. This explains the length of the grace period, as we want as many token holders as possible to benefit from accruing fees after 1st March.
In the meantime, you can keep in touch with the latest developments by joining our lively Telegram community group here.
