Guide: Claiming nahmii Fees
We recently closed the first nahmii ‘accrual period’, meaning that NII token holders can now claim their share of the transaction fees generated during that time. Today, we’re going to explain how you can claim these tokens using hubii core’s new ‘nahmii fees’ feature. Read on to find out more.
How it works
Every transaction processed on nahmii generates a fee, with fees accruing to holder of nahmii’s NII token. In total, 99% of all fees go to token holders in this way — the remainder is used to fund nahmii’s security bonds.
Fees are paid in the currency of the transaction and deduced at the time of processing. Once the user who received the payment ‘settles’ their nahmii account (as part of the withdrawal process), their fees are moved into a special smart contract which holds fees from the current ‘accrual period’. When that accrual period is closed, token holders can then claim the tokens held in that contract.
Importantly, you can choose which fees you wish to claim for. As you will see later in this guide, hubii core gives you the option to see how much you can claim for a given currency. Users can then decide whether to claim now or wait until the amount increases.
The first accrual period
For the first accrual period, NII tokens held both on and off-chain will be eligible to accrue fees. From the second accrual period onward, only tokens held on-chain will qualify (i.e. they have been withdrawn from nahmii back to the Ethereum mainnet). As such, the first accrual period is unique in that hubii will need to distribute the off-chain fees directly to token holders. Normally, the process is entirely trustless and controlled by the user — not hubii.
Using hubii core
The process of claiming fees for on-chain NII tokens involves the user interacting with nahmii’s smart contracts. While users have the option to claim fees using any web3 client like MEW or MetaMask, we have added a useful new feature to hubii core (our wallet management software) which simplifies the process. You can download hubii core here.
For the purposes of this guide, we will assume that your wallet has already been added to hubii core. If you have not yet added your wallet to hubii core, please see the ‘Step 1: Start a Settlement’ section of our guide to claiming fees here — this will explain how to add a wallet.
To begin, start hubii core and select ‘My Wallets’. Next, choose the wallet you wish to claim fees with by clicking on the wallet summary (highlighted):
Now, click on ‘nahmii fees’:
There are a number of important fields to highlight here. First, you can select the asset you wish to claim for from the drop-down box under ‘Select an asset to claim fees’. We will use NII in this example:
After selecting the asset type, you can see further information about your accrued fees in the right-hand panel. These details include ‘Maximum base layer fee’ (the maximum cost of the claim transaction, calculated based on the Fee you have selected), your on-chain ETH balances and the ‘accrual period’ range you can claim for.
Most importantly, this panel also shows the claimable amount for the selected asset type under ‘Claimable amount of XXX’ (where XXX is the asset you have selected from the drop-down menu). In our example, this wallet can claim just over 0.3 NII. This amount is proportional to the number of balance-blocks accrued by the wallet, which is determined by the size and duration of the wallet’s NII holdings during the qualifying period. For more information about balance-blocks and how they are calculated, please see the ‘What are balance blocks’ section of the nahmii airdriip FAQ here.
Step 1: Claim fees
The process of transferring your accrued fees to a mainnet wallet requires two steps: claim and withdraw. This section covers the first of these, how to claim fees.
Following the guide above, begin by selecting the asset type that you wish to claim for from the drop-down box. You can then adjust the ‘Fee’ setting from the default ‘Average’ amount, including the ‘Manual’ option (which is recommended for advanced users only). Next, simply confirm that you agree with the terms and conditions by ticking the appropriate box (highlighted) and click ‘Claim Fees’:
You will then need to sign the transaction using your software or hardware wallet. In our example, I am using a software wallet for convenience; however, we strongly recommend that hardware wallets should be used where possible. For software wallets, simply enter your password and click ‘Confirm’:
While waiting for the transaction to be mined, you can track the process of the transaction using the Etherscan link provided:
When the transaction is mined, your ‘Withdrawable amount’ will change to reflect the amount claimed. Note how the ‘Claimable amount’ is now 0 NII and the ‘Withdrawable amount’ is 0.300 NII in our example:
Step 2: Withdraw fees
The second and final part of the process is to withdraw your claimed fees. Begin by checking the asset type you wish to withdraw under the ‘Select an asset to claim fees’ drop-down menu, then make sure the ‘Fee’ amount is correct.
Using hubii core, your withdrawal request will be for the full value of your withdrawable assets (as highlighted on the last screenshot). Simply tick the box to confirm that you agree with the terms and conditions, then click ‘Withdraw fees’. Once again, you’ll need to sign the transaction using your software/hardware wallet:
As before, you can track the progress of your transaction using the Etherscan link provided:
Once the transaction is mined, your claimed fees will be transferred from nahmii’s smart contracts across to your on-chain balance. This completes the process.
Please note: for the first accrual period only, there will also be a distribution of fees for NII tokens held off-chain (i.e. within nahmii). This will be completed in the next few weeks, but from accrual period 2 onwards only NII tokens held on-chain will accrue balance blocks (and therefore be eligible to accrue fees).
