Major nahmii Upgrade

NII tokens are getting an upgrade! As part of a wider set of improvements to nahmii, we’re going to be reissuing the NII token and updating the token contract. Token holders don’t need to do anything, unless they have unclaimed tokens from the Oracle game. Read on to find out more about the incoming upgrades, including what it means for claiming fees from nahmii in future.

Cheaper Transactions

Let’s start with the token upgrade: we’ll be using Ethereum block number 9,380,000 as the basis for our transition. When that block is reached, which should be late on Thursday 30th January (CET), we will take a snapshot of all NII token balances. With the updated token contract already deployed, we can then reissue the NII token and distribute the tokens according to the balances at block number 9,380,000. This includes both on-chain and off-chain balances, i.e. tokens that are currently held within nahmii. You do not need to do anything during the upgrade.

We will disable payments and settlements on nahmii during the transition period, NII trading on Liquid will also be suspended temporarily. Similarly, the on-going lottery Oracle game will be paused and restarted with the updated token later. If you have any unclaimed tokens from the previous staking rounds, you will need to claim them back before the cut-over point otherwise they will be lost. No other token holders will be affected.

So why are we reissuing the NII token? There are two reasons: first, NII tokens are supported by an ERC-20 standard compliant token contract . Under the hood, NII’s contract includes some additional features relating to claiming fees — this makes NII transactions more computationally demanding than most standard ERC-20 ones, requiring more gas. We have been able to remove some unnecessary features from the contract and optimise others, reducing the gas cost of a typical NII transfer by up to 50%. While some transactions with the new contract will cost slightly more, the vast majority of NII transfers will now be much cheaper.

Second, the NII upgrade is part of our preparations for closing the first nahmii accrual period. Almost all of the transaction fees generated by nahmii are returned to NII token holders, who can claim their accrued fees trustlessly. Claiming fees is only possible once an accrual period has been closed. Alongside the token upgrade, we are also deploying new contracts relating to claiming fees — it will now be possible to claim by accrual period (or periods) or just for a specified block range. This new feature provides maximum flexibility for users, especially when a wallet has a high volume of NII transactions.

Claiming Fees

Once the token upgrade is completed, we close the first nahmii accrual period shortly afterwards. This will allow token holders to claim their share of the fees generated by nahmii during that time. The claiming process is handled trustlessly (aside from tokens held within nahmii, which will be eligible for the first accrual period only), requiring the user to call the appropriate smart contract function. Again, we will provide you with a handy guide for how to do this.

nahmii Explorer

A key part of nahmii’s security architecture is the ability for users to monitor the protocol and submit fraud proofs in case anything has gone wrong. These fraud proofs are based on receipts, which are issued by the Operator of nahmii. Currently, there is no way for users to access this receipt data — nahmii is therefore running in ‘trusted mode’. That is about to change.

As part of our roadmap to trustlessness, we will soon deploy nahmii Explorer. This handy tool allows you to check the transaction history of any wallet on nahmii. Importantly, this includes both relevant on-chain and off-chain transactions — i.e. you can now view your nahmii transactions using nahmii Explorer in the same way that you can view your Ethereum transactions on Etherscan today. Alongside nahmii deposits, settlements and withdrawals, nahmii Explorer will also show the receipt data. This is essential for nahmii’s security, allowing users to submit fraud proofs for the first time.

The first version of nahmii Explorer will go live shortly. We will continue to add new features over time, but the initial release will include all nahmii payments, deposits, settlements and withdrawals — it may not include receipt data for the first few weeks as we are currently testing this feature.

More Updates Soon

Our plans to improve nahmii do not end with the token upgrade and claiming fees. We will be working hard after the token transition to further optimise nahmii’s performance on Microsoft Azure, before rolling out off-chain trading later in the year. Alongside these major milestones, we’ll also bring nahmii to other blockchains as part of our interoperability plans.

As you can see, we’ve been busy over the last few months but our hard work is far from finished. Stay tuned for more updates and further details about the upgrade, including a helpful guide to claiming your share of nahmii’s fees.