NII Token Upgrade Completed
Following our previous update, we are pleased to announce that the nahmii token upgrade has now been completed. Anyone with a balance in the old NII token at Ethereum block number 9,380,000 should have received the same amount of new NII tokens. Token holders at Liquid will have their balances updated shortly. Read on to find out what this means for the old NII token, claiming your share of nahmii’s transaction fees, gas costs and more.
About the Upgrade
We’ll begin with the main story — nahmii’s token upgrade. As part of preparations for closing the first nahmii accrual period, which will enable token holders to claim their share of nahmii’s transaction fees, we needed to update the NII token contract. At the same time, we were also able to reduce the gas cost for many NII token transactions. A longer blog post comparing before and after gas costs will be coming soon.
We have now completed both the on-chain and off-chain distribution of the new NII token. The old token has been deprecated and will play no role in the nahmii protocol going forwards. As such, we have renamed the old token contract ‘Nahmii v1 (DEPRECATED)’ and changed the token tracker to ‘OLDNII’. The new token contract will inherit both the contract name and token tracker.
A number of new smart contracts were deployed as part of the upgrade, including those related to the NII token and claiming fees from nahmii transactions. We have updated the nahmii SDK and CLI to reflect the new contract addresses; hubii core also supports the updated NII token.
Payments and settlements within nahmii were disabled during the update, these functions should now be back online. Any settlements that had been started but not confirmed before the cut-over point will need to be restarted (funds that were locked during the settlement period will be back in your usable nahmii balance).
You can check your updated NII token balance on both mainnet and nahmii using hubii core, which will automatically update to the latest version on startup. Please note that you do not need to provide any security information or private keys to view the balance of a wallet on nahmii. These details are required if you wish to make transactions with your wallet, such as mainnet payments, nahmii deposits, nahmii payments and withdrawals. You can download hubii core here.
Closing the First Accrual Period
As mentioned earlier, the NII token upgrade is part of our preparations for another major milestone: closing the first nahmii ‘accrual period’. All transactions within nahmii generate a fee, which is set aside at the time of the transaction. Transaction fees are then held in two contracts, depending on whether they are part of the current accrual period or not. When an accrual period is closed, the fees generated during that period can then be claimed by NII token holders.
With the upgraded NII token contract in place, we can now close the first accrual period. We will announce the date in our next blog post, which will arrive later this week.
Token Holders on Liquid
We have been in contact with our partners at Liquid throughout the token upgrade process, who have temporarily suspended trading in NII during this period. Liquid will soon begin distributing updated NII tokens to their customers, before restarting trading in the token.
Etherscan etc.
Now that the token contracts have been deployed and tested, we will also contact the various NII listing sites to update the token details. This includes Etherscan and CoinMarketCap.
February Airdriip
As a consequence of the token upgrade, the February airdriip has been delayed. We now anticipate that the airdriip will run later this week. This will be the 15th monthly airdriip of NII tokens and you can find out more about the airdriip process here.
We do not anticipate any delays to March’s airdriip, which should take place on the first working day of the month as usual.
Oracle Game
The Oracle game was also paused during the token upgrade and the bounty funds emptied. We will shortly be updating the Oracle smart contracts to use the new NII token, alongside reloading the bounty funds and launching a new resolution engine. The game will then restart with a special one-off bounty boost, so keep checking our blog and Telegram group for more details.
Upcoming Milestones
Our next blog post will announce the closing date of the first accrual period, including more details about how NII token holders can claim their share of nahmii’s transaction fees. That blog will arrive in the next few days, but in the meantime we would like to invite you to check your NII balances both on mainnet and Etherscan using hubii core. If you have any questions, you can contact the team directly on our busy Telegram group here, otherwise stay tuned for more nahmii updates in the coming days!
