Following yesterday’s announcement of a change to the nahmii airdriip allocations, today saw the ninth successful delivery of NII tokens using nahmii. A total of 1 billion NII tokens were delivered to thousands of addresses, all for less than the cost of a coffee. As always, you can check your updated nahmii balance using hubii core (available here).
No Miners, No Problem
Interestingly, today’s airdriip demonstrated two key benefits to using nahmii instead of the standard Ethereum network. To understand why, we need to look at how the airdriip runs. First, we start by claiming the tokens that will be distributed from nahmii’s time-locked contract. This contract was created to store all of nahmii’s 120 billion NII tokens, which are then released at a rate of 1 billion per month for ten years. Once the tokens have been claimed by an on-chain Ethereum wallet, they are they deposited into nahmii and distributed to the beneficiary addresses using a script.
Today’s airdriip was slightly delayed due to congestion on the Ethereum base layer. When Ethereum is busy, the fee to send a transaction rises and this can leave some transactions stranded. When fees rise quickly, as they did today, even transactions which have been sent with a high gas price can be stuck waiting in the queue to be mined. Our request to claim the 1 billion NII tokens from the time-locked contract was delayed by this problem today; a similar problem simply cannot happen within nahmii, as transactions are processed immediately without relying on a mining network.
A Powerful Demonstration
The variable gas price associated with transactions on Ethereum is another major drawback compared to nahmii. When making payments using Ethereum, the cost of sending the transaction can change from minute to minute. A gas price of 1 Gwei might be enough to get your transaction mined tomorrow, but even 20 times that amount was not enough earlier today. With nahmii, fees are fixed; we currently charge a flat 0.1% fee for making a payment, but this will soon drop even further when we apply our discount rates.
In total, the ninth nahmii airdriip involved sending more than 2,000 payments. The total cost of running the airdriip from start to finish was under $5, which makes it substantially cheaper than using Ethereum for the same task. Indeed, at the very high safe gas price of 25 Gwei seen earlier today, a similar number of payments would have cost at least $400 USD (assuming a typical ERC-20 token transfer costing around 35,000 gas and ETH at roughly $215). Even worse, the airdriip would take up all of Ethereum’s limited throughput for over two minutes.
It is not unlikely that the nahmii airdriip might distribute NII tokens to over 100,000 HBT holders in future. Running an airdrop to that many addresses using Ethereum would quickly become unaffordable, not to mention incredibly slow. Using nahmii, it would still cost less than a cup of coffee.
We deliberately throttle nahmii’s performance when running the airdriip, just to be extra careful. At full speed, nahmii can process 2,000 payments in comfortably less than one second. When combined with nahmii’s predictable low fees, instant finality and minimal latency, you can see why we’re so excited about the power of the protocol.
Sometimes we learn valuable lessons when we’re least expecting it; today was a great example of why nahmii is the future of blockchain scaling.
For more information about the nahmii airdriip, please see our Frequently Asked Questions (FAQ) here.