A number of NEO platform users will reportedly be getting “free money” pretty soon. Starting this coming weekend, holders of tokens generated on NEO’s blockchain, the 12th largest cryptocurrency platform in terms of market capitalization, will get a share of 10 million ONT tokens. These tokens are a part of the relatively new Ontology network and their total worth is currently around $37,000,000 according to data from CryptoCompare.
In order to qualify for the giveaway, the recipients should have acquired NEO tokens on March 1st. Moreover, the purpose of the “ONT token distribution” is to reward those who invested in the NEO network because Ontology’s developers say that their contributions played a key role in the successful deployment of their platform.
Two-Stage Airdrop For Select NEO Token Holders
Back in February, the NEO Council, a group tasked with managing developments related to the NEO blockchain, stated that they would start the distribution of 20 million ONT tokens to certain NEO token holders via a series of airdrops. Ontology’s development team announced in March that they had given 10 percent of their platform’s maximum token supply, or 100 million ONT, to the NEO Council “for relevant cooperation and to support NEO community feedback.”
This past Monday, the NEO Council airdrop had been scheduled to be completed. The Ontology network’s token migration process also reportedly began the same day. During the token migration, NEO-based ONT token holders were instructed to shift their tokens onto the newly launched Ontology mainnet.
Several Recent Token Migrations
Notably, Ontology’s token migrations (or token swaps) are now among one of a number of other crypto projects that also recently performed token migrations after the launch of their mainnets. The highly anticipated deployment of the EOS and TRON mainnets required that all their ERC-20 based tokens be swapped for tokens native to their respective blockchain platforms. Similarly, the Ontology network’s token migration process requires swapping its NEP-5 tokens for those native to its newly launched blockchain.
NEP-5 tokens currently held on cryptocurrency exchanges will be automatically swapped for Ontology network’s native tokens. However, users holding tokens elsewhere will have to manually migrate their tokens, as outlined by the Ontology platform’s recent post. Depending on where the tokens are held, the migration process can be a bit complex. For instance, Nano ledger wallet users will reportedly have to send their NEP-5 tokens to a different crypto wallet in order to successfully complete the swap.
Notably, ONT tokens residing on Ontology’s mainnet are not divisible, which means that NEP-5 token holders must migrate whole-number tokens. For example, 2.45 NEP-5 tokens cannot be moved over to Ontology’s newly launched blockchain. Therefore, a user will have to either accept losing 0.45 NEP-5 tokens or try to acquire a non-decimal amount of the tokens before migrating.
The deadline for Ontology network’s token migration is October 1st, 2018.