KEY TAKEAWAYS
- The Neo Legacy Network, operational since 2016, will shut down, marking a major transition for the Neo ecosystem.
- Neo N3, launched in 2021, is the next-generation blockchain set to replace Neo Legacy, focusing on advancing Neo’s technology.
- Users must migrate assets and smart contracts to Neo N3 before the shutdown to prevent permanent loss.
- The Neo team will coordinate with exchanges and node operators to ensure a smooth transition.
The Neo Legacy Network, originally launched as AntShares MainNet in October 2016, is set to shut down after more than eight years of operation. This decision marks a significant transition for the Neo ecosystem, which has seen Neo Legacy produce over 14 million blocks, support 213 categories of assets, process over 281 million transactions, and accommodate nearly 3 million addresses.
Neo Legacy has been a foundational platform for many developers within the Neo ecosystem. However, with the launch of Neo N3 in June 2021, a next-generation blockchain designed to replace Neo Legacy, the focus has shifted towards advancing Neo’s technology. The Neo team had initially committed to maintaining Neo Legacy for at least one year post-launch of Neo N3 and has extended support beyond that period.
Transition to Neo N3 and Important Steps for Users
The Neo team has announced here that a final snapshot of the Neo Legacy network will be taken before the shutdown. This snapshot will archive essential data and preserve the historical state of the network for reference. After the shutdown, block production on Neo Legacy will cease permanently, and users will no longer be able to transfer assets, migrate tokens, or deploy smart contracts on the network.
Users are urged to migrate all assets and smart contracts from Neo Legacy to Neo N3 before the official shutdown to avoid permanent loss. The official migration portal is recommended for asset migration, as using third-party portals may result in asset loss. For smart contract migration, users can seek assistance from the developer community via the Neo Discord channel.
Coordination with Exchanges and Node Operators
The Neo team will coordinate with centralized exchanges to manage custodial assets on Neo Legacy. Consensus node operators are advised to shut down their nodes following the respective shutdowns of the TestNet and MainNet.
This transition is seen as a necessary step to concentrate efforts on the main engines of the Neo ecosystem, namely Neo N3 and the upcoming Neo X. The Neo team has expressed gratitude to all developers, users, and partners who have supported Neo Legacy over the years and invites them to embrace the future with Neo N3.
Why This Matters: Impact, Industry Trends & Expert Insights
The Neo Legacy Network’s shutdown marks a pivotal shift for the Neo ecosystem as it transitions to the more advanced Neo N3 platform. This move is intended to consolidate Neo’s technological advancements and streamline its blockchain offerings.
A recent report from 99bitcoins highlights the accelerating adoption of Neo N3, driven by enhanced scalability and functionality. This trend is evident as the Neo ecosystem shifts focus from the legacy network to Neo N3, attracting developers and users through NFT and DeFi projects.
Recent industry research suggests that while Neo N3 offers improved features, such as a modular architecture and enhanced governance, it also introduces mandatory transaction fees and lacks backward compatibility with some Neo Legacy features. This supports the significance of the shutdown as users are encouraged to migrate to Neo N3, adapting to its new protocol and functionalities.
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