NET Tokens Set To be Frozen Forever: Time Is Running Out To Activate Your NIM
Summary: Nimiq announce NET token end-of-life: The last and final opportunity ends on Friday November 30, 2018 (3:00 PM GMT).
Surfacing in early 2017, Nimiq is the first browser-based blockchain and aims to be the most accessible, high performance, decentralized payment system. The Nimiq mainnet and its native NIM token have been operational since successful launch on April 14, 2018. Holders of the existing Ethereum-based (ERC20) NET token, used for project fundraising, have long been asked to claim their corresponding NIM tokens through the NIM Activation process. This process is coming to an end and with it the NET token smart contract will be terminated (End-of-life of the NET token).
Following three deadlines and more than seven months of time to activate, the Nimiq team recently extended the NIM Activation grace period and now are giving NET holders a final chance to make use of their NET and claim corresponding NIM tokens. As of publication, around ~1'600 NET addresses had a balance of 10 NET or more with a total of ~20% of the original NET token supply outstanding for NIM Activation.
The last and final opportunity to complete NIM Activation ends by Friday November 30, 2018 (3:00 PM GMT). As the NET tokens’ sole purpose is to use them to activate corresponding amounts in NIM tokens, the NET token smart contract will be stopped in conjunction and all blockchain movement of NET tokens immutably ends. NET holders should also expect delisting and ceasing of exchange trading any time prior to that deadline.
NIM Activation is done at a ratio of 100 NIM token per 1 NET token and takes respective NET out of circulation. NET holders should be aware that they must pass a KYC process to activate their NIM.
Details about end-of-life of NET token and instructions on this last chance to put your NET token to use and activate NIM are published on Nimiq’s official blog.
The Nimiq team has also expressed concerns over bad actors taking advantage of the activation period. They have warned users that actors could impersonate the project. The only trusted information sources are the official Nimiq website https://nimiq.com, the project’s Medium blog https://medium.com/nimiq-network and the official Twitter account https://twitter.com/nimiq.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.