Burn NEC to claim necDAO ETH Guide
At any time, NEC holders can choose to burn their NEC tokens and claim their share of the ETH held by the necDAO treasury wallet.
The video guide below shows you how to calculate how much ETH you will receive for each NEC token that you burn, as well as walking you through the approval and burning process by interacting directly with Etherscan.
Step 1:
Approve the NEC token contract, allowing the necDAO treasury address to 'spend' your NEC
https://etherscan.io/token/0xcc80c051057b774cd75067dc48f8987c4eb97a5e#writeContract
Go to 'Contract' and then 'Write Contract'
Connect your wallet
On number 1.approve, paste the necTreasury contract address (0xe851048c101abbdac26615c44dcec4c051864125) into the '_spender (address)' field
On number 1. approve, paste the amount of NEC that you would like to approve for burning*
*The amount of NEC must be multiplied by 10 to the power of 18 (add 18 zeros). Tip: if you are going to perform multiple burns and don't want to keep approving, use a very high number here (eg 100m NEC).
Click 'write' and make the transaction. WARNING: the transaction should cost less then $80 (usually much much less). If your wallet is quoting you a very high gas price of a few thousand dollars then something has gone wrong and you should check the steps above.
Step 2
Burn your NEC tokens
https://etherscan.io/address/0xe851048c101abbdac26615c44dcec4c051864125#writeContract
Go to 1. burnTokensAndClaimShareOfTreasury, connect your wallet and enter the amount of NEC that you would like to burn (remember to add 18 zeros after the number).
Click the 'Write' button and pay the gas fee using your wallet. WARNING: the transaction should cost less then $150 (usually less). if your wallet is quoting you a very high gas price of a few thousand dollars then something has gone wrong and you should check the steps above.
For any questions, queries or for clarification, please reach out to us on our Discord.
The video guide below shows you how to calculate how much ETH you will receive for each NEC token that you burn, as well as walking you through the approval and burning process by interacting directly with Etherscan.
Step 1:
Approve the NEC token contract, allowing the necDAO treasury address to 'spend' your NEC
https://etherscan.io/token/0xcc80c051057b774cd75067dc48f8987c4eb97a5e#writeContract
Go to 'Contract' and then 'Write Contract'
Connect your wallet
On number 1.approve, paste the necTreasury contract address (0xe851048c101abbdac26615c44dcec4c051864125) into the '_spender (address)' field
On number 1. approve, paste the amount of NEC that you would like to approve for burning*
*The amount of NEC must be multiplied by 10 to the power of 18 (add 18 zeros). Tip: if you are going to perform multiple burns and don't want to keep approving, use a very high number here (eg 100m NEC).
Click 'write' and make the transaction. WARNING: the transaction should cost less then $80 (usually much much less). If your wallet is quoting you a very high gas price of a few thousand dollars then something has gone wrong and you should check the steps above.
Step 2
Burn your NEC tokens
https://etherscan.io/address/0xe851048c101abbdac26615c44dcec4c051864125#writeContract
Go to 1. burnTokensAndClaimShareOfTreasury, connect your wallet and enter the amount of NEC that you would like to burn (remember to add 18 zeros after the number).
Click the 'Write' button and pay the gas fee using your wallet. WARNING: the transaction should cost less then $150 (usually less). if your wallet is quoting you a very high gas price of a few thousand dollars then something has gone wrong and you should check the steps above.
For any questions, queries or for clarification, please reach out to us on our Discord.
Updated on: 14/07/2022
Thank you!