NEC Redemption Mechanism Migration

This post is for anyone who held NEC (0xcc80c051057b774cd75067dc48f8987c4eb97a5e) as of November 13th 2023.

Original NEC redemption mechanism (up until November 13th 2023):

A contract was deployed on January 28th 2021 which enabled burning of NEC for a share of the ETH treasury. The original guide on how to do this is available [here in the rhino.fi support portal](https://support.rhino.fi/en/article/burn-nec-to-claim-necdao-eth-guide-j4d9ct/).

Since January 2021 almost 98% of the supply has been burned, redeeming 16,166.4 ETH. Today there are only 12,747,367 NEC remaining.

It is assumed that those who have not yet claimed have most likely either:

• lost their keys and cannot access their NEC
• do not know about the mechanism to burn and claim
• have such a small balance that it is not worth claiming due to high gas cost on Ethereum L1

At the same time the security around these funds and the redemption mechanism is no longer as safe as it was in the past. The DAOstack technology which is used for the legacy necDAO is no longer actively supported or monitored.

New NEC redemption mechanism (November 20th 2023 - May 2024):

The rhino.fi team will withdraw the remaining 340.94860334489279236 ETH on Monday 20th November and transfer it to the rhino.fi StarkEx L2 platform.

A redemption mechanism allowing the remaining NEC holders to claim their ETH if they choose will then be implemented on the rhino.fi L2, making it possible to claim without paying gas fees. Dust balances of less than 100 NEC will not be able to claim ETH.

This new mechanism will be maintained for a period of 6 months, and a final snapshot of eligible addresses and amounts will be published.

Find the new mechanism here to claim your ETH: https://app.rhino.fi/claim/nec-redemption

Updated on: 01/05/2024