Ethereum Scaling Solution Nahmii Provides Updates on Withdrawing Funds, Announces More Developer Support

Layer 2 scaling solution Nahmii has shared updates regarding users’ ability to withdraw funds from Nahmii to Ethereum via their bridge.

As the team reaches the end of a busy year for the Nahmii project, they wanted to share a timely update with the community regarding the initiative’s Bridge.

New Withdrawal Functionality

As mentioned in a blog post, withdrawals have been available for Nahmii v2.0 since their launch on mainnet, with the restriction that they “required users to go through a series of complicated steps.”

While users’ funds were “never at risk,” and though community members demonstrated how to complete withdrawals in this complicated way, the team claims that it quickly realized that a more user-friendly method was required.

According to its creators, Nahmii’s Bridge provides a simple gateway into the Nahmii ecosystem via an intuitive front-end. Previously, the bridge could “only be used for depositing funds,” the update revealed.

Today, the team is pleased to confirm that the Nahmii Bridge now “also has complete withdrawal functionality that is extremely user-friendly.”

With the new upgrade to Nahmii’s Bridge, deposits and withdrawals are available for all users — “not just those with a technical background.”

The Nahmii team also noted that they “expect that this upgrade will help to bring more customers to NiiFi, with a similar increase in TVL across the platform.”

Similarly, this simplified deposit/withdrawal process will be vital “in onboarding customers to other products in the Nahmii ecosystem,” the announcement explained.

In an earlier announcement, Nahmii confirmed that it is building an ecosystem that “enables high-throughput Ethereum applications capable of low cost and instant finality.”

On December 15, 2021, Nahmii announced an incentive and rebate system that will “return up to $100m USD in fees for each of the first projects that build on Nahmii.”

As noted in the update, the first 50 projects that launch on Nahmii will be “reimbursed for 10% of the transaction fees their application generates on Nahmii.”

Each project may get a rebate of “up to $100M per project.” This incentive program will “remain in place for each eligible project until $100M in transaction fees has been returned or until three years have passed since the project’s smart contracts were first published on Nahmii — whichever comes first.”

The announcement also mentioned that 50 projects will be chosen by the Nahmii team on an application basis.

The update clarified that there’s “no limit to your project’s application or scope and we’re looking forward to building out every corner of the Web3 space: DeFi, NFTs, Gaming, Metaverse and everything in between.”

Here is How it Works:

Applications: You may apply to be one of the 50 projects “eligible for $100M in fee rebates.”

You need to fill out an intake form with information about your project and if chosen, the Nahmii team will contact you with more info. The first set of applicants will be “informed in early January 2022 and on a rolling basis from then on,” the announcement confirmed.

(Note: to be eligible for the fee rebates, you “must launch your project on Nahmii no later than three months following your final application acceptance”.)

Fee Payments: Fee rebates are “distributed on a periodic basis by the Nahmii team.”

Fees from the Nahmii network “accrue every cycle, and each time a fee cycle completes, all eligible projects can claim their 10% rebate from the accrued funds, up to $100M total or three years after their project launches — whichever comes first.”

For more details on this update, check here.

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