- On March 27, the Helium Network messaging system is anticipated to switch to the Solana blockchain to aid in the network’s speed, security, and scalability.
- The migration proposal went up for a community vote among HNT token holders on September 12.
On March 27, 2023, the Helium Network messaging system is anticipated to switch to the Solana network, a rising layer-1 blockchain network used for DeFi apps, NFTs, and games—to aid in the network’s speed, security, and scalability.
The transition will stop the Helium blockchain for at least 24 hours. According to reports, the event won’t have any effects on proof-of-coverage or data transfer activities. As planned, a working group made up of residents of the community will oversee the migration process.
Helium is a blockchain-based network established in 2019 that powers wireless communication protocols powered by thousands of individual users.
Transactions won’t sync after the chain halt because validators will stop creating blocks. After all accounts and tokens have been transferred to the Solana blockchain and a final snapshot of the blockchain has been taken, nonfungible hotspot tokens will be created as Non-Fungible Tokens (NFT).
In order to take part in the upgrade, holders of HNT and MOBILE tokens won’t need to do anything. The majority of hotspot owners face the same challenges, though large fleet owners might be able to test particular claim functionality or create unique wallet solutions.
HIP-70, which was approved by the community on September 22 with more than 80% of the vote, made the move to Solana possible. Developers at the time highlighted the advantages of the migration, including increased availability of its native token in subDAO reward pools, improved mining, and improved ecosystem support.
In September last year, T-Mobile and the company that created Helium, Nova Labs, also announced a partnership to launch a crypto-powered mobile service that would let users earn cryptocurrency rewards for sharing information about coverage quality and locating Helium dead-spot locations across the country.
The Helium Network will migrate to the Solana blockchain on March 27th. Solana's TVL has been greatly reduced after the FTX crash. Helium has also been criticized by a lot of media recently. The cooperation between the two parties has attracted attention. https://t.co/2M8aP6sJhm
— Wu Blockchain (@WuBlockchain) February 19, 2023
The SOL price is currently trading at $26.34, with an upward move of 11.73% in the last 24 hours. The trading volume has increased by 11% in the last 24 hours, indicating an increase in interest among investors.
By contrast, the leading cryptocurrency, Bitcoin, is down by just 0.24% over the last 24 hours with a spike of $13.77% over the past week, while Ethereum is up 0.22% over the past day and up 14.57% over the last week.