The Internet of Things project Helium is abandoning its blockchain to migrate to Solana. With this migration, the project aims for better stability and scalability.
Yesterday, Helium initiated the migration to Solana at 16:00UTC. According to the official announcement, the migration is estimated to complete in 24 hours.
Helium’s native blockchain has been halted after taking a snapshot. The developers will map the existing Helium tokens (HNT) and MOBILE to the Solana blockchain. Hence, tokens native to Helium blockchain will become Solana-native tokens after the migration.
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The Purpose of Helium’s Migration to Solana
Helium’s official blog reads, “The migration will generally make the Helium Network faster, cheaper, and significantly more stable.” Furthermore, the IoT platform wants to utilize the developer ecosystem of Solana.
However, the community has criticized migration in the context of stability. A Twitter user questions, “Stable? How many times has Solana gone down?”
Solana has earned a bad reputation due to frequent outages. The most recent outage happened in November last year. The crypto community severely criticized the project, as the downtime became almost a monthly affair in 2022.
Even this year, Solana faced a technical issue in February that prevented users from completing transactions on the mainnet.
Exchanges’ Support for Migration
Centralized exchanges such as KuCoin, OKX, Crypto.com, Gate.io, and Bybit will continue supporting HNT post-migration.
In contrast, after a periodic review, Binance delisted the HNT token last month. The delisting announcement caused the token’s price to plummet by around 18% in 24 hours.
In September 2022, The Helium Improvement Proposal 70 (HIP-70) that discussed migrating to Solana received 81.41% of votes in favor. Out of 7,447 votes, 6,177 supported the migration, while 1,270 were against it.
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The Internet of Things project Helium is abandoning its blockchain to migrate to Solana. With this migration, the project aims for better stability and scalability. Yesterday, Helium initiated the migration to Solana at 16:00UTC.
What is Helium (HNT)? Helium is a blockchain-based network that connects IoT devices. Helium technology enables communication between the devices, while the system sends data across the network nodes. The nodes that compose the network are known as Hotspots in the Helium system.
Instead of earning HNT, LoRaWAN Hotspots will earn IOT rewards for their PoC and data transfer. IOT can be swapped for HNT in the Helium Wallet app or on an exchange.
As the Helium IOT network is specifically designed for IoT devices, an increase in the demand and usage of these devices could potentially drive up the value of the cryptocurrency.
Argon can be used instead of Helium and is favoured for some metals. Helium is used for many lighter-than-air applications, and Hydrogen is a possible substitute for many where the flammability of Hydrogen is not a concern.
Binance.US announced yesterday that it plans to delist HNT and jasmy coin (JASMY) on March 21. Although the exchange did not elaborate on the specific rationale behind this action, it did state that it typically delists projects that no longer adhere to its standards or due to changes in “industry circ*mstances.”
Apart from being the world's main producer and one of the largest helium consumers, the U.S holds the most extensive helium reserves worldwide. As of 2023, the country's helium reserves amounted to more than 8.5 billion cubic meters, surpassing the reserves of runners-up Algeria and Russia combined.
As helium is a non-renewable resource, the Earth is certainly running out of it. Why is the world running out of helium? Helium is the only element on the periodic table which is a non-renewable resource on Earth.
There are multiple reasons for HNT's recent decline. Perhaps the biggest reason could be Binance's recent announcement stating that it would delist the token from the platform in the coming days. The world's largest crypto exchange will discontinue the HNT/USD trading pair on March 24, at 03:00 (UTC).
Helium Farm confidently affirms that the answer is a resounding yes. With its innovative approach and lucrative mining plans, Helium Farm continues to make Helium mining not only accessible but highly profitable.
The Helium Network rewards Hotspots for providing wireless coverage and verifying the Helium Network. Helium has migrated to Solana. All LoRaWAN Hotspots now mine IOT, while HNT is emitted into the subnetwork Treasury. IOT Holders can redeem their IOT for HNT.
Technical analysis suggests a potential increase for Helium in 2025. The minimum HNT price expected for 2025 is $10.88 while the maximum one is $13.09. On the other hand, the average forecast suggests it may reach $12.11.
Such technological advancements help Helium's cost efficiency, utility, and demand, which might positively impact the price of HNT tokens. However, due to market uncertainty, it is highly unlikely that Helium (HNT) will reach $1,000 in the near future.
The all-time high is still a long way off. However, analysts do expect Helium to start a cautious recovery. Throughout the year, the price is projected to trend upward. In September the price will reach €6.98 and by December, it is expected to reach €17.04 euros.
Helium was touted as the best real-world use case of Web3 technology. But as it struggles to generate revenue, a Forbes investigation found that executives and their friends quietly hoarded the majority of wealth at the project's inception.
Once helium is released in the atmosphere, it will continue rising until it escapes into space, making it the only truly unrecoverable element. Helium in recoverable quantities is found in only a few locations around the world, and these sources are being rapidly depleted.
Helium (HNT) holds a promising future outlook. The project focuses on building a decentralized wireless network powered by blockchain technology. This technology has the potential for increased adoption in the future, which could drive up demand for HNT tokens.
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