Tuesday, 21 February 2023

Helium Network Migration to Solana Blockchain in March Drives Significant Gains for SOL and HNT Tokens

by Berkeley Lovelace

Helium Network Migration to Solana Blockchain in March Drives Significant Gains for SOL and HNT Tokens

Over the past seven days, the crypto asset solana has increased more than 23% against the U.S. dollar after the announcement that the Helium Network plans to migrate to the Solana blockchain on March 27. Helium Network’s native token, helium, has also risen, jumping 25% over the past week against the greenback.

Core Helium Devs Reveal Network Migration Date to Move to Solana

The Helium Network, a chain dedicated to the internet of things (IoT), plans to migrate with the Solana blockchain network, according to a blog post published by the core devs. The Helium Foundation has scheduled a migration date after “months of meticulous planning and technical development,” according to the post. The Helium team said the upgrade will take place on March 27, 2023, at 10 a.m. ET.

Helium developers say the upgrade will take place over a 24-hour transition and will affect all the network’s wallets, hotspots, and the network state. “The completion of the migration marks a new era for the Helium Network, enabling it to achieve greater scale and truly become a network of networks,” the blog post said. “The Helium community has onboarded nearly 1 million hotspots, and commercial demand for the network is becoming a larger focus.”

Both Solana (SOL) and Helium (HNT) tokens have seen a significant rise over the past week, with HNT leading the way. SOL has increased by 8.5% in the last 24 hours and 23% in the last seven days. On Feb. 20, 2023, HNT was up 7.3%, and during the past week, it climbed 25% higher. While SOL is the 12th-largest blockchain network in terms of market valuation, HNT was in the 117th position on Monday.

According to the Helium team, after the approval of HIP 70, core programmers have been developing programs for the Solana network, such as new “governance tools on Realms,” the implementation of PoC Oracles, the establishment of “Open LNS and Data Transfer Accounting Oracles,” and loading the Helium account state data to the Solana Devnet. Core developers from Helium further explained that a majority of HNT token holders and hotspot owners will “not need to take any action to participate in the upgrade.”

What are your thoughts on the Helium Network’s migration to the Solana blockchain? Let us know what you think about this subject in the comments section below.