Helium to Migrate to Solana in March, Leading to Price Increase

Blockchain - distributed ledger technology

The Helium Network has recently announced that it is set to migrate from its current blockchain to the Solana platform on March 27th, 2023. This news has caused the price of the HNT token, which is the native token of the network, to rise 1.45% since February 17th. The migration to Solana is meant to increase the reliability and scalability of the Helium Network and was approved by the community through the HIP-70 proposal on September 22nd of last year.

The process of migration is expected to take 24 hours and during this period, all wallets, Hotspots and Helium Network state will be halted. However, data transfer and proof-of-coverage activities will remain unaffected. A working group of community volunteers is being formed to oversee the entire migration process. After the 24-hour period has passed, validators will stop producing new blocks and a final snapshot of the blockchain will be taken. Following this, Hotspots will be minted as non-fungible tokens (NFTs). HNT and MOBILE token holders won’t need to do anything in order to participate in the migration, while most Hotspot Owners won’t need to take any action either.

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