Helium Network to Migrate to Solana Blockchain, Sending Prices Soaring
Yesterday, the Solana team announced that the official migration of the Helium network would take place on March 27th, which led to a spike in SOL and HNT prices.
The Helium developers described in a blog post the migration to the Solana blockchain and deployment of Oracles as the “most significant upgrade to Helium”.
What is Helium (HNT)?
Helium is a blockchain that focuses on building an IoT (internet of things) network utilizing physical hotspots and was developed to encourage the development of decentralized wireless networks.
HNT is a cryptocurrency used to reward participants for validating coverage and transferring device data over the network.
Helium migrates to Solana
The news about the transition has had a positive impact on the prices of both SOL and HNT, with both cryptocurrencies experiencing significant increases.
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The migration will require the current Helium blockchain to be halted for 24 hours on the transition date. Once completed, HNT will be compatible with Solana’s ecosystem, providing more utilities for Helium users. Additionally, the Helium wallet app will become a Solana wallet, allowing users to access all their HNT tokens and Hotspots on the Solana blockchain.
SOL and HNT price
Following Solana’s announcement, HNT and SOL both experienced significant price increases, with HNT rising nearly 10% to $3.22 and SOL jumping as high as 12% to $27. Despite its recent growth, SOL is still down 89.85% from its all-time high of $260 in November 2021.
At the time of writing SOL is trading at $25.3, while HNT is trading at $3.11.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
