Helium Token Holders Approve Switch to Solana Blockchain

Crypto-powered wireless network Helium will officially migrate from its own blockchain to Solana, with 81% of voters agreeing to the move

article-image

Helium CEO Amir Haleem | Source: MicroMobility

share

key takeaways

  • The move is pegged to make Helium tokens more compatible with other crypto applications
  • More than 6,000 community members voted in favor of the migration, while some 1,000 voted against

Token holders in decentralized wireless provider Helium have formally voted to move from its own Layer-1 blockchain to the Solana protocol.

On Wednesday, a majority community vote of 81.41% officially ratified the Helium Improvement Proposal (HIP 70) aimed at developing the network to meet user demand. Participants had to stake the Helium token (HNT) in order to engage in the vote. 

The final results showed 6,177 members voted in favor of the migration by staking some 12 million HNT ($57 million), while 1,270 voted against it. 

The Helium Foundation said the switch will allow HNT to become more compatible with other projects and crypto applications in decentralized finance (DeFi), non-fungible tokens and other Web3 applications. 

“Solana has a proven track record powering some of the world’s most important decentralized initiatives and they were an obvious choice for us to partner with,” Helium Foundation COO Scott Sigel said in a statement.

“Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”

The Helium core developer team made the proposal, dubbed HIP 70, on Aug. 31. They said the move would “bring significant economies of scale through the vast range of composable Solana developer tools, features, and applications.” 

Helium still working on revenue streams amid Solana migration

Helium had attracted controversy in the weeks leading up to the proposal, with some questioning the network’s revenue potential. Prominent investors defended the startup, saying it was still building infrastructure and that revenue would come later. 

HNT, one of the project’s native tokens, is down 90% from its all-time high recorded as crypto prices peaked last November, correlating with the rest of the digital asset market.

In any case, as a result of Helium’s impending migration, all current ecosystem tokens, including HNT, MOBILE and IOT will be soon issued on Solana. 

Once the migration is completed, a new version of the Helium Wallet App will be available, the network said. The history of the previous blockchain will still be available to the public.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked Advisory.jpg

Research

ACP-125 represents a strategic opportunity to enhance Avalanche's competitive position in the Layer-1 blockchain ecosystem. Based on our previous ACP-77 analysis paired with an analysis of ACP-125, Avalanche is prioritizing kick-starting growth and network effects in its ecosystem while trading off short-term value accrual.

article-image

Institutional adoption “moves slower than we want,” exec says, but could follow “an exponential curve from Q1 onwards”

article-image

FTX is still in bankruptcy proceedings, but the process is set to come to an end fairly soon

article-image

“BIO can be thought of as a Y Combinator for onchain Science,” Binance said in a statement

article-image

In case you missed it, BitGo last week appointed the former president of Silvergate Bank as part of its push into stablecoins

article-image

Plus, TapSwap plans to solve tap-to-earn with an all-new Web3 gaming platform

article-image

There are a few possible outcomes now that Trump will be moving back to Washington in January