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.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
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.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 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 by Template Presentation.jpg

Research

The Solana validator landscape has changed drastically over the past year. The chain now has 1,332 active validators with 380.9 million SOL staked (63.9% of supply) as of February 2025. Validator revenue had diversified beyond inflationary rewards (still making up 55%) to include Jito tips (30%), priority fees (24%), and base fees (<1%), in January, especially with the increased activity on Solana. Since then, issuance has become dominant again (76%), while Jito tips (14%), priority fees (9%), and base fees (less than 1%) have reduced in share of February 2025. There has been a strong shift towards non-inflationary revenue sources, which have become more central to validator economics as priority fees and off-chain blockspace auctions gain traction. Client diversity has also improved drastically, with implementations such as Agave, Jito-Solana, and Frankendancer already in use, and upcoming clients like Firedancer and Sig expected to further strengthen resilience and reduce reliance on a single codebase.

article-image

BWR analyst Carlos Gonzalez Campo explains the consequences of SOL inflation and transfers lost to “leaky buckets”

article-image

Empire co-host Santiago Santos makes the case that memecoins have actually helped push infra forward…just not in the way you think

article-image

A16z Crypto lists seven buckets for tokens and recommendations for how to regulate them, in a filing submitted to the SEC

article-image

New model aims to resolve trading inefficiencies with a single execution layer and market maker changes

article-image

Investors navigating BTC face short-term unpredictability, influence from other markets

article-image

The GENIUS Act aims to establish regulatory guidelines for stablecoins