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.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Avail.jpg

Research

Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.

article-image

The Bitcoin halving is a spectacle that only comes round once every four years

article-image

The SEC alleges that Justin Sun spent nearly 400 days in the US from 2017 to 2019

article-image

Short-term “sell the news” reactions could follow new BTC price peaks months from now, industry watchers say — but only if history repeats itself

article-image

While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space

article-image

Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow

article-image

Bitcoin miners need to explore unconventional energy avenues or be buried by the financial realities created by this halving