• Helium Network announced that it will migrate to the Solana blockchain on March 27, 2023.
• This move is intended to increase reliability and scalability for the protocol.
• There will be a 24-hour transition period during which the Helium blockchain will be halted.
Helium Price Rising After Migration to Solana
Helium Network recently announced that they would be migrating their protocol to the Solana Blockchain on March 27th, 2023. The move is designed to improve both reliability and scalability of their network. As a result, the price of HNT has risen over 14% since the news was released on February 17th.
24-Hour Transition Period
The migration process will include a 24-hour transition period where all wallets, Hotspots, and Helium Network state will be halted. Data transfer and proof-of-coverage activities will still take place normally during this time. Any rewards generated by proof-of-coverage activity in the prior 24 hours can still be claimed after transition is complete.
After all accounts and tokens have migrated to the Solana Blockchain, validators will stop producing new blocks and a final snapshot of the blockchain will be taken. Hotspots then get minted as non-fungible tokens (NFTs). All HNT and MOBILE token holders do not need to take any action in order to participate in this migration process.
A working group of community volunteers has been formed by Helium Network to oversee this entire migration process from start to finish. The proposal for this upgrade was passed by community members back on September 22nd, 2020 through HIP-70 Proposal Voting System.
The upcoming migration of Helium Network onto Solana Blockchain is expected to bring many benefits such as improved reliability and scalability for their users along with an increase in price for HNT token holders due its recent surge in value since announcement date of February 17th 2021 . All current holders do not need any action taken in order for them to participate in this process when it takes place on March 27th 2021