Short
- Helium’s HNT lost significant value as developers proposed plans to move the network to Solana.
- Overall, HNT is down 32% over the past week and 47% over the past 30 days.
As the core developers of crypto-powered wireless networks, Helium may be set for a major change soon Want to move from your own blockchain to Solana, But if the token value of Helium is any indication, investors and users may not fully engage with the ambitious plan.
Helium’s Native HNT Cryptocurrency Has Dropped Nearly 15% Since Solana Migration Governance offer According to data from, was announced on Tuesday afternoon coingecoFalling to the current price of $4.75 per token.
This only continues the recent downward trend for helium’s HNT, which is currently the biggest loser among the top 100 coins ranked by total market cap. This is now a massive drop of around 11% in the last 24 hours, 32% in the last seven days and 47% in the last 30 days.
In contrast, leading cryptocurrencies Bitcoin only 1% in the last 24 hours and down about 7% in the last week, while Ethereum Up 1% from the previous day and less than 6% during the last week.
In late July and early August, Helium faced controversy when a pair of companies claimed it had partners—cloud software giant Salesforce and scooter rental startup Lime—to build their decentralized wireless network. There is no official connection to the network. Nova Labs, which represents the founders of Helium, said it would adopt a “more rigorous” process Marketing to Brand Partners.
Helium is a blockchain-based network that powers wireless communication protocols operated by thousands of individual users. Its first network, which focused on providing connectivity to Internet of Things (IoT) devices such as sensors and trackers, is now over 940,000 users Running a node or miner device that shares its home internet service in exchange for reward tokens, according to Helium’s own statistics.
Recently, helium launched a 5G network The Helium Block is designed for smartphones and laptops, according to Explorer, and has over 3,000 node operators to date. In June, backers of the network announced the plans. Take a “Network of a Network” Approach Which launches separate tokens for each protocol, and makes it easy to tap Helium’s incentive model for other connectivity protocols.
Developers at the Helium Foundation and Nova Labs Want to Move Helium to solana—Used for an emerging layer-1 blockchain network DeFi Apps, NFT, and games—to support network speed, security, and scalability. The proposal also claims that more HNT reward tokens will flow into the pool of node/miner operators, making it more valuable to users.
Social media sentiment has been mixed as more and more users learn about the offer. Many have pointed east of Solana. network stability issues, suggesting that it is not suitable for a service powering wireless networks. For Solana’s part, the network has been more stable lately. Implementation of various network upgrades More Features.
The migration proposal will go up for a community vote among HNT token holders on 12 September. No timeline has been proposed for migration when the vote is passed.