Solana to help Helium rise further

Solana helps helium

Helium, a decentralized Internet of Things (IoT) network, will now be ditching its own HIP 70 blockchain to move to Solana. The migration will help Helium improve scalability, interoperability, and transaction speeds.

Helium has no plans of deleting its blockchain history upon migration. All of its dApps and tokens—HNT, IOT, and MOBILE—will also migrate to the new network.

Once the resetting is complete, there might be a modified version of the Helium Wallet application available for better token management. However, HNT holders will also be free to interact with other wallets within the Solana ecosystem, including Solflare and Phantom.

The move bears testimony to the fact that Solana continues to remain a popular Layer-1 chain in the crypto space, despite experiencing numerous outages. Solana has even reclaimed the 5th position as far as Total Volume Locked (TVL) in the decentralized finance space is concerned, according to DeFillama. Polygon had taken its spot a few weeks back, but not for long.

The entire Helium network voted on the current migration proposal. Almost 81% voted in favor of moving to Solana. As many as 6,177 members took part in the voting process, staking over 12 million HNT, Helium’s native token.

Solana’s proven track record is the primary reason for the migration, according to Scott Sigel, COO at the Helium Foundation. Moving to Solana, he added, would allow Helium to scale better without worrying about blockchain management.

Not everybody associated with Helium was on board, though. Borderless Capital—a Helium-backed, Algorand-specific venture capital firm—took to Twitter, asking Helium to reconsider its choice. The firm’s urged Helium to pick Algorand instead.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user’s own risk.

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