Earlier today, the Solana network team confirmed that the Helium network would finally be migrating to Solana on March 27th, sending SOL and HNT prices soaring.
The confirmation came after Helium shared updates on the transition via a blog on Friday. In the blog, Helium described the migration to the Solana blockchain and deployment of Oracles as the “most significant upgrade to helium”, noting that it would greatly boost its scalability and reliability.
“After months of meticulous planning and technical development, the Helium Foundation is proud to formally propose March 27, 2023, as the migration date to the Solana blockchain,” read the Feb 17 blog.
Launched in July 2019, Helium (HNT) is a decentralized blockchain-powered network for the Internet of Things (IoT) devices. Hotspots, a combination of a wireless gateway and a blockchain mining device, act as its nodes, enabling users to mine and earn rewards in Helium’s native HNT cryptocurrency token.
And although Helium has already had a great run since inception, onboarding nearly 1 million hotspots and experiencing phenomenal growth in commercial demands, it has faced major scaling bottlenecks that have always affected its mining and data transfer processes. By onboarding Solana, the Helium community thus hopes to leverage Solana’s capabilities to enable Helium “truly become a network of networks.”
According to the Helium team, ”Solana has the speed and scale necessary to take on the blockchain responsibility while the Helium core developers and community can focus on building wireless protocols and enabling utility on these networks.”
To facilitate the migration, the current helium blockchain will the halted for 24 hours on the appointed transition date. Once completed, HNT, the native cryptocurrency for the Helium network, will be compatible with Solana’s ecosystem, adding more utilities for Helium users. Moreover, the helium wallet app will become a Solana wallet allowing users to access all their HNT tokens and Hotspots on the Solana blockchain.
Meanwhile, following Solana’s message today, Helium (HNT) jumped by nearly 10% to tap $3.22. On the other hand, Solana (SOL) soared as high as 12% to tap $27. At press time, SOL was trading at $26.42 after a 28.39% growth in the past seven days, as per data from CoinMarketCap.
However, despite its attractive growth this past week, SOL is still down 89.85% from its historical all-time high of $260 in Nov 2021.