Helium Completes High-Profile Migration To Solana, HNT Token Skyrockets by 11%

With the upgrade now complete, the network is expected to experience improved scalability and reliability. According to Abhay Kumar, the Helium Foundation’s chief executive, this will be made possible by the faster transaction speeds and new smart contract capabilities offered by the Solana blockchain.

In addition to these benefits, the migration has also freed up the core developers from the task of maintaining a layer-1 blockchain. This, in turn, will enable the Helium Foundation and other contributing organizations to direct more resources towards their shared goals of accelerating the growth of decentralized wireless networks and bringing new applications that create economic efficiencies and close the digital divide.

Helium’s focus on building out a network for the internet of things (IoT) powered by physical hotspots is one of its unique selling points. This allows IoT devices connected to the network to communicate and share data seamlessly, while also providing a platform for participants to earn HNT tokens for validating coverage and providing wireless hotspots.

HNT is trading at $1.78, down 2.74% in the past 24 hours but up more than 11% in the past seven days. Meanwhile, SOL, the blockchain on which Helium is now hosted, is trading at $21.96, down 5% in the past 24 hours and more than 11.5% in the past week. It will be interesting to see how the migration to Solana affects the performance of HNT going forward.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Source