The Helium network migration to the Solana blockchain was enabled by the community passing HIP-70 last year.
The Helium Foundation has proposed March 28, 2023, as the migration data to the Solana network. With an Upgrade Readiness Working Group being implemented, the Helium network anticipates tapping on the Solana prowess. Moreover, the Solana network takes pride in high throughput and scalable transactions. The 24-hour transition will see Helium-based protocols, including digital wallets, be available on the Solana network. As a result, Helium-based wallet users can continue using their wallets backed by the original seed phrases.
Following the announcement, Solana’s price has spiked approximately 11.4 percent in the last 24 hours to trade around $26.45 on Monday. Furthermore, the Helium network is a vast blockchain with a market capitalization of about $411,518,421 and a 24-hour trading volume of approximately $7,943,483.
Closer Look at Helium Network on the Solana Blockchain
Notably, the Helium native coin, HNT, will become compatible with Solana-based protocols after the successful network migration.
“With the ability to power thousands of transactions per second, combined with its massive ecosystem of developers, applications, and integrations, 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,” Helium Foundation noted.
The Helium network will significantly benefit from Solana’s smart contract ecosystem with vast accessibility of its DeFi users. Notably, the Helium network migration to the Solana blockchain was enabled by the community passing HIP-70 last year.
🌐 The @solana network will allow Helium to access:
– Solana Governance Primitives, like @Realms_DAOs
– A smart contract ecosystem w/ a robust interest in DeFi and NFTs
– Greater scale, transaction speed, & network reliability with Oracles for Proof-of-Coverage and Data Transfer— Helium🎈 (@helium) February 17, 2023
While the majority of the Helium token holders will not need to take any action, HNT whales are advised to work closely with the developers in order to test specific functionalities. For instance, users of the original Helium Hotspot app (blue icon) are advised to upgrade to the new Helium Wallet app, dubbed the black icon.
The current Helium layer 1 blockchain will be halted 24 hours before the migration data as it will become a layer 2 (L2) blockchain.
Side Notes
The blockchain technology and cryptocurrency market is undergoing rigorous upheavals following a choppy 2022. With over $100 billion lost through blockchain technology last year, existing networks are working together to reduce risk possibilities. Moreover, Ethereum key developer Vitalik Buterin argued that no single blockchain can achieve scalability, decentralization and security. As a result, many crypto networks are working together to help solve the blockchain trilemma.
The Helium network and the Solana blockchain will act together in a controlled environment to help onboard more Web3 global users.
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