Helium Network to Migrate to Solana: HNT Price Jumps 14%

• Helium Network is set to migrate to Solana blockchain on March 27th this year.
• Migration will increase reliability and scalability of the protocol, as well as deploy oracles.
• During the 24-hour transition period, rewards generated by Proof-of-Coverage activities will be available after the transition period.

Helium Network Migration to Solana Blockchain

The Helium Network has confirmed that it will be migrating to the Solana blockchain next month on March 27th, 2023. The move was approved after the community passed HIP-70 proposal on September 22 last year in order to increase reliability and scalability.

24 Hour Transition Period

Helium says that there will be a 24-hour transition period, during which time data transfer and proof-of-coverage activities will remain unaffected. During this time, validators will stop producing new blocks, and a final snapshot of the blockchain will be taken before all accounts and tokens are migrated over to Solana.

Claimable Rewards

Any rewards generated by Proof-of-Coverage activity in the prior 24 hours can be claimed in Helium Wallets after the transition period has completed. Hotspots created on Helium will also be minted as non-fungible tokens (NFTs) during this time.

Price Impact

Since news of the migration broke out, HNT token prices have risen by 14%. At press time, HNT was trading at $2.87 – up 1.45%.

Working Group Formation

A working group of community volunteers have been formed to oversee the entire migration process from start to finish.

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