Helium crypto community approves migrating its protocol to Solana

81.41% of the Helium governance approved the migration of the protocol to the Solana blockchain, focused on scalability.

The Helium Foundation has reported that the Helium crypto community has overwhelmingly approved the HIP-70 network enhancement proposal to migrate the Helium protocol from its native blockchain to the Solana blockchain. This migration process encompasses moving all protocol operations, including the HNT token, governance, and Helium mining rewards, to the new network, the developers explained in the proposal.

HIP-70 was introduced earlier this month and generated great controversy among Helium users, mainly due to the history of bugs and hacks that have occurred in the Solana blockchain in recent months.

However, according to the results of the vote, a total of 6,177 votes, representing 81.41% of network governance, were in favor of migrating the protocol towards the new blockchain.

The Helium developers who are at the forefront of HIP-70 argue that the blockchain change will significantly improve the performance and efficiency of the protocol, as well as the compatibility of HNT with other projects in the Solana ecosystem, among other things, further boosting more its usefulness and will create new use cases for the token.

It may interest you: Helium developers propose to migrate the protocol to Solana

What advantages does Solana offer for the development of Helium?

The Helium Improvement Proposal, HIP-70, notes that Solana has a massive ecosystem of developers, highly scalable decentralized applications, and integration teams that will drive the growth and usefulness of Helium and its compatibility with other projects in the blockchain ecosystem.

Likewise, the proposal indicates that users and holders of HNT tokens will be able to enjoy better support for their hardware and software wallets in Solana and that they will be able to integrate with the DeFi protocols, the NFT and Metaverse markets that are developed on this network. There was even talk of Saga, the Android mobile phone that will integrate the Solana blockchain and that it could play an important role in the future of Helium.

Helium Foundation COO Scott Sigel also noted that at Solana, Helium will be able to fulfill its ambitious mission of deploying and managing large-scale wireless networks. Recall that Helium is a blockchain protocol designed as the world’s first decentralized wireless network for the Internet of Things (IoT).

However, despite the advantages listed by the Helium developers and the decision made by the crypto community, many still express dissatisfaction with the voting results.

On Twitter, users They continue to comment that Helium developers should have chosen a more stable blockchain, citing Avalanche, Cardano, Polygon Network or Cosmos as other options.

HNT price rises 6%

At the time of writing, Helium’s native token HNT is up 6.08% in the last 24 hours, according to data from the CoinMarketCap platform.

HNT is trading at a value of $4.70 and maintains a market capitalization of $589.4 million, currently. Likewise, the trading volume with this token has grown by 102% this week, exceeding $39.9 million dollars traded, at press time.

Helium (HNT) price in the market.
Helium (HNT) price in the market.
Font: CoinMarketCap

Despite the criticism from the community in general, the price of HNT seems to be reacting positively to the news of the blockchain migration. In the last week, the value of HNT has increased by approximately 14%.

Helium founder Amir Haleem said on his Twitter account that the development team had spent months considering different blockchains and sidechains and that Solana was by far their best option.

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