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Helium, a decentralized wireless service provider, has received official permission from its token holders to switch from its Layer-1 blockchain to the Solana protocol. The Helium Improvement Proposal (HIP 70), which aims to expand the network to satisfy user demand, was formally accepted on Wednesday by a majority community vote of 81.41%. Individuals had to stake their Helium tokens (HNT) to participate. According to the final findings, 6,177 participants staked 12 million HNT ($57 million) in support of the migration, while 1,270 participants opposed it.
Benefits Of The Switch
Users of the network will have improved access due to this switch in the form of software and hardware wallets, DeFi, NFT markets, and consistency with other Solana ecosystem products. Additionally, hotspot users will see more regular Proof-of-Coverage activities with hourly witnessing and beaconing. The rewards pool also receives a 2 million HNT return each year, which benefits owners of hotspots on 5G and IoT networks. HNT will become fully integrated with other cutting-edge projects within the Solana ecosystem, bringing significant value to holders of HNT, MOBILE, and IOT tokens. Data transmission for devices is also quicker, more dependable, and more scalable. Helium Foundation COO Scott Sigel stated in a release,
"Solana has a proven track record powering some of the world's most important decentralized initiatives, and they were an obvious choice for us to partner with."
HIP 70 Proposal
The proposal, known as HIP 70, was made by the Helium core development group on August 31. They claimed that by utilizing the wide variety of modular Solana developer tools, features, and applications, the change would deliver substantial economies of scale. HNT lost 90% of its value from the record high it reached when cryptocurrency prices peaked in November last year, along with the rest of the market for digital assets. The network said a new edition of the Helium Wallet App would be accessible after the migration concludes.