coindesk.com
Helium's newly-issued IOT token has risen by over 370% in the past 24 hours following the protocol's successful migration to the Solana blockchain last week.
IOT is the protocol token of Helium's internet-of-things network, it is mined from Helium's hotspots – the hardware infrastructure behind the IOT network.
The tokens will always be backed by Helium Network's $HNT token and can always be converted to $HNT, with the redemption rate being set algorithmically by its treasury swap contract.
With a maximum token supply of 200 billion, there are around six billion tokens in circulation, according to Solana's block explorer.
Solana-based decentralized finance (DeFi) protocol Kamino Finance revealed that it had opened two Helium vaults that lets investors stake their IOT and $HNT tokens for a yield.
The token is currently trading at $0.00248 with a fully diluted market capitalization of $495 million. However, based on circulating supply the current market cap is around $15 million.
Read more: Helium's $HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement