The move of the Helium network to Solana’s ecosystem is a widely anticipated event in the blockchain world. While this move has raised many doubts among crypto fans about why and how it is going to happen, it arrives at an ideal time as markets begin to rebound.
After months of planning, development, and cooperation, the HNT Network will begin its migration to the Solana Mainnet on April 19, 2023. When the transfer is complete, the HHNT Network will enter a new era of substantially improved scalability, reliability, and utility.
What is the purpose of this migration? Why is it so important? What effect will it have on HNT and SOL pricing in perceived bull markets? We find answers to these and other questions.
Helium Has Entered A New Era On Solana
According to a recent announcement made by Helium’s official Twitter handle, all roads lead to April 19th, when the network is set to complete its shift to Solana. The migration, which began on April 18th at 9 a.m. PT/4 p.m. UTC, will be completed today. HNT is entering a new phase as its network becomes more scalable, stable, and functional.
Additionally, the huge community of Solana and the expanding blockchain ecosystem will support the HNT network.
The Helium Foundation’s blog on the highly anticipated migration highlighted critical information on what HNT customers should expect during and after the conversion.
The Helium Foundation announced that during the network transfer and upgrade, the Helium blockchain would be suspended, existing mobile and HNT would be mapped to Solana, native hotspots would be minted as NFTs, and a snapshot of its chain would be taken.
While all of these migration processes take place, Helium Foundation has promised its platform’s customers that personal Hotspot and LoRaWAN devices will remain fully functional during the brief period of the migration window.
Regarding Helium native tokens, HNT, the foundation claimed that “LoRaWAN hotspots will no longer mine HNT tokens.”
Instead, LoRaWAN will mine IoT tokens, which will serve as both an incentive token for users and the governance token for Helium’s IoT network.
The SOL price increased over the past week as a result of Bitcoin’s upsurge, reaching a high of $26 after rising from its most recent weekly low of around $20.
While ecosystem migrations and innovative partnerships can improve blockchain communities and native token prices, HNT is the spotlight token and may be under more scrutiny than Solana when it completes its migration.
However, other market factors, such as Bitcoin gaining more ground in its uptrend, may also have an impact on SOL’s price.
Related Reading: Solana (SOL) Takes A Dip By 9%: Analyzing Potential For Recovery |
