The Helium Foundation proposes March 27 as the migration date to Solana Blockchain
The Helium network migration to the Solana blockchain was enabled by the community passing HIP-70 last year.
The Helium Foundation has proposed March 28, 2023 as the migration date for the Solana network. With an upgrade readiness task force being implemented, the Helium network expects to adopt the Solana capability. Moreover, the Solana network prides itself on high throughput and scalable transactions. The 24-hour transition will see Helium-based protocols, including digital wallets, become available on the Solana network. As a result, Helium-based wallet users can continue to use the wallet backed by the original seeds.
Following the announcement, Solana’s price has risen about 11.4 percent in the past 24 hours to trade around $26.45 on Monday. Furthermore, the Helium network is a huge blockchain with a market cap of around $411,518,421 and a 24 hour trading volume of approximately $7,943,483.
Take a closer look at the Helium Network on the Solana Blockchain
In particular, the native Helium coin, HNT, will become compatible with Solana-based protocols after the successful network migration.
“With the ability to drive thousands of transactions per second, combined with its massive ecosystem of developers, applications and integrations, Solana has the speed and scale necessary to take on blockchain responsibilities while the Helium core developers and community can focus on building wireless protocols and enabling tools on these networks,” noted the Helium Foundation.
The Helium network will benefit significantly from Solana’s smart contract ecosystem with high availability to its DeFi users. In particular, the Helium network migration to the Solana blockchain was enabled by the community passing HIP-70 last year.
🌐 The one @solana the network will give Helium access to:
– Solana Governance Primitives, which @Realms_DAO’s
– A smart contract ecosystem with a robust interest in DeFi and NFTs
– Greater scale, transaction speed and network reliability with Oracles for Proof-of-Coverage and data transfer— Helium🎈 (@helium) 17 February 2023
Although the majority of Helium token holders do not need to take any action, HNT whales are advised to work closely with the developers to test specific features. For example, users of the original Helium Hotspot app (blue icon) are advised to upgrade to the new Helium Wallet app, called the black icon.
The current Helium layer 1 blockchain will be stopped 24 hours before the migration data as it will become a layer 2 (L2) blockchain.
Side notes
Blockchain technology and the cryptocurrency market are undergoing severe upheaval after a choppy 2022. With over $100 billion lost through blockchain technology last year, existing networks are working together to reduce risk opportunities. Moreover, Ethereum key developer Vitalik Buterin claimed that no single blockchain can achieve scalability, decentralization and security. As a result, many crypto networks are working together to help solve the blockchain trilemma.
The Helium network and Solana blockchain will act together in a controlled environment to help more Web3 global users.
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