The value of Helium has experienced continuous growth over the past 48 hours since the Helium Network officially announced via their website blog that they plan to transfer to the Solana blockchain in the upcoming month. Despite a minor drop in price today, the HNT token has risen by approximately 14% since the announcement was made.
Helium has confirmed through a blog post that they have scheduled the migration to Solana on March 27, 2023. By moving to Solana, the protocol aims to enhance its dependability and capacity, as Solana is becoming a highly preferred blockchain platform for several protocols. The decision to migrate was authorized by the community following the approval of the HIP-70 proposal on September 22, 2022.
Helium has announced the formation of a working group comprised of volunteers from the community to oversee the entire migration process.
According to Helium, there will be a 24-hour pause of the Helium blockchain during the transition, but data transfers and proof-of-coverage activities will continue uninterrupted. After the 24-hour halt, validators will cease producing new blocks. Once all accounts and tokens are transferred to the Solana blockchain, a final blockchain snapshot will be taken. Hotspots will then be converted into non-fungible tokens (NFTs).
HNT and MOBILE token holders will be automatically included in the migration process, and no action is required from them. The majority of hotspot owners will also not be impacted and won’t need to take any action during the migration.