HNT Update: Helium Proposal to Migrate HNT to Solana Completed

• The HIP70 scaling proposal was recently completed by Helium community members.
• One of the major changes of the proposal is the migration to the SOL network.
• HNT is currently trading at $4.64 after a 3.32% 24-hour drop.

Helium’s community members recently completed a vote to shift the Helium network to the Solana (SOL) blockchain. This move will transfer all of the tokens, applications and governance to the Solana blockchain.

The voting for the “Scaling the Helium Network” proposal closed yesterday (September 22, 2022) with a total of 7,447 votes. Out of these votes, 6,177 (81.41%) were in favor of the network change, while 18.59% voted against it.

Developers behind the Helium project proposed this migration as a means of scaling the protocol. The goal behind the proposal is to enable more efficient transactions as well as achieve a higher level of interoperability within the Helium network.

There are three major changes that are included in the HIP70 proposal. These changes include moving Proof of Coverage Oracles, moving data transfer accounting to Oracles, and migrating the whole Helium network to the Solana (SOL) blockchain.

The network’s native token, HNT, is trading at $4.64 at the time of writing according to the crypto market tracking website, CoinMarketCap. This follows after a 3.23% decrease in price over the last 24 hours. Additionally, HNT has weakened against Ethereum (ETH) and Bitcoin (BTC) by 5.39% and 2.83% respectively.

In terms of market cap, HNT’s market cap is $587,259,081 – ranking it as the 66th biggest project by market cap. Ranked above it is NEO, with FTM positioned one position below it.

The 24-hour trading volume for HNT has also fallen by 48.31% compared to the day prior – taking the total to $22,863,939.