• Solana has confirmed that it will migrate Helium to its blockchain.
• The price of SOL has increased notably in response to favorable sentiment following the news.
• Migrating to the Solana blockchain will enable Helium to shift focus from sustaining its blockchain, unlocking new possibilities and use cases for the Internet of Things (IoT) industry.
Helium Migration to Solana Blockchain
Solana (SOL) has officially announced that Helium will be migrating to its blockchain on March 27th, 2023. This major upgrade is set to bring nearly one million hotspots across LoRa and 5G networks, as well as benefit token holders by making HNT natively compatible with other platforms within the Solana ecosystem. The positive sentiment from this news has caused a notable increase in SOL’s market capitalization, which is now over $10B, and an impressive 30% jump in price.
Benefits of Migration
The migration of Helium to the Solana blockchain is expected to provide numerous benefits for both parties involved. It will allow Helium to focus more on building their wireless network and expanding their network of hotspots while also providing them with scalability and reliability necessary for becoming a “network of networks” and unlocking new possibilities for IoT industry use cases. Additionally, token holders are set to benefit from increased utility for HNT, MOBILE, and IOT tokens.
Recent Developments Fueling Price Increase
It appears that the recent developments have been fueling a notable retrace for Solana (SOL). With NFT sales volumes increasing significantly and anticipation surrounding the upcoming migration event, investors have become increasingly bullish on SOL’s prospects moving forward which subsequently led price increase in SOL by 30%.
Criticism Surrounding Helium Network
Despite being praised as a decentralized network of IoT devices called „hotspots,“ Helium has faced criticism regarding scalability and economics issues which could potentially be solved with migration onto the Solana chain. The platform can handle many transactions per second which could help address these challenges if successfully implemented.
All in all, it appears that this new development is likely going bring positive results both short-term (price increase) and long-term (solving scalability issues), so only time will tell what kind of impact this partnership between two projects will ultimately have on their respective communities/ecosystems going forward into 2023.