What is a highly anticipated event in the blockchain industry is the migration of the Helium network to Solana’s ecosystem. While this migration has brought up many questions from crypto enthusiasts about why and how this event will take place, it comes at the right time as the markets start recovering.
What is this migration all about? Why is it so necessary? How will it impact HNT and SOL prices in the perceived bull markets? We find answers to these questions and many more.
A New Era For Helium On Solana
As seen from a recent announcement made from Helium’s official Twitter handle, all roads lead to April 19th, when it is scheduled for the network to conclude its migration to Solana. The migration, which started yesterday, April 18th, at 9 AM PT/4 PM UTC, will be finalized today. This marks a new dawn and era for Helium as its network becomes highly scalable, reliable, and with added utility.
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Helium, popularly known for its decentralized wireless network infrastructure, has chosen to take the bold step of migration to the SOL network due to a more scalable platform and broader audience its host provides.
More to it is that the Helium network will receive support from Solana’s massive community and growing blockchain ecosystem.
A blog post by the Helium Foundation on the highly anticipated migration highlighted key briefings on what users of Helium are to expect at the time of migration and after it concludes.
Helium Foundation had stated that at the time of the network migration and upgrade, the Helium blockchain would halt, existing mobile and HNT would undergo mapping to Solana, native hotspots would be minted as NFTs, and a snapshot of its chain would be taken.
While all these migration processes occur, Helium Foundation has assured users of its platform that personal Hotspot and LoRaWAN devices will be fully operational during the short period and migration window.
As to what changes will be made to Helium native tokens, HNT, the foundation stated that “LoRaWAN Hotspots will no longer mine HNT tokens.”
Instead, IoT tokens will be mined by LoRaWAN, which doubles as an incentivized token for users and the governance token for Helium’s IoT network.
Will The Migration Impact SOL Price
SOL price gained momentum over the last week from Bitcoin’s rally as it touched the $26 mark after climbing from its recent weekly low at the $20 region.
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While ecosystem migrations and innovative partnerships can be a booster to blockchain communities and prices of the native tokens, HNT is the spotlight token, possibly under watch and not Solana, as it fully concludes its migration.
However, SOL price may also be impacted by other market factors such as Bitcoin taking a further leg up with its rally.
Sol Price faces decline on the daily chart timeframe on the day of Helium migration | Source: SOLUSD on TradingView