Helium starts the migration to Solana
Internet of Things project Helium abandons its blockchain to migrate to Solana. With this migration, the project aims for better stability and scalability.
Yesterday, Helium started the migration to Solana at 16:00 UTC. According to the official announcement, the migration is estimated to be completed within 24 hours.
Helium’s original blockchain has been halted after taking a snapshot. The developers will map the existing Helium tokens (HNT) and MOBILE to the Solana blockchain. Therefore, tokens native to the Helium blockchain will become Solana-native tokens after the migration.
The purpose of Helium’s migration to Solana
Helium’s official blog reads: “The migration will generally make the Helium network faster, cheaper and significantly more stable.” Furthermore, the IoT platform wants to utilize Solana’s developer ecosystem.
However, society has criticized migration in the context of stability. A Twitter user questions“Stable? How many times has Solana gone down?”
Solana has gained a bad reputation due to frequent power outages. The last power outage occurred in November last year. The crypto community heavily criticized the project, as downtime became an almost monthly affair by 2022.
Even this year, Solana faced a technical issue in February that prevented users from completing transactions on the mainnet.
Exchanges’ support for migration
Centralized exchanges such as KuCoin, OKX, Crypto.com, Gate.io and Bybit will continue to support HNT after migration.
However, after a periodic review, Binance removed the HNT token last month. The delisting announcement caused the token’s price to plunge by around 18% in 24 hours.
In September 2022, Helium Improvement Proposal 70 (HIP-70) discussing migration to Solana received 81.41% of the vote in favor. Out of 7,447 votes, 6,177 supported the migration, while 1,270 were against.
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