- Helium prices have increased since February 17 after the company confirmed it would move to Solana.
- Helium Network will also deploy Oracle after migrating to Solana.
- At the time of writing, HNT was trading at $2.87, up 1.45%.
Helium prices have been rising for the past two days after helium network confirmed blog The website says it plans to migrate to the Solana blockchain next month. Despite a slight drop today, the HNT token is up around 14% since the news broke.
According to Helium’s post, the protocol has set March 27, 2023 as the transition date to Solana. The protocol seeks to improve reliability and scalability by migrating to Solana. Solana is becoming the darling of blockchain protocols. The move to Solana was approved after the community passed his HIP-70 proposal last September 22nd.
Helium says a working group of community volunteers has been formed to oversee the entire migration process.
24 hour blackout due to movement of helium
Helium has stated that there will be a 24-hour transition period during which the Helium blockchain will be suspended. However, data transfer and coverage proof activities will not be affected during that time.
The helium team said:
“This upgrade will cover the state of all wallets, hotspots, and the Helium network, and will occur over a 24-hour transition period beginning at approximately 1500 UTC / 10:00 AM ET…generated by Proof-of-Coverage activity. Please note that any purchases made in the last 24 hours will be claimable in your Helium wallet after the transition period, Oracle will update your billable balance and Hotspot owners will receive new claims You can now use the function.”
According to the Helium team, validators will stop generating new blocks after 24 hours of suspension. After all accounts and tokens have been migrated to the Solana blockchain, a final snapshot of the blockchain is taken. Hotspots are created as non-fungible tokens (NFTs).
HNT and MOBILE token holders do not need to do anything to participate in the transition. Most hotspot owners don’t even need to take any action during migration.