- The price of Helium has increased since February 17th after the company confirmed that it was scheduled to migrate to Solana.
- Helium Network will also deploy oracles after moving to Solana.
- At press time, HNT was trading at $2.87, up 1.45%.
The price of helium has been rising for the past two days in a row after Helium Network confirmed through a blog post on its website that it will migrate to the Solana blockchain next month. Despite the slight pullback today, the HNT token has gained about 14% since the news broke.
According to the helium post, the protocol has set March 27, 2023 as the date for migration to Solana. The protocol seeks to increase reliability and scalability by moving to Solana, which is becoming increasingly popular with blockchain protocols. The move to Solana was approved after the community passed the HIP-70 proposal on September 22 of last year.
Helium says a working group of community volunteers is being formed to oversee the entire immigration process.
Power outages for 24 hours during helium transmission
Helium says there will be a 24-hour transition period, during which the Helium blockchain will be shut down. However, data transmission and Proof of Cover activities will remain unaffected during that period.
Team Helium stated:
This upgrade will include all wallets, hotspots, and Helium network state, and will take place over a 24-hour transition starting at approximately 1500 UTC / 10:00 AM ET… Note that any rewards earned are Proof-of – Covering activity in the previous 24 hours will be available for claiming in your Helium wallet after the transition period. Oracles will update claimable balances, and Hotspot owners will be able to use the new claim functionality.”
According to the Helium team, after a 24-hour downtime, validators will stop producing new blocks. A final snapshot of the blockchain will be taken after all accounts and tokens have been migrated to the Solana blockchain. The hotspots will then be minted as non-fungible tokens (NFTs).
HNT and MOBILE token holders will not have to do anything to participate in the migration. The majority of hotspot owners will also not be required to take any action during the migration.