Helium token holders (HNT) on Wednesday voted to migrate Helium layer-1 blockchain from Solana protocol to Helium token holders
81.41% of 6,177 voters voted for the migration in the Helium Improvement Proposal 70 (HIP 70), which was designed to make the network more responsive to user needs. HIP70 was submitted on August 31. It stated that the move would:
“Bring significant economies of scale through the vast range of compassable Solana developer tools, features, and applications.”
Solana protocol to switch Helium to
The Helium Foundation stated that the migration from Solana will make the HNT token more compatible with Decentralized Finance (DeFi), non-fungible Tokens (NFTs), Web3 projects, and other financial services.
Helium Foundation COO Scott Sigel in a statement said:
“Solana has a proven track record powering some of the world’s most important decentralized initiatives and they were an obvious choice for us to partner with. Moving to the Solana blockchain allows us to focus our efforts on scaling the network as opposed to managing the blockchain itself.”
Helium is still struggling to generate revenue
Weeks leading to the proposal, Helium had attracted some controversy with concerns about the network’s revenue potential.
Helium has been defended by prominent investors who claim that it is still building its infrastructure, and that the revenue will come later.
After the migration is complete, all tokens in the Helium ecosystem (including HNT, IOT and MOBILE) will be made available on Solana. The Helium Wallet App 2.0 will also be revealed.
