- Helium successfully migrated last week to Solana Network.
- Since Helium’s migration to Solana, more than six billion IOT Tokens have been produced.
- IOT Token soared by 370 points earlier today, reaching a high of $0.003927.
Helium IOT token (IOT), which has risen by over 370%, surprised most crypto investors today. At press time, the token still had a green price of $0.00206. This was up 33.59%.
Today’s IOT token price surge is attributed to last week’s successful Helium migration to Solana Network which has resulted in more than six billion IOT to be minted.
Protocol token of Helium’s internet-of-things network
Most are conversant with Helium’s native token, HNT, which has also been performing quite well over the past few days after the migration.
Helium has another token, the Helium IOT, which is the protocol token of Helium’s internet-of-things network. The Helium IOT is mined from Helium’s hotspots, which is the hardware infrastructure behind the IOT network.
Helium IOT’s token is always backed by the HNT. It can also be converted back to HNT at any time. The redemption rate of the smart contract that controls its Treasury Swap is algorithmically determined.
According to data from Solana’s block explorerOut of the 200 billion IOT tokens available, approximately six billion are in circulation.
The IOT token also received another boost after Solana-based decentralized-finance (DeFi) protocol Kamino Finance said it had opened two Helium vaults to allow investors to stake their IOT and HNT tokens for a yield.