Cryptocurrency

Decoding why Helium community approved migration to Solana

After mulling over a essential proposal for nearly ten days, the Helium community has concluded a landmark vote to approve Helium Improvement Plan 70 or HIP 70.

Closer take a look at the proposal

HIP 70 has been within the pipeline for months and the proposed adjustments will assist the Helium Network in a major method. The proposal entailed three main adjustments.

The first is transferring proof-of-coverage to Oracles. Second: Moving Data Transfer Accounting to Oracles and lastly, Migrating the Helium Network together with its tokens, governance, and economics onto the Solana blockchain.

The workforce selected to migrate to Solana Blockchain fairly than sustaining their very own L1 for causes together with Solana’s ecosystem of builders, pockets compatibility, purposes, Solana Mobile Stack, and so on.

As per the proposal, a majority of two/3 was sufficient to set the plan in movement. Final numbers after the vote concluded revealed that the proposal acquired overwhelming help with greater than 81% in favor. 

No corners reduce

The builders have acknowledged that in a bid to smoothen the transition to Solana, the validator cooldown time will likely be introduced down from 5 to three months.

Developers additionally clarified that validators who stay staked in the course of the first seven days post-migration will likely be entitled to a 3x bonus of veHNT (vote escrowed HNT).

In addition to the above-mentioned measures, the community will guarantee that all Helium wallets are seeded with sufficient of Solana’s native token SOL, to facilitate 100 transactions. This is to make the migration course of extra environment friendly. 

Helium’s core builders have assured the community that the migration is not going to change the basics of the community or its native token HNT.

As for the motivation behind this enormous step, the workforce clarified that the migration will make extra HNT obtainable for subDAO reward swimming pools, allow constant mining of the token and make the information switch course of extra dependable, which can culminate in the entire ecosystem working in a way more environment friendly method.

HIP 70 can even see earlier proposals like HIPs 51, 52, and 53 applied in a greater approach.

Blockchain executives’ response

Scott Sigel, COO of the Helium Foundation acknowledged that by transferring to Solana, the community will likely be ready to fulfill “an ambitious mission of deploying and managing wireless networks at scale.”

The CEO of Solana Labs, Anatoly Yakovenko mentioned “The Helium community’s vote to migrate to the Solana network is a tremendous endorsement of Solana as the foundation for the next stage of growth for the Helium ecosystem.”

According to data from CoinMarketCap, on the time of writing, HNT was buying and selling at $4.57. Its market capitalization stood at $584 million with $42.7 million being traded over the previous 24 hours.

Solana, alternatively, was trading at $32.05 million with a market capitalization of $11 billion.

Read the perfect crypto tales of the day in lower than 5 minutes

Subscribe to get it day by day in your inbox.


Please choose your Email Preferences.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button