Helium (HNT) Deflates 15% After Proposed Transition To Solana
The Helium network, a blockchain-powered wireless system, may soon undergo significant revisions as its key developers consider switching to Solana. The proposal by Helium’s core developers to switch from their own blockchain network to Solana’s was codenamed “HIP 70.” Since developers revealed a plan to migrate the network to Solana, the value of HNT has plummeted. The HIP 70 proposal to move to the Solana blockchain aims to improve data transit, network coverage, and dependability. Some of the network issues have been described in a recent post on Medium. Helium....
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The transition to Solana would improve network scalability, which in turn would bring “significant economies of scale” to the network, according to Helium core devs. Internet of Things (IoT) blockchain network Helium could transition to the Solana blockchain following a new HIP 70 governance proposal launched on Aug. 30. The Helium core developers said the need to “improve operational efficiency and scalability” was required in order to bring “significant economies of scale” to the network. The Helium network operates by users installing a Helium Hotspot to provide decentralized wireless....
The project's developers cites Solana's ability to improve efficiency as scalability as reasons for the move. On Thursday, the Helium Foundation announced that it would be moving its mainnet to the Solana blockchain following a community vote. According to the proposal, proof-of-coverage and Data transfer mechanisms will be moved to Helium Oracles. It’s official! The HIP 70 vote has ended. #Helium will be moving to the @Solana blockchain! pic.twitter.com/V2WIajou7R— Helium (@helium) September 22, 2022 Meanwhile, Helium's tokens and governance will relocate to that of the Solana....
SOL, Solana’s native coin, has seen its value increase since the announcement of its impending merger with Helium. The developers of Helium came up with HIP 70, which aimed to relocate the entire Helium supply chain to Solana. Developers behind Helium have stated that increasing the network’s scalability, stability, and speed were the primary motivations behind the merger. According to a Medium post published by Solana on August 31, the company proposes migrating the Helium ecosystem from the L1 chain to its own “highly-scalable and fast blockchain,” which will....
Dogecoin (DOGE) price looks bullish with the $0.06 support maintaining its stance and could potentially reverse the market overnight. DOGE price analysis shows bullish momentum DOGE price up by 2.55% Dogecoin unable to hover lower as observed in the past few hours DOGE/USD pair might revert and offshoot the $0.0625 key resistance and go higher in the coming days. The general crypto market isn’t looking good and has been stuck in the red zone for the past 24 hours as a result of the increased selling activity. Bitcoin has evidently dipped by 1.87% while Ethereum has....
Avalanche (AVAX) has been leading a couple of prominent DeFi projects including Platypus. Platypus is a DeFi project built on the AVAX ecosystem that won the prestigious Avalanche X Grant. This DeFi protocol aims to provide a user-friendly and scalable stableSwap platform. More so, its dream is to create an Automated Market Maker (AMM) right on top of Avalanche that boasts of open liquidity and maximized efficiency in terms of capital. Additional assets can be integrated into the liquidity pool that can greatly enhance simplicity, ease of use, and flexibility. Related Reading: Helium (HNT)....