The Helium Foundation announced on Thursday that its community approved the move by a majority 81.41% vote on Helium Improvement Proposal (HIP) 70.
Says Scott Sigel, the chief operating officer of the Helium Foundation,
“We have an ambitious mission of deploying and managing wireless networks at scale and moving to Solana allows us to do that. 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.”
The Helium Foundation first announced its intention to migrate the ecosystem to Solana in late August, when HNT was trading at around $6.00. In the week following, the token plunged to a low of $3.33.
HNT has since partially recovered and is trading at $4.67 at time of writing. The 71st-ranked crypto asset by market cap is up nearly 5% in the past 24 hours.
Solana’s native asset SOL is trading at $32.56 at time of writing. The 9th-ranked crypto asset by market cap is up more than 5.6% in the past day.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Pattern Trends/WindAwake