Helium's IOT Token Surges by Over 370% Following Successful Migration to Solana Network
Internet-of-Things (IoT) network protocol token, Helium IOT, experienced a major price surge today, up by over 370%. Despite a slight retracement, the token was still trading in the green at $0.00206, representing a 33.59% increase at the time of writing. This price jump is attributed to the successful migration of Helium to the Solana network last week, resulting in over 6 billion IOT tokens being minted.
Most investors are familiar with Helium's native token, HNT, which has also been performing well in the days following the migration. However, Helium IOT is also a significant token in the Helium ecosystem, representing the protocol token of its IoT network. Helium IOT is mined by Helium hotspots, which form the hardware infrastructure of the IoT network.
Supported by the HNT token, Helium IOT can be converted to HNT at any time, with the repayment rate algorithmically determined by the Treasury Swap smart contract. Block explorers estimate that approximately 6 billion IOT tokens are currently in circulation, out of a maximum supply of 200 billion tokens.
In addition to the successful migration and subsequent price surge, Kamino Finance, a Solana-based decentralized finance protocol, has opened two Helium vaults for investors to earn returns on their IOT and HNT tokens. This has further boosted demand for Helium's tokens, leading to widespread speculation about the future prospects of the Helium network.
Overall, the successful migration of Helium to the Solana network and subsequent surge in its token prices provide a promising outlook for the IoT platform. The Helium network aims to develop an IoT infrastructure that enables secure, efficient, and decentralized communication between IoT devices, with Helium IOT playing a key role in achieving this goal. With continued development and adoption of the Helium network, there is significant potential for further price appreciation of the platform's tokens. Investors looking to capitalize on the growing IoT market may want to pay attention to developments in the Helium ecosystem.
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