Helium (HNT) Deflates 15% After Proposed Transition To Solana

Name	Symbol	Market	Market Cap ($)	Algorithm
Helium	HNTUSD	Crypto	771,490,640	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Helium

HNTUSD

Crypto

771,490,640

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.010	0.19%	5.37	5.37	5.37

Price Change

Price Change %

Current Price

Bid Price

Offer

0.010

0.19%

5.37

High Price	Low Price	Open Price	Prev. Close	52 Week Range
5.44	5.27	5.39	5.36	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

5.44

5.27

5.39

5.36

- - -

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	02:11:32	2.73	5.37	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

02:11:32

2.73

5.37

USD

Price x Volume	Volume	Base Symbol	Related Pairs
172,257.84	32,194.40	HNT	HNTEUR	HNTGBP	HNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

172,257.84

32,194.40

Helium (HNT) Deflates 15% After Proposed Transition To Solana

02/09/2022 12:28pm

NEWSBTC

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 Switch To Solana Aims To Solve Technical Issues The post suggests that less Proof of Coverage activity occurred due to the network’s massive scale. They believed the blockchain’s inefficiencies were to blame for the lower than usual volume of transactions. In particular, there are problems with data packet transfers and the overall network load between the blockchain and the validator. The projected network-wide move was intended to resolve or significantly reduce the issues currently plaguing the network. According to a blog post by the Helium Foundation: “Thousands of developers across the world are working on apps that are only conceivable on Solana owing to its quick and cheap transactions, real-world NFT applications, business-to-business and business-to-consumer marketplaces, and more.” The proposal’s goal was to build a network that was faster, safer, and more scalable, however the market rejected this idea. The primary token of the project, HNT, saw its price drop from $5.6778 to $4.6483 in the period of a few hours on August 31. Since then, the token has not been able to recover. A rise in the volume of transactions is shown on CoinMarketCap and CoinGecko. Lower prices and higher volume indicate a sell off occurred between August 31 (the day of the release) and September 2 (the time of writing). Major Consolidation In Crypto In the present market for cryptocurrencies, pessimistic sentiment has been prevalent. Some investors and traders in HNT have been triggered by this, and the general reaction has not been favorable. The Helium move to Salana is a massive consolidation in the crypto industry. The goals of these changes are to increase trust among investors and entice new users to join their ecosystem. However, the news of the merger between Solana and Helium has done nothing to stop the market decline. Only time will tell if the combination of the two will inspire trust among traders and entice new participants to the ecosystem. Crypto total market cap at $959 billion on the daily chart | Source: TradingView.com Featured image from Securities.io, chart from TradingView.com

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

HNTUSD Helium