Thursday, 20 June 2024

Crypto News

Helium’s migration to Solana sends IOT token price through the roof

Helium's migration to Solana sends IOT token price through the roof

  • Helium successfully migrated to Solana Network last week.
  • More than six billion IOT tokens have been minted since Helium migrated to Solana.
  • IOT Token surged by 370 earlier today to hit a daily high of $0.003927.

Helium IOT (IOT) token surprised a majority of crypto investors today after surging by more than 370%. Despite a slight retracement, the token was still green trading at $0.00206, up 33.59% at press time.

Today’s IOT token price surge is attributed to last week’s successful Helium migration to Solana Network which has resulted in more than six billion IOT to be minted.

Protocol token of Helium’s internet-of-things network

Most are conversant with Helium’s native token, HNT, which has also been performing quite well over the past few days after the migration.

Helium has another token, the Helium IOT, which is the protocol token of Helium’s internet-of-things network. The Helium IOT is mined from Helium’s hotspots, which is the hardware infrastructure behind the IOT network.

Helium IOT is backed by the HNT token and can always be converted to HNT, with the redemption rate being algorithmically set by its treasury swap smart contract.

According to data from Solana’s block explorer, there are about six billion IOT tokens in circulation supply out of the maximum supply of 200 billion tokens.

The IOT token also received another boost after Solana-based decentralized-finance (DeFi) protocol Kamino Finance said it had opened two Helium vaults to allow investors to stake their IOT and HNT tokens for a yield.

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