Helium Network : What To Expect The Day Of Migration To Solana

Helium Network : What To Expect The Day Of Migration To Solana

By sjbeachy64 | SteveBeachy | 1 Apr 2023


The Helium Network migration to Solana is just weeks away with a firm date of April 18.

The migration to Solana will take place beginning at 9 AM PST. The Helium team is holding a 24–48 hour window to complete the migration. Hotspots and LoRaWAN devices will continue to operate as normal throughout the migration window. PoC and Data Transfer will continue to function through the offchain Oracle and rewards will be claimable after the transition phase.

At the 9 AM blockchain halt a snapshot will be taken of the Helium chain state. Hotspot eligibility for the IOT airdrop is determined at this point in time by being online and earning rewards in the previous 30 days. Hotspots on the denylist are not eligible for the airdrop.

Existing $HNT and $MOBILE will be mapped to Solana. Hotspots will be minted as NFTs. On the Solana network hotspots that receive rewards are considered “ rewardable entities “. At this time IOT hotspots MOBILE radios are the only rewardable entities. However this will change in the future with the addition of mappers and other rewardable categories.

NFTs are ideal for hotspots as they represent ownership in a way that is easily transferrable and recognized by all major wallets. Open your wallet, and see all of your hotspots inside.

Post migration hotspots will begin earning the IOT token. IOT rewards are earned and accumulated to the hotspot, and must be “claimed” before showing in the owning wallet. Existing HNT tokens will remain HNT tokens.

There is no limit to how frequently nor how many times a wallet can claim rewards from a Hotspot but every claim requires a small transaction fee which equates to a fraction of a cent in SOL.

Programmatic Treasury is planned to be activated in Q2 2023. At that time users will be able to convert $MOBILE and $IOT into $HNT on chain.

Make sure your miner is online and receiving rewards to participate in this airdrop !

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sjbeachy64
sjbeachy64

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