Helium Network Founder Pledges to Stick With Solana After Bloody Day for SOL

The wireless hotspot network voted to move to Solana in September.

AccessTimeIconNov 10, 2022 at 2:10 a.m. UTC
Updated May 9, 2023 at 4:02 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Helium network founder Amir Haleem tweeted his support late Wednesday for the decentralized wireless network’s migration to Solana, the blockchain ecosystem perhaps hardest hit by FTX’s sudden implosion.

“None of the criteria we used to evaluate the various [layer 1] blockchains has changed from when we proposed HIP70 and now,” he said, referring to the community vote that saw Helium abandon its own blockchain in favor of Solana’s in late September.

The vote of confidence came after a bloody, 24-hour drawdown in crypto markets in which SOL shed over 40% of its value and Helium’s HNT lost 15%. Haleem, CEO of Helium backer Nova Labs, said he was unfazed by the bear market carnage and pledged to continue apace.

Helium is a crypto-powered wireless hotspot network that until recently operated atop its own blockchain. The move to Solana will see it integrate with that far larger network’s big tech gambits, including Solana’s crypto-centric cellphone.

The project has been plagued by accusations of lying about key partnerships and its actual profitability.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Danny Nelson

Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about