Helium's IOT Token Surges 370% Following Solana Migration
More than six billion IOT tokens have been minted since Helium migrated to Solana.
Apr 26, 2023 at 2:09 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/H6K3AN42UZDMRKIYOP3CTXXN3Q.jpg)
Helium's IOT token rises after Helium migrated to the Solana blockchain. (Adi Goldstein/Unsplash)
Helium's new IOT token has risen by over 370% in the past 24 hours following the protocol's successful migration to the Solana blockchain last week.
IOT is the protocol token of Helium's internet-of-things network. It is mined from Helium's hotspots – the hardware infrastructure behind the IOT network.
The tokens will always be backed by Helium Network's HNT token and can always be converted to HNT, with the redemption rate being set algorithmically by its treasury swap contract.
With a maximum token supply of 200 billion, there are around six billion tokens in circulation, according to Solana's block explorer.
Solana-based decentralized-finance protocol Kamino Finance revealed that it had opened two Helium vaults that lets investors stake their IOT and HNT tokens for a yield.
The IOT token was recently trading at $0.00248 with a fully diluted market capitalization of $495 million. Based on circulating supply, however, the current market cap is around $15 million.
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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.
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