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Finance

Helium's IOT Token Surges 370% Following Solana Migration

More than six billion IOT tokens have been minted since Helium migrated to Solana.

By Oliver Knight
AccessTimeIconApr 26, 2023 at 2:09 p.m. UTC
Updated May 9, 2023 at 4:13 a.m. UTC
Helium's IOT token rises after Helium migrated to the Solana blockchain. (Adi Goldstein/Unsplash)
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.

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    • 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.

    Read more: Helium's HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement

    Edited by Sandali Handagama.

    Disclosure

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

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter