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The Helium Network has announced that its blockchain migration to Solana is only weeks away, with a firm date of April 18. The migration is expected to begin at 9 AM PST and will take 24–48 hours to complete. In this article, we’ll explore everything you need to know about the Helium Network migration to Solana.
1. What to Expect During the Migration
During the migration window, hotspots and LoRaWAN devices will continue to operate as normal. Proof of Coverage and Data Transfer will continue to function through the offchain Oracle, and rewards will be claimable after the transition phase. At 9 AM blockchain halt, a snapshot will be taken of the Helium chain state. Hotspot eligibility for the IOT airdrop will be determined at this point in time by being online and earning rewards in the previous 30 days. Hotspots on the denylist will not be eligible for the airdrop.
2. Mapping of Tokens
Existing $HNT and $MOBILE tokens will be mapped to Solana. Hotspots will be minted as NFTs, which represent ownership in a way that is easily transferrable and recognized by all major wallets. After the 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.
3. Programmatic Treasury
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. This will provide users with more flexibility and convenience in managing their tokens.
4. Limitations on Rewardable Entities
On the Solana network, hotspots that receive rewards are considered “rewardable entities.” At this time, IOT hotspots and MOBILE radios are the only rewardable entities. However, this will change in the future with the addition of mappers and other rewardable categories.
5. Claiming Rewards
There is no limit to how frequently nor how many times a wallet can claim rewards from a hotspot. However, every claim requires a small transaction fee, which equates to a fraction of a cent in SOL. It’s important to ensure that your miner is online and receiving rewards, to participate in this airdrop.
In conclusion, the Helium Network migration to Solana is an exciting event that will bring faster transactions and lower transaction fees for users. It’s important to stay informed about the migration process, eligibility requirements for the IOT airdrop, and changes to the rewardable entities on the Solana network. By preparing in advance and staying up-to-date, Helium Network users can maximize the benefits of the migration and take advantage of the new opportunities available on the Solana blockchain.
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