After mulling over a proposal for nearly ten days, the Helium community completed a vote to accept HIP 70 (Helium Improvement Plan 70).
Evaluating the Proposal
HIP 70 has remained within the pipeline over the past months. Meanwhile, the proposed shifts will substantially boast the Helium blockchain. The proposal comprised three primary changes. The first involves moving proof-of-coverage (PoC) to Oracles.
Secondly – switching data transfer bookkeeping to Oracles and (finally) moving the Helium platform alongside its governance, economics, and tokens onto the Solana Network.
The team voted to switch to Solana instead of keeping their layer1 for reasons such as Solana’s developer ecosystem, SOL Mobile Stack, applications, and wallet compatibility.
According to the proposal, a 2/3 majority was enough to pass the motion. Final figures after the vote showed the bid witnessed massive support, with over 81% in favor.
No Short Cut
Developers revealed that the validator cooldown period would reduce from five months to thee, citing moves to enhance the migration to Solana.
Also, developers confirmed that validators that stayed staked during the initial week post-migration would qualify for a 3-times bonus of escrowed HNT (veHNT).
Besides the mentioned measures, the blockchain will ensure that Helium wallets have enough SOL seed to complete 100 transactions. That will lead to an efficient migration process.
HNT’s core developers have guaranteed the community that the shift won’t change the network’s or native token’s fundamentals.
About the motivation behind the massive step, developers confirmed that the shift would ensure increased HNF got subDAO rewards, ensuring consistent token mining and enhanced data transfer.
That will see the whole network running in an increasingly efficient way. Also, HIP 70 will bolster the implementation of the previous proposals like HIPs 51, 52, & 53.
Blockchain Execs’ Response
Helium Foundation’s COO Scott Sigel said that migrating to Solana will see their network fulfilling an impressive goal of deploying and handling wireless protocols at scale.
Solana Labs CEO Anatoly Yakovenko stated that Helium’s vote to switch to the SOL blockchain is a lucrative Solana endorsement as a base for the upcoming Helium ecosystem’s growth phase.
Coinmarketcap shows HNT hovered at $4.57 during this publication. Its market cap hovered at $584 million, with $42.7M traded within the last day. Meanwhile, SOL changed hands at $32.03, with an $11B market cap.
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