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Helium's IOT Token Surges 370% Following Solana Migration

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

Updated May 9, 2023, 4:13 a.m. Published Apr 26, 2023, 2:09 p.m.

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.

Helium Helium Network IoT On-chain Data Solana

Oliver Knight

Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.