After mulling over a crucial proposal for nearly ten days, the Helium group has concluded a landmark vote to approve Helium Enchancment Plan 70 or HIP 70.
Nearer take a look at the proposal
HIP 70 has been within the pipeline for months and the proposed modifications will assist the Helium Community in a big method. The proposal entailed three main modifications.
The primary is transferring proof-of-coverage to Oracles. Second: Transferring Knowledge Switch Accounting to Oracles and lastly, Migrating the Helium Community together with its tokens, governance, and economics onto the Solana blockchain.
The crew selected emigrate to Solana Blockchain fairly than sustaining their very own L1 for causes together with Solana’s ecosystem of builders, pockets compatibility, purposes, Solana Cellular Stack, and many others.
As per the proposal, a majority of two/3 was sufficient to set the plan in movement. Last numbers after the vote concluded revealed that the proposal acquired overwhelming assist with greater than 81% in favor.
No corners reduce
The builders have said that in a bid to smoothen the transition to Solana, the validator cooldown time can be introduced down from 5 to 3 months.
Builders additionally clarified that validators who stay staked through the first seven days post-migration can be entitled to a 3x bonus of veHNT (vote escrowed HNT).
Along with the above-mentioned measures, the community will ensure that all Helium wallets are seeded with sufficient of Solana’s native token SOL, to facilitate 100 transactions. That is to make the migration course of extra environment friendly.
Helium’s core builders have assured the group that the migration won’t change the basics of the community or its native token HNT.
As for the motivation behind this big step, the crew clarified that the migration will make extra HNT obtainable for subDAO reward swimming pools, allow constant mining of the token and make the info switch course of extra dependable, which can culminate in the entire ecosystem working in a way more environment friendly method.
HIP 70 will even see earlier proposals like HIPs 51, 52, and 53 carried out in a greater approach.
Blockchain executives’ response
Scott Sigel, COO of the Helium Basis said that by transferring to Solana, the community will be capable of fulfill “an formidable mission of deploying and managing wi-fi networks at scale.”
The CEO of Solana Labs, Anatoly Yakovenko stated “The Helium group’s vote emigrate to the Solana community is an amazing endorsement of Solana as the muse for the subsequent stage of progress for the Helium ecosystem.”
In accordance with data from CoinMarketCap, on the time of writing, HNT was buying and selling at $4.57. Its market capitalization stood at $584 million with $42.7 million being traded over the previous 24 hours.
Solana, then again, was trading at $32.05 million with a market capitalization of $11 billion.