Helium’s migration to Solana sends IOT token worth by way of the roof

• Helium efficiently migrated to Solana Community final week.
• Greater than six billion IOT tokens have been minted since Helium migrated to Solana.
• IOT Token surged by 370 earlier at the moment to hit a every day excessive of $0.003927.

Helium IOT (IOT) token stunned a majority of crypto traders at the moment after surging by greater than 370%. Regardless of a slight retracement, the token was nonetheless inexperienced buying and selling at $0.00206, up 33.59% at press time.

At the moment’s IOT token worth surge is attributed to final week’s successful Helium migration to Solana Community which has resulted in additional than six billion IOT to be minted.

Protocol token of Helium’s internet-of-things community

Most are conversant with Helium’s native token, HNT, which has additionally been performing fairly nicely over the previous few days after the migration.

Helium has one other token, the Helium IOT, which is the protocol token of Helium’s internet-of-things community. The Helium IOT is mined from Helium’s hotspots, which is the {hardware} infrastructure behind the IOT community.

Helium IOT is backed by the HNT token and might all the time be transformed to HNT, with the redemption price being algorithmically set by its treasury swap good contract.

Based on data from Solana’s block explorer, there are about six billion IOT tokens in circulation provide out of the utmost provide of 200 billion tokens.

The IOT token additionally acquired one other enhance after Solana-based decentralized-finance (DeFi) protocol Kamino Finance mentioned it had opened two Helium vaults to permit traders to stake their IOT and HNT tokens for a yield.