- Helium’s native token HNT was delisted from Binance and Binance.US, resulting in a 23% drop in value in just one day. The governing body advised token holders to move to the self-custodial Helium Wallet app or another exchange that has confirmed migration support.
- The Helium blockchain’s Solana merge, which was scheduled to take place one month after the delisting, has been delayed until April 18. The merger is expected to improve data transfer for devices and make it faster, more reliable, and more scalable.
- Helium is a decentralized wireless network designed for IoT devices, where users can share connectivity with others using their smartphones while maintaining greater privacy than a traditional Wi-Fi network and earn HNT in the process. Despite the token’s volatile value and companies distancing themselves from the project, the Helium network’s underlying technology still holds potential, and the stakeholders may explore new avenues to revive investor confidence in the future.
The Helium network’s native token HNT suffered a severe blow after Binance, the world’s largest cryptocurrency exchange, announced its decision to delist the token from its platform. As a result, HNT’s value plummeted by more than 23% in just one day. Binance.US also announced its intention to delist the token, which caused further concerns for investors. The token’s value dropped to as low as $1.52 on Friday but has since rebounded to $1.60. The governing body behind the network advised token holders to consider moving to the self-custodial Helium Wallet app or another exchange that has confirmed migration support.
The delisting of HNT comes just a month before the Helium blockchain was scheduled to merge with Solana, the blockchain behind SOL, the 12th biggest digital asset by market cap. However, an announcement revealed that Helium Network stakeholders had decided to delay the blockchain’s Solana merge until April 18. The merger is expected to help data transfer for devices become “faster, more reliable, and more scalable,” according to the non-profit behind the network, Helium Foundation.
4/ The @binance delisting of HNT is unfortunate. Token owners should consider moving to the self-custodial Helium Wallet app or an exchange that has confirmed migration support. More confirmed partners will be announced to the ecosystem in the coming days. https://t.co/2mfZDwhcSt— Helium🎈 (@helium) March 17, 2023
Helium is a decentralized wireless network that was initially designed for IoT devices like sensors and trackers. The concept behind Helium is to enable users to share connectivity with others using their smartphones while maintaining greater privacy than a traditional Wi-Fi network, and earn HNT in the process. Helium received a lot of interest and investment from big names like Andreessen Horowitz (a16z), and its native token was trading for as high as $22.99 at one point. However, its native token’s value has been volatile lately, with several high-profile companies distancing themselves from the project.
The recent delisting of the HNT token from Binance has caused significant harm to the token’s value, and the decision to delay Helium’s Solana merge is likely to exacerbate the situation. However, it is worth noting that the Helium network’s underlying technology still has potential, and the project’s stakeholders may explore new avenues to revive investor confidence in the future.