• Helium Foundation announced that all projects utilizing HNT tokens will be compatible with the Solana network.
• The move to the Solana network is expected to benefit Solana price outlook, which has struggled to return to pre-FTX levels.
• The migration of Helium Network – an ecosystem with over $450 million in capitalization – is scheduled for March 27, 2023.
Solana Price Outlook
The Solana network has seen significant global traders‘ recognition after its digital asset rallied from about $0.5 to $259 in less than three years. Early investors of Solana saw gains of 500X during the 2021 bull market, and the community is now looking forward to the migration of Helium Network – an ecosystem with over $450 million in capitalization – scheduled for March 27, 2023.
Helium Network Migration
The move to the Solana network was authorized by the Helium community last year through HIP-70 proposal and offers a high throughput and scalable network that Helium users can benefit from. Most Helium token holders won’t be affected by the transition, however whales are advised to work with developers and test certain functionalities. Additionally, users are encouraged upgrade their original blue app icon into new black icon wallet app. To address potential issues associated with this transition, a Upgrade Readiness Working Group was established representing different stakeholders from the community.
Benefits Of Migrating
The ability of Solana’s platform to power thousands of transactions per second combined with its massive ecosystem of developers applications and integrations makes it ideal for hosting blockchain responsibility while allowing core developers and communities focus on building wireless protocols and enabling utility on these networks.
Upgrade Readiness Working Group
The Upgrade Readiness Working Group aims at addressing challenges associated with this migration path and consists of technical experts from diverse backgrounds within this community as well as various stakeholders who will review the process before it commences ensuring availability of sufficient resources throughout it’s implementation..
Conclusion
Solano price outlook is expected to gain significantly following successful implementation of this project due more Web3 users joining its ecosystem as well as improved scalability ,high throughputs capabilities which far exceeds those found in other networks . It remains unclear how much impact such news will have on SOL prices but traders should keep tabs on developments concerning this announcement if they want capitalize on possible rallies in prices going forth