Solana releases update on Helium migration- Decoding the key points

It is one of the few times a project with its own layer 1 network has opted to switch and be hosted on another layer 1 blockchain. Solana has seen a momentous uptick in development activity in the last few days.

Timeline of Helium, Solana

Solana has recently become one of the victims of the ongoing market correction, losing approximately 12% of its value. This downturn led to Solana's price reversing at around the 200-day Exponential Moving Average (EMA), which is typically considered a critical technical indicator for long-term market trends.

After over a year of planning and development, Helium has successfully migrated to Solana, ushering in a new phase of reliability and scalability for decentralized wireless networks. This upgrade establishes a new era of scalability, expansion, and reliability for the world's largest decentralized wireless network.

Web3.0 protocol Helium Network (HNT) has announced its successful migration to the Solana (SOL) blockchain. The announcement was shared via the protocol's official Twitter account and highlights the strong desire to switch to a relatively more scalable outfit to help achieve its overall end goal.

What is a highly anticipated event in the blockchain industry is the migration of the Helium network to Solana's ecosystem. While this migration has brought up many questions from crypto enthusiasts about why and how this event will take place, it comes at the right time as the markets start recovering.

Helium network has successfully migrated to Solana, completing development over the last 12 months. Helium's core developers made the announcement saying they completed the upgrade from the Helium blockchain to Solana.

Helium, an Internet of Things (IoT) project, is currently in the process of from its blockchain roots to Solana — a blockchain network known for its speed and scalability. According to an official announcement made on April 18th, the purpose of this major migration is to enhance the stability and scalability of the Helium network.

According to a blog post by the Helium Foundation, the Helium blockchain will stop operating during the migration period and all existing Helium assets and governance will be moved to Solana.

Solana Foundation finally competes investigation on root cause behind the mainnet beta outage occurred on February 25. Core developers confirmed congestion within the primary block-propagation protocol “Turbine” as the reason behind long block finalization times and other technical problems.

Grayscale has announced the public trading of its Solana Trust under the ticker symbol GSOL (OTC: GSOL), making it the latest addition to the 15 other cryptocurrency investment products the company offers on OTC Markets. With 304,427 outstanding shares as of Friday, investors with access to U.S. securities can "buy and sell freely-tradable GSOL shares through their investment accounts," said Grayscale.

Grayscale's Solana Trust has begun trading publicly under ticker symbol GSOL, joining the 15 other crypto investment products the asset management giant has to offer on OTC Markets.