12 hours ago
A Guide to Understanding the New Transaction Process
The Helium Network recently completed a significant technical upgrade with the migration to the Solana blockchain. One of several key benefits that comes with this substantial infrastructure improvement is scalability in the form of faster and cheaper transactions on the Helium Network. So, what does this mean for you, as a part of the Helium community? Let’s dive deeper!
Helium Network Tokens (HNT) and Solana (SOL)
In the past, all transactions on the Helium network — including sending tokens, adding hotspots, and creating new token accounts — were powered by Helium Network Tokens (HNT). However, the transition to Solana introduces a new transaction currency: Solana’s native token, SOL.
Why Did We Make the Switch?
As Helium continued to grow, so did the need for scalability. Helium core developers were dedicating substantial time to maintaining the Helium blockchain, particularly when it came to two foundational elements: proof of coverage (which tests the coverage of a Hotspot’s wireless signal) and reliable data transfer activity.
To streamline these processes, the Helium community determined that a new architecture for its Layer 1 (L1) blockchain was necessary. This led us to Solana, a blockchain known for its speed and scalability.
The SOLution You Need!
With the transition to Solana, SOL becomes the new fuel for Helium transactions. Previously, transferring tokens incurred an average 35 cents fee in data credits, but now fees are paid in Solana tokens, which are significantly less expensive. Migrated accounts included approximately 100 transactions worth of Solana tokens to facilitate activities in the Solana ecosystem. So, if you’ve ever encountered a transaction or swap that failed, it was likely because you didn’t have enough SOL in your wallet.
How to Add SOL to Your Wallet
Adding SOL to your wallet is a straightforward process. You can access a variety of Solana DeFi platforms through the Helium Wallet app or you can also use the Swap Utility here: https://docs.helium.com/sol-token
Alternatively, SOL is available from a variety of exchanges. Most users on Solana keep 0.02 SOL in their accounts to cover transaction fees on the Solana blockchain.
Exploring the Solana Ecosystem
One of the most exciting aspects of this integration is the access it provides to the wider Solana ecosystem. You can now explore Solana’s decentralized finance (DeFi) offerings, engaging games, and unique NFTs.
The integration of Helium with Solana marks an exciting new chapter in the Network’s evolution. This change makes the transaction process cheaper and faster. So, the next time you’re executing a transaction on the Helium network, don’t forget — Got SOL?
Interested in building on the Helium Network? Whether you’re looking to develop an existing use case or start from scratch, the Helium Foundation is here to help.
Connect with the Helium Foundation, the developers supporting this project, and the global Helium community on Helium’s Community Discord.