Helium's IOT token has experienced a significant surge, increasing by over 370% in just 24 hours after the successful migration of the protocol to the Solana blockchain last week. This remarkable growth showcases the growing interest and adoption of Helium's internet-of-things (IoT) network, as well as the benefits of leveraging the high-performance Solana blockchain.
Helium's IoT Network and IOT Token
The IOT token is the protocol token for Helium's IoT network and is mined from the hotspots that form the backbone of the infrastructure. The tokens are always backed by Helium Network's HNT token, allowing for seamless conversion between the two. The redemption rate for this conversion is determined algorithmically by the treasury swap contract.
Token Circulation and Market Capitalization
With a maximum token supply of 200 billion IOT tokens, there are currently around six billion tokens in circulation, as reported by Solana's block explorer. The IOT token was recently trading at $0.00248, with a fully diluted market capitalization of $495 million. However, based on the circulating supply, the current market cap stands at approximately $15 million.
Kamino Finance Integration and Staking Opportunities
The growth of the IOT token has been further supported by the Solana-based decentralized finance (DeFi) protocol Kamino Finance. Kamino Finance recently revealed that it had opened two Helium vaults, enabling investors to stake their IOT and HNT tokens to earn yield. This integration has likely contributed to the increased interest and value of the IOT token.
The impressive surge of Helium's IOT token following its migration to the Solana blockchain highlights the growing demand for IoT networks and the advantages of operating on a high-performance blockchain like Solana. With the integration of Kamino Finance and the opportunity for investors to stake their tokens for yield, Helium's IoT network is well-positioned for continued growth and adoption. Investors and users alike will be keeping a close eye on the IOT token and Helium's IoT network to capitalize on the potential of this emerging technology.