Helium’s HNT token dropped to the lowest level in two months after crypto exchange Binance.US said it will delist the cryptocurrency as of March 21.
The token has lost 20% in the past 24 hours and was recently trading at $2. The delisting, announced Monday, comes ahead of Helium’s migration to the Solana blockchain from its own blockchain.
The Helium Network is a decentralized grid of wireless hotspots that aims to provide an alternative to hard-wired internet or mobile data service. The services are powered by cryptocurrencies and users who participate in the network receive rewards for doing so. HNT is earned when hotspots provide and validate wireless coverage and transfer data over the network.
“While the Helium Foundation is disappointed that Binance.US has decided to take this action in advance of the migration, we understand their position,” the foundation said. “Helium’s migration to Solana is significant, and a first for the industry – on par with Ethereum’s transition from proof of work to proof of stake.”
The foundation said the transition to Solana is proceeding as planned. The migration takes effect on March 27.
The move comes after the project’s initial exponential growth in adoption slowed and it suffered accusations of lying about key partnerships and its profitability. Founder Amir Haleem responded in a tweet thread saying Helium does not have any commercial relationships with entities using the network. Rather, it “evangelizes[s] the network” to help them develop applications.
HNT remains listed on Binance’s international arm.
