Lyllah Ledesma Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds
Bitcoin, ether and small amounts of other crypto assets. Follow @ LedesmaLyllah on
Twitter Helium’s HNT token dropped to its lowest level in two months on Wednesday after crypto exchange Binance.US said it will delist the
cryptocurrency on 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. One-year price chart for the HNT token. (Messari) The Helium Network is a decentralized grid of wireless hot spots 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 hot spots 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 doesn't have any commercial relationships with entities using the network. Rather, it “evangelizes[s] the network” to help them develop applications. HNT will remain listed on Binance’s international exchange. DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Lyllah Ledesma Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets. Follow @ LedesmaLyllah on Twitter Learn more about Consensus 2023 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Lyllah Ledesma Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets. Follow @ LedesmaLyllah on Twitter