- The top-ranked alternative coin on LunarCrush’s AltRank is HNT.
- Once its migration to Solana is complete, Helium will receive significant upgrades.
According to data from LunarCrush, Helium [HNT] secured the top spot on the list of altcoins that outperformed Bitcoin [BTC] on December 22.
Through its AltRank feature, the cryptocurrency social analytics platform tracks the social and market activity of 4,051 coins and how they perform in comparison to the market leader BTC.
Of the 4,051 altcoins monitored, HNT’s social volume was ranked 58th and registered a social score of 64, cementing its position as the altcoin that outperformed BTC the most in terms of social and market activity.
Despite the rise in social activity, there has been no price increase for HNT in the past month. HNT’s value has decreased by 24% over the last 30 days, according to CoinMarketCap. In fact, HNT’s price dropped by 11% in the past day, solidifying its place as the cryptocurrency that has experienced the biggest drop in value.
An analysis of HNT’s Open Interest showed that the alt had been trailed primarily by a bearish conviction despite the extremely volatile price action.
In the period between 29 September and 21 December, HNT’s Open Interest dropped precipitously by 86%, according to data from Coinglass. The price of the alt decreased by 64% during this time.
The alt’s Open Interest, however, has increased to its highest level since October 6 as a result of an uptick in investor sentiment over the past few days.
Helium’s Solana Migration: What You Need to Know
The Helium Foundation hosts transition ask-me-anything (AMA) sessions with community members to go over its plans for when Helium deploys on Solana in anticipation of its eventual migration to that platform in Q1 2023.
The Helium Foundation announced four significant upgrades that users of Helium would receive in the upcoming year during the most recent AMA session.
According to the statement, the core development team of the company was constructing the intricate infrastructure for staking multipliers, delegating to subDAOs, the Helium chain state, and services to support its smart contracts prior to the migration to Solana.
Vote-escrowed HNT (veHNT), a new governance token, would also be introduced to “power Helium governance.” The Helium Foundation claims that veHNT, which would be assignable to Helium subDAOs, “is not a token but rather represents voting power.”
Users would need to stake their HNT tokens in order to have voting rights on Helium. The multiplier effect on voting power would depend on the length of the stake. Anyone who stakes within the first seven days of the migration to Solana will receive an additional 3X veHNT multiplier for their initial stake, according to the Helium Foundation.
Finally, users of Helium Wallet would be able to migrate tokens and hotspots on the network using the same.