As a seasoned crypto investor with a knack for spotting promising projects, I’ve been closely watching Helium (HNT) due to its unique potential. Despite the bearish market conditions, HNT has managed to defy the odds, surging by 13% – a testament to its resilience and the excitement surrounding its future developments.
Despite the overall market’s downward trend in the short term, Helium (HNT) stands out with a surge of 13%, fueled by its recent advancements that are generating excitement for long-term prospects. As reported by CoinGecko.
Helium Network Token (HNT) has gained traction due to ongoing advancements on its blockchain, drawing attention to the platform. Nevertheless, as the market downturn persists and causes further losses for investors, the potential future growth of the token may now be at risk.
New Proposals And Expanding Network Drive New Growth
In a recent vote, the proposal titled “Securing IoT Governance Through Voting Rewards” (HIP 124) was approved by more than 95% of Helium’s users. This overwhelming agreement is because of the key aspects outlined in the proposal itself.
HIP 124: Securing IOT Governance Through Staking Rewards Passed
HIP 124 proposes incentivizing IoT token owners to engage in governance decisions within the IOT subnetwork by offering rewards for their participation. The goal of this initiative is to increase voter turnout and promote active governance in the IOT Network. HIP 124 has now been approved…
— Helium Foundation (@HeliumFndn) September 5, 2024
Essentially, HIP 124 focuses on the administrative aspects of Helium, where at present, engaging in this administration comes at an “opportunity cost” for platform users. To cast a vote on Helium, one needs to secure IOT tokens, which are then converted into veIOT for voting purposes. However, since there aren’t any incentives for users involved in governance, participation rates are currently lower compared to the total user base of Helium.
As a researcher involved in this project, I’m excited about the prospect of HIP 124. This proposal aims to compensate VeIOT holders for their role in governance by distributing rewards derived from the 7% bucket of emissions set aside in HIP-52. These emissions are typically not emitted but are instead dedicated to decentralized oracles within our platform, which we believe will soon become a significant part of our ecosystem. This compensation mechanism is designed to incentivize active participation and contribute to the overall success of our project.
If the cost of participating in governance is reduced by using Helium, it’s likely to significantly increase voter participation when a new proposal enters the voting phase.
Beyond this recent advancement, Helium Mobile’s network has grown yet again. As stated on their official site, the Carrier Offload Program now extends to an impressive 767 hotspots. This expansion has resulted in approximately 200,000 additional users, who are not already subscribed to Helium, utilizing the network.
Exhausted HNT Might Fall Below $7.455
The upward trend for HNT, which began last month and was fueled by optimism, may be reversed due to its recent failure to break through the resistance at $8.689. This setback could cause the token’s price to decrease, even with favorable on-chain activities happening. In the near and medium future, we might see HNT falling below the $7.455 mark.
The token’s RSI, almost at its maximum, indicates that the bulls are currently in control of the market’s momentum. Yet, the momentum they had at the onset of the uptrend has significantly dwindled, a situation that could potentially hinder substantial growth over the long term.
Essentially, Helium Network Token (HNT) is backed by strong community development and a generally positive outlook among investors. But keep an eye on the larger market since significant shifts in it could either boost or diminish HNT’s potential growth over time.
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2024-09-08 03:40