• Helium completed its transition to Solana Network last week.
• Six billion IOT tokens were minted following the move to Solana.
• IOT token surged by 370 earlier today to hit a daily high of $0.003927.

Cryptocurrency traders were surprised today as the price of IOT Token rocketed by over 370%. Despite a slight pullback, the token was still up 33.59% at press time trading at $0.00206.

The surge is mainly attributed to the successful migration of Helium to Solana Network last week. This move has resulted in the issuance of more than six billion IOT tokens.

Protocol token for Helium’s internet-of-things platform

Most investors are familiar with Helium’s native token, HNT, which has also been performing well in the days following the migration.

Helium also has another token, IOT, which is the protocol token for the company’s internet-of-things platform. IOT tokens are mined from Helium’s hotspots, the hardware infrastructure of the IOT network.

IOT tokens are backed by HNT and can always be exchanged for HNT, with the redemption rate set by a treasury swap smart contract.

Data from Solana’s block explorer shows that six billion IOT tokens are currently in circulation, out of the maximum supply of 200 billion tokens.

The IOT token also got an additional boost after Kamino Finance, the Solana-based decentralized-finance protocol, said it had opened two Helium vaults allowing investors to stake their IOT and HNT tokens.