Back to HNT: What You Need to Know

December 20, 2024

The approval of HIP 138 marks a transformative shift in the Helium Network, returning HNT as the primary reward token across all activities. This decision simplifies the ecosystem, increases the utility of HNT, and enhances the overall user experience for Hotspot deployers, Helium Mobile subscribers, and token holders. Here's an in-depth look at what this change means for the Helium community.

What’s Changing?

Starting January 2025, the emission of MOBILE and IOT tokens ceased, and HNT replaced them as the sole reward token. This move is designed to:

Simplify the ecosystem: Reducing the complexity of multiple tokens creates a smoother user experience.
Enhance HNT utility: By consolidating rewards, HNT’s role in the network strengthens.
Streamline rewards: A unified reward structure supports a cohesive and efficient network.

Here’s how this impacts key stakeholders within the Helium ecosystem:

For Hotspot Owners

IoT Hotspots: As of January 2025, IoT Hotspots transitioned from earning IOT tokens to earning HNT.
Mobile Hotspots: Similarly, Mobile Hotspots shifted from MOBILE rewards to HNT rewards.

This change ensures a consistent reward mechanism for all Hotspot deployers, aligning incentives across the network.

For Helium Mobile Subscribers

Reward Updates: Discovery Mapping and referral rewards are now issued in HNT instead of MOBILE.
Bill Payments: HNT became the default token for paying bills with crypto, although MOBILE payments were still supported.

This transition enhances HNT's role in everyday transactions while maintaining flexibility for existing MOBILE holders.

For Token Holders

HNT Holders

Governance participation remains unchanged for now, but future updates will streamline subnetwork voting without requiring HNT swaps.

MOBILE and IOT Holders

No new emissions: Since January 2025, no new MOBILE or IOT tokens have been emitted.
Token swapping: MOBILE and IOT tokens can be exchanged for HNT via the Helium Wallet or decentralized applications like Jupiter. Centralized exchanges will continue to support MOBILE custody, leaving holders to decide when and how to swap.

Key Questions Answered

What happens to governance?

Governance mechanisms stayed the same initially. However, the community is working on updates to improve governance processes, particularly for subnetworks.

What happens to unclaimed IOT or MOBILE tokens?

Tokens earned before January 2025 remain claimable as IOT and MOBILE. Wallet holders can convert these tokens to HNT at any time using supported platforms.

What were the IOT and MOBILE swap rates?

The final swap rates were only determined after emissions ceased in January 2025 and HNT stopped flowing into network treasuries. Rates could fluctuate, so token holders were encouraged to stay informed and act based on their individual timing.

When should I swap MOBILE for HNT?

The MOBILE-to-HNT swap rate could improve leading up to August 2025, when additional HNT emissions to the Mobile Treasury ended. Timing your swap depends on personal goals and market dynamics.

What can I do with my IOT and MOBILE tokens?

You can convert IOT and MOBILE tokens to HNT using the Helium App or decentralized applications like Jupiter. Tokens can also be transferred or exchanged depending on your needs.

Why This Change?

The Helium community initiated HIP 138 to simplify the network by consolidating rewards into a single token—HNT. This move reduces confusion for both new and existing users while bolstering HNT’s functionality and value.

For a deeper dive into the specifics of HIP 138, the proposal is available on GitHub.

Implementation Timeline

December 6, 2024: Initial emissions to the MOBILE treasury began.
January 2025: Transition to HNT rewards; MOBILE and IOT emissions ceased. Preliminary MOBILE and IOT redemption rates became available.
August 1, 2025: Final HNT emissions to the Mobile Treasury ended, establishing a fixed redemption rate for MOBILE holders.