Decentralized Physical Infrastructure Networks (DePIN) are revolutionizing connectivity by leveraging blockchain technology. Helium emerges as a leader in this space, particularly after its strategic migration to the Solana blockchain in April 2023. This move, approved by 81% of the community (HIP-70), enabled Helium to streamline operations and focus on scaling its decentralized LoRaWAN network, which now boasts over 700,000 users in the U.S.
Helium’s Unified Token Model: $HNT as the Core (2025 Update)
As of April 2025, Helium transitioned to a unified token model centered on $HNT** (Helium Network Token), discontinuing $IOT and $MOBILE emissions per HIP-138**. Key changes include:
- Simplified Rewards: Hotspot operators now earn rewards exclusively in $HNT.
- Streamlined Governance: $HNT serves as the sole token for network decisions and utility.
Data Credits (DCs): The Engine of Helium’s Network
Data Credits (DCs) are non-tradable tokens ($0.00001 each) used to pay for network services like IoT and 5G connectivity. DCs are minted by burning $HNT via Solana’s Helium Burn and Mint Equilibrium (HBME).
👉 Explore how Data Credits power Helium’s ecosystem
DC Volume Growth
- June 2024: ~$67,500/month
- December 2024: $206,000/month (200% increase)
- Primary Use Case: Mobile data dominates (63% of volume), while IoT fluctuates (1.5%–11.6%).
Network Usage Shifts: Mobile Offload Carriers Rise
Initially led by Helium Mobile, offload carriers gained traction, capturing 67% of DC volume by March 2025.
- Helium Mobile: 63% of total DC volume (2024–2025).
- Offload Carriers: 33.8% (rapid growth).
Data Transmission Trends
IoT vs. Mobile
- IoT: 6 billion packets transferred (Jan 2024–Mar 2025), with a March dip.
- Mobile: 3,798 TB moved since Jan 2024, peaking at 406 TB in December 2024.
Subscriber and Hotspot Growth
- Subscribers: 166,700+ (April 2025), up 31% from January.
- Hotspots: 90,000+ active, with 4,780+ added in Q1 2025.
👉 Discover how Helium hotspots decentralize connectivity
XNET: A Challenger on Solana
Migrating to Solana in August 2024, XNET focuses on B2B mobile carrier offloading. Despite smaller data volumes (19,760 GB vs. Helium’s 201,000 GB), XNET shows 26% monthly growth (Feb 2025).
Key Metrics
- Contributor Growth: XNET (+27% monthly) vs. Helium (-72% in March 2025).
- Rewards per Contributor: XNET surged to $2,143** (4.4x growth), while Helium dropped to **$15.5.
The Future of DePIN on Solana
Helium’s scale and XNET’s agility highlight Solana’s potential for decentralized infrastructure. As competition intensifies, innovations in tokenomics, governance, and network efficiency will shape the next era of DePIN.
FAQ
Q: How does Helium’s token model work post-HIP-138?
A: $HNT is now the sole reward and governance token, replacing $IOT and $MOBILE.
Q: What drives Data Credit demand?
A: Mobile data offloading accounts for 63% of DC volume, reflecting growing 5G adoption.
Q: How does XNET compare to Helium?
A: XNET grows faster in contributor rewards (4.4x vs. Helium’s decline) but lags in total data volume.
Q: What’s next for DePIN on Solana?
A: Expect deeper integration with blockchain tools (e.g., smart contracts) and expanded B2B use cases.
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