This week was marked by strong tech earnings and mixed economic signals. We saw a major move in the crypto marketplace, with the Helium network native token—HNT—surging 16.7%. This upward movement followed an announcement from the Helium Foundation about voting results and plans for re-voting on a key proposal.
The Helium Network is a decentralized blockchain ecosystem launched in 2019 that allows efficient and privacy-focused connectivity between the Internet of Things (IoT). It operates through over 25k hotspots and nodes using the LoRaWAN protocol. Addressing popular IoT platforms’ privacy concerns aims to revolutionize the world of IoTs.
Market momentum is driven by governance developments
According to the statement released by Helium Foundation, there were mixed outcomes shown after votes were cast for proposals submitted before it; IOT had over 91% approval rating while MOBILE got approved with the same percentage, but low turnout led to failure for HNT. They have, therefore, called for another vote on this issue so as not to leave out any member who may want to participate in shaping the future of the network through such proposals.
Additional results from the voting process included the non-approval of HIP112, which only managed 42.52% “yes” votes against the required threshold, and the passing of HIP117, which added MNTD as the new hotspot vendor for the MOBILE subnetwork, having received an overwhelming 93.88%.
These changes in governance have caused ripples across various markets, indicating the importance communities play within them and what could be achieved should they make decisions like those seen at Helium Foundation. Thus, these decisions can affect the value or directionality associated with decentralization networks such as this one, which stacks a Nakamoto upgrade that improved Bitcoin’s layer 2 capabilities through a hard fork.
Stacks Nakamoto Upgrade: Enhancing Bitcoin’s Layer 2 Capabilities
A major development has occurred within the Stacks community as they prepare for their biggest hard fork ever—the Nakamoto upgrade. This ambitious move aims to make Stacks a true layer of two solutions while improving its ability and potentially expanding Bitcoin’s usefulness in decentralized finance (DeFi) applications.
During this Nakamoto upgrade, block times will be reduced from 10 minutes to between five and ten seconds, which will increase transaction finality and make them less vulnerable against reorgs. Trust Machines supports these upgrades that show signs of using Bitcoin for things other than what it was traditionally known for, thus creating room for new use cases around the ecosystem.
Additionally, Stacks does not work with Ethereum Virtual Machine (EVM) but plans to integrate with other networks such as Near Protocol, Solana, and Aptos, thereby encouraging interoperability among various systems while expanding their reach beyond Ethereum. The hard fork is expected in early June; this marks one critical phase in the stacks’ growth journey and may also open up fresh fronts where bitcoins can find utility within the DeFi space.
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