Helium IoT Network Token
IOT is the protocol token of the Helium IoT Network. IOT was introduced to the Helium Network through the community proposal HIP-52 and is further defined in subsequent HIPs(1,2). The first IOT tokens were minted following the Solana migration on April 18, 2023.
The IOT token is mined by LoRaWAN Hotspots through both data transfer proceeds as well as Proof of Coverage.
The mint address for IOT is
iotEVVZLEywoTn1QdwNPddxPWszn3zFhEot3MfL9fns on the
Redemption for HNT
Protocol tokens like IOT will always be backed by HNT and will convert to HNT. To enable this, each network within the Helium Network is allocated a pool of HNT based on the Network Utility Score. The redemption ratio is set algorithmically by the treasury swap contacts based on this Network Utility Score.
The Helium Wallet App serves as the primary platform for exchanging IOT to HNT. This transaction can also be performed directly through the Solana blockchain using the open-source tooling found in the Helium GitHub repositories.
IOT follows a similar minting schedule to HNT, however at a max supply of 200,000,000,000 (200B).
Year 1 for IOT started on August 1st, 2022.
The issuance is scheduled to have halvings every 2 years, aligning with HNT issuance halvings.
The emissions schedule was created in HIP-52 and confirmed in HIP-77 and is as follows:
|Year||IOT at Year Start||IOT Minted||Proof of Coverage (3)||Data Transfer (3)||Oracles (4)||Operations Fund||veHNT Stakes|
Full token emissions can be viewed in the IOT section of this document: Token Emissions as of Solana Migration.
- HIP-70: Scaling the Helium Network↩
- HIP-77: Solana Parameters↩
- Oracles are not rewarded until additional Oracle operators deploy services.↩
- Any IOT not rewarded for data transfer is rolled into Proof of Coverage.↩