Helium IoT Network Token
IOT was the initial protocol token of the Helium IoT Network. IOT was introduced to the Helium Network through the community proposal HIP-52 and was further defined in subsequent HIPs(1,2). The first IOT tokens were minted following the Solana migration on April 18, 2023.
Network participants are directly rewarded in HNT tokens from the HNT awarded to the IOT Network by the utility score.
IOT Tokens remain redeemable for HNT via the Subnetwork Treasury pool allocated during the IOT emission period.
Token Brief
The IOT token was earned by LoRaWAN Hotspots through both data transfer proceeds as well as Proof of Coverage. IOT tokens could also optionally be earned from locking HNT tokens to participate in Helium IOT Network governance.
The mint address for IOT is iotEVVZLEywoTn1QdwNPddxPWszn3zFhEot3MfL9fns on the
Solana blockchain.
Redemption for HNT
Protocol tokens like IOT will always be backed by HNT and will convert to HNT even after the return to issuing HNT rewards directly. 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 treasury swap contracts. It can be calculated easily by dividing the current total amount of IOT tokens in existence by the current amount of HNT in the IOT Network treasury. The result tells how many IOT is required to be burned to receive each HNT token from the network treasury.
Now that the IOT token has ceased minting and there is no distribution of HNT to the IOT treasury then the redemption or floor rate of IOT to HNT is stabilized. And for as long as there is HNT in the IOT treasury then the IOT token will have a value.
No automatic or required migration from IOT to HNT is planned.
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.
Token Allocation
IOT follows a similar minting schedule to HNT, however at a max supply of approx 70,000,000,000 (70B), post HIP-138.
Year 1 for IOT started on August 1st, 2022. Actual emissions did not start until April 18th, 2023.
The issuance was scheduled to have halvings every 2 years, aligning with HNT issuance halvings. From January 2025 the emissions percentages will remain the same but rewards will be directly in the HNT Token.
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 |
|---|---|---|---|---|---|---|---|
| 1 (2022-8) | 5B | 65B | 30% | 50% | 7% | 7% | 6% |
| 2 (2023-8) | 70B | 32.5B | 28.5% | 51.5% | 7% | 7% | 6% |
| 3 (2024-8) | 102.5B | 32.5B | 27% | 53% | 7% | 7% | 6% |
| 3 (2025-1) | 118B | As HNT | 27% | 53% | 7% | 7% | 6% |
| 4 (2025-8) | N/A | As HNT | 25.5% | 54.5% | 7% | 7% | 6% |
| 5 (2026-8) | N/A | As HNT | 24% | 56% | 7% | 7% | 6% |
| 6 (2027-8) | N/A | As HNT | 22.5% | 57.5% | 7% | 7% | 6% |
| 7 (2028-8) | N/A | As HNT | 21% | 59% | 7% | 7% | 6% |
Full token emissions can be viewed in the IOT section of this document: Token Emissions as of Solana Migration.