Helium Network faces one of its most severe crises since launch. Governance proposal HIP-149, published on June 4, introduces four structural changes to the DePIN protocol built on Solana, including the minting of 141 million new $HNT tokens over 36 months, a transition to an activity-based rewards system, and the creation of a seven-member advisory council. The community’s response was immediate and hostile: the token plunged 45% over the past seven days.
Opposition centers on two points. On one hand, $HNT holders argue that issuing new tokens on top of a circulating supply of 182.4 million would represent a 77.3% dilution. On the other, the proposal exposed that the network had been subsidizing the operation of its access points, which critics argue artificially distorted its revenue metrics. Meanwhile, some institutional wallets have already begun liquidating positions: a wallet that received 2.2 million $HNT on June 9 sold 900,000 tokens on the open market within a matter of days.
Faced with the catastrophic scenario, former team members came forward to defend the project’s direction. Former protocol engineer Noah Prince argued that Helium has found its product-market fit, but acknowledged that “the era of subsidies is over.” Abhay Kumar noted that the sale of Helium Mobile to Noble Mobile—acquired by Andrew Yang—relieves real costs for the main network. Both expressed support for incoming CEO Mario Di Dio to lead the protocol’s next phase.
Helium’s current price (HNT) stands at $0.3153, down 45% over the past week. Trading volume rose 35% and is approaching $10 million in the last session. Its market capitalization sits at around $59 million.
Source:Â https://coinmarketcap.com/currencies/helium/
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