Decentralized Physical Infrastructure Networks (DePIN) are revolutionizing how connectivity is built and accessed. Among the various DePIN projects, Helium stands out as a trailblazer, notably through its transition to the Solana blockchain in April 2023. Helium's migration from its original Layer-1 blockchain followed an overwhelming 81% community approval vote (HIP-70) in September 2022. This strategic shift allowed Helium to scale efficiently, focusing on core network capabilities rather than managing extensive blockchain infrastructure.
Abhay Kumar, CEO of the Helium Foundation, clearly explains the reasoning behind this transition during his interview with SolanaFloor:
“It's because I didn't want to build all of the other stuff that you need on an L1. I didn't want to build the capital markets, lending markets, wallet integrations, node integrations, and all these auxiliary systems. Using Solana is much simpler for a project like ours, allowing us to concentrate on our primary strength—which is building a wireless network and enabling this sort of economy.”
By leveraging Solana, Helium rapidly scaled operations, becoming the largest decentralized LoRaWAN network globally, with over 700,000 users in the United States.
Helium's Unified Token Model: $HNT at the Center (April 2025)
As of April 2025, the Helium Network has transitioned to a unified token model centered around $HNT (Helium Network Token). This change, implemented through Helium Improvement Proposal 138 (HIP 138), ceased the emissions of the $IOT and $MOBILE tokens in January 2025.
What Changed?
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Unified Rewards: All hotspot operators, whether providing LoRaWAN (IoT) or 5G coverage, now receive rewards exclusively in $HNT.
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Simplified Governance: $HNT serves as the sole token for network governance and utility, streamlining the ecosystem.
Understanding Data Credits: Fueling the Helium Network
Data Credits (DCs) are crucial to Helium's network functionality. These non-tradable tokens, pegged at a fixed value of $0.00001 each, are used exclusively to pay for data transfer and network services such as IoT and 5G connectivity. Users mint DCs by burning $HNT tokens via the Helium Burn and Mint Equilibrium (HBME) mechanism on Solana.
According to Flipside data, DC volume has surged significantly. Monthly DC volume soared from approximately $67,500 in June 2024 to over $206,000 by December 2024, marking a staggering 200% growth. Notably, the largest share of DC volume has consistently come from Mobile, overshadowing IoT, whose share fluctuated modestly between 1.5% to 11.6%.
Shifts in Network Usage: Mobile Offload Carriers Gaining Ground
Initially, Helium Mobile dominated DC volume. However, this landscape began shifting in September 2024 by Mobile Offload Carriers. By March 2025, offload carriers accounted for more than 67% of total DC volume.
Overall, from January 2024 onwards, Helium Mobile still holds the majority, accounting for 63% of DC volume, while Mobile Offload Carriers quickly rose to capture 33.8%.
Data Transmission Trends: A Mixed Picture
Examining data transfer trends further highlights Helium's substantial network growth. IoT message transfers topped over 6 billion packets from January 2024 onward, although a noticeable dip was recorded in March.
In contrast, Mobile data transfers demonstrated consistent growth, reaching approximately 406 TB in December 2024 alone. Remarkably, the total mobile data transferred in Q1 2025 surpassed 1,087 TB, culminating in a colossal 3,798 TB of mobile data moved since January 2024.
Subscriber and Hotspot Growth Metrics
Subscriber growth remains robust. As of April 2025, Helium Mobile boasts over 166,700 subscribers—a 4% increase from March and a substantial 31% jump from January 2025. February 2025 alone saw an influx of more than 17,600 new subscribers, the highest monthly addition so far in the year.
Parallel to subscriber growth, hotspot onboarding has significantly increased. January 2024 marked an all-time high, with over 3,580 new hotspots onboarded. In Q1 2025, the network added more than 4,780 new hotspots. The initial two weeks of April alone saw 1,639 new hotspots added, reflecting a 12.4% growth rate. Currently, the Helium network consists of approximately 90,000 hotspots.
XNET: A Rising Competitor on Solana
XNET, another prominent DePIN project, migrated to Solana in August 2024. XNET's primary focus lies in providing decentralized wireless connectivity for B2B use cases, particularly mobile carrier data offloading.
XNET incentivizes operators to deploy specialized Wi-Fi hotspots, known as "Passpoints," rewarding them with $XNET tokens based on network coverage and data throughput.
Comparing XNET and Helium: Key Metrics
While XNET trails significantly behind Helium in offload data volume—19,760 GB compared to Helium’s 201,000 GB as of February 2025—it exhibits substantially faster growth.
XNET’s offload data volume increased 26% month-over-month in February 2025, dwarfing Helium’s modest 0.84% growth.
Contributor growth also strongly favors XNET, consistently showing monthly increases between 2.5% to over 27%. Conversely, Helium has faced declining contributor numbers, including an 11.8% drop from December to January and a sharp 72% decrease in March 2025.
One of the most compelling metrics is the Rewards per Contributor. Between October 2024 and March 2025, XNET’s rewards surged from $482 to over $2,143 per contributor—a remarkable 4.4x growth. Meanwhile, Helium experienced a stark decline, with rewards dropping by 68% from approximately $49 to $15.5 per contributor in the same timeframe.
The Future of DePIN on Solana
Both Helium and XNET exemplify the transformative potential of decentralized infrastructure networks. While Helium maintains dominance with its established network scale, XNET’s rapid growth trajectory suggests vibrant competition ahead. As DePIN continues to evolve, leveraging blockchain platforms like Solana, the future promises significant opportunities for decentralized connectivity and infrastructure innovation.
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