Helium

Helium is a decentralized wireless network, classified as a Layer 1 blockchain, that lets individuals operate physical radio hotspots to provide internet connectivity for low-power devices such as sensors and trackers. It addresses the problem of building wide-area wireless coverage without relying on a single telecommunications company, targeting both device makers who need cheap connectivity and individuals willing to deploy hardware. The HNT token is the native asset used to reward those who provide that coverage.

Hotspot operators deploy physical radio gateways that relay data from connected devices to the internet; in return they earn HNT based on the coverage they provide and the volume of device traffic their gateway handles. The network uses Proof of Stake consensus and, after migrating to the Solana ecosystem, settles on that underlying chain rather than a standalone ledger. HNT is minted on a fixed schedule and distributed to hotspot owners, the Helium organization, and investors at the close of each mining period, which occurs roughly every 30 to 60 minutes.

The protocol recorded fees of 2,296,688 USD over the trailing 12 months, and revenue over the same period is reported at the same figure, meaning the entirety of fees collected flow through as revenue with no apparent split retained separately by a treasury or burned layer distinct from the total. These fees come from devices connecting to the network through hotspots and are distributed to gateway operators as part of the mining allocation. The circulating supply stands at approximately 196.6 million HNT against a maximum supply of 223 million, with supply-vs-max at 88.17 percent, and the fully diluted value equals the market cap because no additional supply beyond circulating is pending or locked.