Helium is a wireless network built and owned largely by ordinary people. Individuals install “hotspots” at homes and businesses, those devices provide connectivity (long-range LoRaWAN for sensors, and Wi-Fi/cellular offload for phones), and operators earn the network’s token, HNT, for coverage and data they carry. Helium is the best-known example of DePIN, short for decentralized physical infrastructure networks. It moved onto Solana in 2023, simplified back to a single reward token in 2025, and in 2026 saw its consumer phone plan business sold to Noble Mobile. Here is how it all fits together, and what has changed since older guides were written.
For the bigger picture, see the Coin Directory: it compares the options and points to the next guide to read.
What Is Helium?
Think of Helium as two layers. The physical layer is hardware: hundreds of thousands of hotspots installed over the years, plus newer Wi-Fi access points that phones can roam onto. The economic layer is HNT, a token on Solana that rewards people for deploying and running that hardware, and that customers burn (via “Data Credits”) to pay for using the network.
- Two networks, one token: the IoT network (LoRaWAN, for trackers and sensors) and the Mobile network (Wi-Fi hotspots that offload phone traffic). Since January 2025, both pay rewards in HNT.
- Runs on Solana: Helium retired its own blockchain in April 2023; HNT is now an SPL token.
- Fixed supply: HNT has a maximum supply of 223 million, with emissions that halve every two years.
- Staking exists, but differently: you lock HNT as veHNT for voting power and delegation rewards; there are no validators to pick.
- 2026 shake-up: Nova Labs sold the Helium Mobile phone-plan business to Noble Mobile and changed CEOs, while keeping the core network and carrier offload work.
History: From a Napster Founder’s Startup to DePIN Pioneer
Helium, Inc. was founded in 2013 by Amir Haleem, Shawn Fanning (the creator of Napster) and Sean Carey. The original goal was a low-power network for connected devices. Early attempts to sell that network the traditional way struggled, so the company turned to a crypto incentive model: anyone could buy a hotspot, plug it in, and earn tokens for providing coverage.
The Helium blockchain launched in 2019 using a “Proof-of-Coverage” system, in which hotspots challenged and witnessed each other’s radio signals to prove they were providing real coverage. Hotspot sales took off during the 2021 bull market, and the network grew into one of the largest LoRaWAN deployments in the world by gateway count.
The growth came with criticism. In 2022, reporting showed that some companies Helium listed as users had minimal or no relationships with the network, and that actual data usage was tiny compared with the number of hotspots. Critics argued that most rewards were paying for coverage nobody used. The company rebranded to Nova Labs in March 2022 and raised $200 million, led by Tiger Global and Andreessen Horowitz, with plans to expand into 5G.
Key milestones since then:
- 2022 (HIP 51-53): governance created separate “subDAOs” with their own tokens, IOT and MOBILE, alongside HNT.
- April 2023: after the HIP 70 vote, Helium moved from its own chain to Solana.
- 2023-2024: Helium Mobile launched consumer phone plans running on T-Mobile’s network plus Helium hotspots, later including a free “Zero” plan, and the community shifted mobile coverage from CBRS radios to Wi-Fi.
- January 2025: the SEC sued Nova Labs over hotspot sales and partner claims. In April 2025 the SEC agreed to drop the unregistered securities claims, and Nova Labs settled the remaining matter for $200,000 without admitting or denying wrongdoing.
- January 2025 (HIP 138): “Return to HNT” stopped IOT and MOBILE emissions and moved all rewards back to HNT.
- June 2026: Andrew Yang’s Noble Mobile acquired the Helium Mobile subscriber business; Amir Haleem became chairman of Nova Labs and Mario Di Dio became CEO. Free-plan users were reported to be moving to a paid plan.
The older version of this page described IOT and MOBILE as active reward tokens and Helium Mobile as a Nova Labs product. Both statements are now out of date.
How Helium Works Today
For IoT devices: a sensor (say, a pallet tracker or a water-leak detector) sends a small packet over LoRaWAN. Any nearby Helium IoT hotspot picks it up and forwards it to the device owner’s server. The device owner pays in Data Credits, which are created by burning HNT at a fixed US-dollar rate. That burn is the main link between real usage and the token.
IoTeX is another DePIN-focused network; our IoTeX (IOTX) explainer covers ioID, W3bstream, IOTX staking, the February 2026 ioTube exploit and how it compares with Helium.
For phones: Helium Mobile hotspots are Wi-Fi access points that compatible phones can join automatically. When a carrier subscriber’s phone uses one, the traffic is “offloaded” from the carrier’s cell network. Operators are rewarded based on verified data carried, and Helium has pursued offload arrangements with carriers beyond its own phone plan. Governance proposals in 2025 and 2026 have shifted rewards further toward actual data transferred rather than mere coverage.
Governance: changes are made through Helium Improvement Proposals (HIPs), voted on by veHNT holders. This is how the 2023 Solana move and the 2025 return to HNT happened.
Tokenomics: HNT Supply, Burns and Halvings
| Item | Detail |
|---|---|
| Max supply | 223 million HNT |
| Emissions | Set by schedule, halving every two years (most recently August 2025) |
| Burn | HNT is burned to create Data Credits, which pay for network usage |
| Reward currency | HNT for all networks since HIP 138 (January 2025) |
| Legacy tokens | IOT and MOBILE no longer emitted; past rewards remain claimable and swappable via the Helium treasury |
The model is a “burn-and-mint” design: if usage grows, more HNT is burned, which can offset or exceed emissions. In practice, burns have historically been a small fraction of emissions, so the token’s scarcity story depends heavily on whether real data usage keeps growing. Our tokenomics guide explains how to read these numbers.
Helium Staking Rewards: How veHNT Works
Helium has no validators to delegate to, so “staking” means locking HNT into a vote-escrow position called veHNT through the Helium Vote app or a wallet that supports it.
- Get HNT into a Solana wallet such as the Helium Wallet or Phantom (see our Phantom review).
- Open Helium Vote from the official Helium site and connect your wallet.
- Create a lock. Choose an amount and a lockup period. Longer locks give more voting power. You can choose a “decaying” lock (the countdown starts immediately) or a “constant” lock (it does not count down until you start unlocking).
- Delegate the position to a subnetwork to become eligible for delegation rewards. A position must be delegated for a full epoch to earn that epoch’s rewards.
- Claim manually. Rewards do not auto-compound; you claim them, and you must claim before undelegating.
- Renew when required. Delegations have expiry dates tied to the emissions calendar, so check the app periodically and re-delegate if your position has lapsed.
Reward rates change with total HNT locked and the emissions schedule, so any fixed APY you see quoted online is a snapshot at best. The bigger risk is the lockup: your HNT cannot be sold until the lock expires, and HNT’s price can move a long way in that time. If you are comparing options, our staking guide covers lockups and opportunity cost.
How to Buy HNT
HNT is listed on major exchanges including Coinbase, Kraken and Binance (availability varies by country). Buy with a limit order if spreads look wide, then decide where to keep it. If you plan to stake, withdraw to a Solana wallet and select the Solana network; HNT has not lived on its own chain since 2023, so any exchange still showing a “Helium mainnet” option is outdated. Keep a little SOL in the wallet for transaction fees.
For exchanges, Solana wallets and how hotspot rewards fit in, follow our step-by-step guide on how to buy Helium (HNT).
Is Running a Helium Hotspot Still Worth It?
For most people buying hardware today, earnings are modest and uncertain. IoT hotspot rewards depend on placement and real device traffic, which is thin in many areas. Mobile Wi-Fi hotspots earn based on verified offloaded data, so a unit in a quiet suburb may earn little while one in a busy venue can do better. Before buying, look up existing hotspots near you on a Helium explorer, estimate the foot traffic, and assume rewards will fall over time as halvings continue. Do not buy a hotspot from a reseller promising fixed monthly income.
Why Helium Matters, and the Risks
Helium proved that token rewards could fund physical infrastructure quickly, a model now copied in GPU compute (see our Render guide), storage (Filecoin) and mapping. It also showed the weakness: incentives can build coverage faster than demand appears.
Helium is not the only DePIN project paying for home infrastructure; our Grass crypto explainer covers a Solana network that pays people for spare internet bandwidth.
Holo also pitches paid hosting by ordinary users; how Holo hosting and HoloFuel are meant to work explains why HOT is an IOU and the migration risks for holders.
Decentralized storage is another DePIN niche; our FIL forecast for 2026 reviews Filecoin’s supply changes, with scenarios offered as speculation.
- Demand risk: the token only has lasting value if paying customers use the network.
- Company concentration: Nova Labs still drives development, and its strategy has changed several times.
- Business transition: the Helium Mobile sale means consumer phone-plan growth is now in another company’s hands.
- Regulatory history: the 2025 SEC case was largely dropped, but hotspot-sale programs remain a legal gray area in some jurisdictions.
For scenario-based price thinking, see our HNT price prediction.
FAQ
Are IOT and MOBILE tokens still used?
No new IOT or MOBILE tokens are being emitted. HIP 138, deployed in January 2025, returned all network rewards to HNT. Previously earned IOT and MOBILE rewards remain claimable, and holders can swap them for HNT through the Helium treasury mechanism. Check the official Helium documentation for the current conversion process.
Who owns Helium Mobile now?
In June 2026, Noble Mobile, the T-Mobile-based carrier founded by Andrew Yang, acquired Helium Mobile’s subscriber business. Nova Labs kept the underlying Helium Network and its carrier offload business. Existing subscribers were told they could keep their numbers, while users of the free plan were reported to be moving to a paid plan.
How do I earn Helium staking rewards?
Lock HNT into a veHNT position through Helium Vote, delegate it to a subnetwork, and claim rewards manually after each epoch. Longer locks give more voting power. Rates vary with total HNT locked and the emissions schedule, and delegations expire periodically, so re-check your position rather than assuming it keeps earning indefinitely.
Is HNT on Solana or its own blockchain?
HNT has been a Solana SPL token since the network migrated in April 2023. When withdrawing from an exchange, select Solana and send to a Solana wallet address. You will need a small amount of SOL to pay transaction fees when staking or moving HNT.
Crypto is volatile and risky; this is education, not financial advice. Do your own research.
