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The token has lost 20% in the past 24 hours and was recently trading at $2. The delisting, announced Monday, comes ahead of Heliums migration to the Solana blockchain from its own blockchain.

The Helium Network is a decentralized grid of wireless hot spots that aims to provide an alternative to hard-wired internet or mobile data service. The services are powered by cryptocurrencies, and users who participate in the network receive rewards for doing so. HNT is earned when hot spots provide and validate wireless coverage and transfer data over the network.

While the Helium Foundation is disappointed that Binance.US has decided to take this action in advance of the migration, we understand their position, the foundation said. Heliums migration to Solana is significant, and a first for the industry on par with Ethereums transition from proof-of-work to proof-of-stake.

The foundation said the transition to Solana is proceeding as planned. The migration takes effect on March 27.

The move comes after the projects initial exponential growth in adoption slowed and it suffered accusations of lying about key partnerships and its profitability. Founder Amir Haleem responded in a tweet thread saying Helium doesn't have any commercial relationships with entities using the network. Rather, it evangelizes[s] the network to help them develop applications.

HNT will remain listed on Binances international exchange.

See the article here:

Helium's HNT Crypto Token Slides to 2-Month Low After Binance.US Delisting Announcement - CoinDesk