How to convert your IoT and MOBILE tokens to HNT
Since the Solana migration on the 18th of April, hotspot owners will start to earn IoT or MOBILE tokens in their Helium wallet according to HIP proposal HIP52. The IoT or MOBILE token is mined through both data transfer proceeds as well as proof of coverage. So now you have your IoT or MOBILE tokens how do you transfer them to HNT?
Converting to HNT
Protocol tokens like IoT and MOBILE will always be backed by HNT and will convert to HNT. To enable this, each network within the Helium Network is allocated a pool of HNT based on the Network Utility Score. The redemption ratio is set algorithmically by the treasury swap contacts based on this Network Utility Score.
The Helium Wallet App serves as the primary platform for exchanging IOT and MOBILE to HNT. To transfer your IoT or MOBILE tokens follow these steps:
- On the new Helium wallet after transferring over your miners you need to claim your IOT. To do this go to the tab with the Diamond Icon at the bottom. Click filter to ‘show all’ and you should see your miner there.
- Claim your IOT or MOBILE rewards. The migration provided you with some Sol which is needed and should equal about 100 reward claims so it is not recommended you claim rewards daily.
- Once you have your IOT or MOBILE tokens go to the tab selection with the Globe icon. There will be a list of links.
- There are two options to swap IoT or MOBILE tokens to HNT:
- In the Helium wallet app click on the $ tab at the bottom. Here you will see a list of available tokens and the overall value of your wallet. In the middle of the screen, there should be three icons; Deposit, Swap and Send. Click Swap to swap either IoT or MOBILE for HNT based on the availability of the treasury. (The exchange rate using this method will be somewhat less compared to other options (Such as 4-2).
- In the Helium wallet click on the globe icon at the bottom of the app. Here you can use third-party exchanges to convert your currency. At the top of the search bar you can type in one of the following: https://jup.ag https://www.orca.so https://radium.io Here you will need to link your wallet to exchange.