Helium

Thesis

Helium is the most proven DePIN project with real usage. Data Credit burns increased 196.6% QoQ, with Helium Mobile driving 99.6% of burns. The mid-2026 HNT utility migration consolidates all fees into HNT and Data Credits, strengthening tokenomics. Helium Plus expansion enables Wi-Fi monetization without new hardware, lowering the barrier to entry. The $50M grant initiative targets high-traffic urban deployment. The network has scaled to nearly 1M hotspots across 192 countries. Weakness. Helium is already well-known and accessible on major exchanges (low hard-to-buy score), which reduces the asymmetric opportunity. The mobile carrier business model faces competition from T-Mobile, AT&T, and other established players. Revenue growth must continue to justify token valuations.

Catalysts

• +Mid-2026 HNT utility migration consolidating all fees into HNT
• +Helium Plus expansion for Wi-Fi monetization without new hardware
• +$50M grant initiative targeting high-traffic urban deployment
• +DC burns up 196.6% QoQ indicating accelerating usage

Risks

• -Competition from established mobile carriers (T-Mobile, AT&T)
• -Already well-known. Limited contrarian edge remaining
• -Hardware-dependent growth model has scaling friction
• -Regulatory risk in wireless spectrum usage across jurisdictions

Common questions