In a significant shift for the Helium project, founder Amir Haleem has announced the discontinuation of the token buyback program. This decision comes in response to a lack of meaningful market engagement with the buybacks, prompting a reevaluation of resource allocation. The source notes that this move aims to better align the project's resources with its long-term goals.
Haleem's Insights on Market Conditions
Haleem shared his insights in a recent social media update, stating that the current market conditions render the buyback strategy inefficient. Instead, he plans to focus on reinvesting the revenue generated from Helium and its mobile business, which reported $34 million in revenue last October, into initiatives aimed at business growth.
New Strategy Focus Areas
The new strategy will prioritize:
- increasing the number of Helium Mobile subscribers
- expanding the Helium network
- improving operator offload usage
Data Credit Mechanism and Market Challenges
Despite the changes in the buyback program, Haleem assured that the data credit mechanism will remain operational, with data credits for operator offload activities continuing to be burned. Notably, the price of HNT has plummeted by 75% over the past year, reflecting the challenges faced by the project in the current market landscape.
In a recent development, the MNDE project has paused its buyback program to focus on mSOL accumulation, contrasting with Helium's decision to discontinue its buyback strategy. For more details, see read more.
