This week witnessed robust tech earnings and a mix of economic indicators. In the crypto realm, the native token of the Helium network, HNT, surged by 16.7% following announcements from the Helium Foundation regarding voting outcomes and plans for re-voting on a crucial proposal.

The Helium Network, established in 2019, operates as a decentralized blockchain ecosystem facilitating efficient and privacy-centric connectivity for the Internet of Things (IoT). With over 25,000 hotspots and nodes utilizing the LoRaWAN protocol, it addresses privacy concerns prevalent in mainstream IoT platforms, aiming to revolutionize the IoT landscape.

Market dynamics were influenced by governance updates, as highlighted in the Helium Foundation's recent statement. Despite IOT and MOBILE proposals receiving over 91% approval, HNT proposal failed due to low voter turnout, prompting a re-vote. Notably, HIP117 passed with an overwhelming 93.88% approval, introducing MNTD as the new hotspot vendor for the MOBILE subnetwork.

These governance shifts have reverberated across markets, underscoring the significance of community engagement in decentralized networks. Such decisions can impact the trajectory and value of networks like Helium, akin to the Nakamoto upgrade enhancing Bitcoin's layer 2 capabilities through a hard fork.

The Stacks community is gearing up for its most significant hard fork, the Nakamoto upgrade, aimed at transforming Stacks into a robust layer 2 solution. This upgrade seeks to enhance transaction finality by reducing block times from 10 minutes to between five and ten seconds, thereby fortifying the network against reorganizations.

Moreover, Stacks plans to integrate with other networks like Near Protocol, Solana, and Aptos, fostering interoperability and expanding its utility beyond Ethereum. Anticipated in early June, this hard fork signifies a pivotal phase in Stacks' evolution, potentially unlocking new opportunities for Bitcoin's integration into the DeFi ecosystem.