Helium Mobile, the low-cost phone plan with a unique cryptocurrency rewards system, has witnessed a significant surge in new sign-ups attributed to the soaring price of its native MOBILE token. The company recently implemented rule adjustments to tackle suspicious account activity.
New terms for MOBILE token rewards
In response to the unprecedented demand, Helium Mobile updated its terms of service on December 18, introducing an eight-day waiting period for new subscribers before they can claim MOBILE tokens earned through the Discovery Mapping location-sharing feature. This move aims to address challenges arising from the rapid growth of Helium’s partially crowdsourced cellular network.
Crypto rewards and growing pains
Helium Mobile operates on a blend of T-Mobile towers and its own hotspots hosted by individuals. Both hotspot operators and phone subscribers engaging in location tracking through Discovery Mapping receive MOBILE tokens as payment. With subscribers currently earning over 2,000 MOBILE tokens daily, the cryptocurrency’s price surge, exceeding 2,000% this month, has intensified interest in Helium Mobile’s services.
The booming MOBILE token price has led to a substantial increase in new customers and heightened activity on the mapping service. On a recent Sunday, more than 6,700 wallets received MOBILE rewards, marking a doubling from the previous week, according to data from Helium Geek.
Coco Tang, director of product for Helium Mobile’s parent company Nova Labs, acknowledged the influx of new sign-ups, noting that some were more suspicious than others. An observed pattern involved users farming MOBILE tokens for seven days, canceling their phone plans, and walking away with a full refund along with potentially substantial MOBILE token gains. In response, Helium Mobile has implemented changes to curb this exploitation of the rewards program.
Conclusion
The surge in Helium Mobile sign-ups fueled by the meteoric rise in MOBILE token prices reflects the growing popularity of cryptocurrency-based rewards systems. With rule adjustments aimed at maintaining the integrity of its offerings, Helium Mobile seeks to strike a balance between accommodating its expanding user base and preventing misuse of its unique rewards program.