The core viewpoint of Messari's Helium research report is that the value of Helium continues to grow, while HNT prices have fallen (63%), which may lead to a highly deterministic price reassessment and the exploration of catalysts that cause price reassessment. Summary of key information about Helium: The number of subscribed users has doubled, and the DC burning volume has increased by 177%. From the upcoming events in the future, there are many positive factors to consider: the August Halving, the upcoming launch of Telefonica and the integration of MHNO, and the continued expansion in Latin America, which Helium believes may trigger a repricing. Messari believes that the continuous destruction of DCs has led to value accumulation, and DC destruction will continue in the future. However, relying solely on DC destruction, HNT's valuation is close to a reasonable level. Messari also provided a calculation table for the valuation. Secondly, including the MVNO business, the total annual revenue of Helium has exceeded $32 million, with MVNO contributing over 85% of the revenue to Helium, highlighting the overlooked value of MVNO. Although MVNO continues to contribute revenue to Helium, it cannot directly create value for HNT holders, so Nova Labs is considering adjusting MVNO to enhance the value of HNT. MVNO can provide more value than current data operator offloading plans, as DC burning is currently 10 times more than MVNO, but the revenue created by MVNO is only 7 times more than DC burning. The conclusion is that considering the potential commercial value of Helium MVNO and the operator's offloading business, Messari believes that the price of HNT is significantly undervalued. The report provides a detailed valuation model. https://(messari.io)/report/look-up-a-helium-valuation-and-catalysts-for-growth