The continued positive performance of Bitcoin (BTC) and Ether (ETH) has boosted crypto investor confidence, and many are now digging deeper into projects that have solid fundamentals and real-world use cases.
This week, investors turned to Theta (THETA), a decentralized network that allows users to share bandwidth and computer resources to stream video. In the past two months, THETA price has risen more than 350%, rising from $ 0.66 on December 10th to a new all-time high of $ 3.44 on February 13th.
THETA / USDT 4 hour chart. Source: TradingView
Three reasons for Theta’s recent price growth are the project’s plan to partner with DeFi through Theta DEX, the addition of smart contract features and NFTs to its blockchain, and a growing list of high-level partnerships helping to deliver high quality content for video streaming Network.
Community engagement through non-fungible tokens
After CryptoKitties’ success in the 2017-2018 bull market, non-fungible tokens (NFT) have become a recurring theme in the cryptocurrency sector. Theta’s addition of smart contract features is an attempt to capitalize on this trend.
The Theta Token Minter allows users to create new TNT-20 tokens without the need for a smart contract experience. This simplifies minting new assets on the Theta blockchain, including custom streamer assets and new DApps with their own tokens.
The Token Minter platform also makes it easier for users to trade and process their newly minted tokens.
ThetaSwap DEX brings DeFi-sized returns
Decentralized finance has quickly become a cornerstone of the cryptocurrency ecosystem, prompting projects that take their long-term profitability seriously to build their own DeFi applications.
Theta joined the party and started the decentralized exchange ThetaSwap v1 on February 4th. ThetaSwap allows users to exchange TNT-20 tokens and theta fuel (TFUEL) on a theta basis in a similar way to Uniswap and SushiSwap.
The DEX offers NFT owners the ability to trade their collectibles easily and securely by integrating the Theta Chrome wallet extension, available in both the Chrome and Brave browsers.
Future upgrades to ThetaSwap will add support for packaged tokens, including a packaged form of theta similar to wETH or wBTC, as well as the possible addition of several stable coins whose issuers have already expressed an interest in minting TNT20 forms of their assets.
Well-known partnerships increase the THETA price
The third reason for the improvement in THETA’s fundamentals is the increase in well-known partnerships.
On February 9, the team announced that entertainment powerhouse Lionsgate, home to popular movie titles like John Wick and The Hunger Games, would join the theta ecosystem. The partnership begins with evening film screenings from March.
Cointelegraph Markets Pro – VORTECS ™ Score (green) vs. THETA price
Data from Cointelegraph Markets Pro shows that Theta’s price fell on February 6th after a bullish breakout that appears to be the result of ThetaSwap’s February 5th release.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
On February 9th, the news about the Lionsgate partnership broke and on February 10th the VORTECS ™ value climbed to 80, whereupon THETA’s current rally followed its all-time high of $ 3.49.
Other notable theta partners include NASA, which hosts a channel for live stream rocket launches and, most recently, a live feed from a Mars rover. World Series of Poker has also joined Theta and its channel provides non-stop coverage of the World Poker Tour.
A rising tide lifts all boats
Theta’s entry into DeFi, the steady addition of well-known streaming partners and the strength of the current Crypto Bull market point to a growing ecosystem that is only now showing its true potential.
With the US State Department of Delaware recently filing an application for a Grayscale Theta Trust LLC, altcoins price increases may only just begin as bitcoin and altcoins increasingly attract mainstream investor attention.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.
