The theta network is a protocol that allows users to view digital content such as sports using the blockchain. The protocol’s native token THETA rose 180% from $ 0.867 to $ 1.92 in two weeks between December 20 and January 2, even outperforming Bitcoin (BTC), which continues to hit new highs in pricing.
THETA / USDT 1-day candlestick chart (Binance). Source: TradingView.com
The Theta Mainnet 3.0 roadmap was the main catalyst
Typically, the native tokens of blockchain protocols tend to appreciate in value after high profile announcements.
Theta announced its plans to roll out Theta Mainnet 3.0 in spring 2021. With the protocol upgrade, the network will be able to record live video and enable live streaming, as well as display other videos on the platform.
The development team behind Theta Mainnet 3.0 stated that the “EdgeCast” technology would enable live streaming without a central server. The team stated:
“This new, fully decentralized technology stack offers the ability to record live video, transcode it in real time, cache live stream video data and forward it to users worldwide – all via Theta’s P2P edge network, which is used by thousands of Community members is operated. No central server or service is used in this pipeline. “
Two main components in this mainnet version are the introduction of Elite Edge Nodes and TFuel Burning.
Simply put, Elite Edge Nodes tokenize internet bandwidth. By using Theta Fuel (Tfuel), another native token on the Theta blockchain, users can earn more Tfuel. This process is known as uptime mining.
Tfuel was essentially dumped on existing theta token holders in 2019 when it launched. Theta token is the blockchain’s governance token, and theta fuel is the gas token that is used to pay transaction fees for the protocol.
The Tfuel Combustion Mechanism could further reduce the supply of tfuel as it burns the supply of tfuel with the revenue from the protocol’s fees.
The combination of Elite Edge Nodes and Tfuel Burning makes Tfuel more convincing, which of course boosts the mood around Theta Token.
Other announcements were also important
On December 19, Theta unveiled the Theta Wallet Chrome extension on the Google Chrome website. This allows users to use the wallet like metamask and interact with the theta platform.
Previously, on December 11th, Theta had completed a key protocol upgrade and published smart contracts on the mainnet. The team said at the time:
“The protocol upgrade is a success! New features, including smart contracts and use of at least 1,000 THETA, are now implemented in the chain, and the Theta Wallet and Explorer have been updated. “
Due to the ongoing release of highly anticipated announcements, Theta was one of the top performing cryptocurrencies alongside Polkadot (DOT). Santiment analysts found:
“Late 2020 and early 2021 were excellent for #crypto as #Bitcoin, the most profitable fixed asset in the last decade, is on the verge of $ 30,000. In addition to its 20% week, $ DOT, $ THETA, $ DOGE and $ STX did even better. “