Most of the crypto market is in the red. Theta Network (THETA) and Theta Fuel (TFUEL) are among the few winners who oppose this trend – why is that?
In large parts of the crypto space there are currently price drops – not so in the theta ecosystem. Bitcoin, for example, has lost about four percent compared to yesterday’s trading day and is now trading at $ 31,770 at the time of going to press. Several projects also had to bleed on the altcoin market. The biggest losers included Amp (AMP), THORChain (RUNE) and Kusama (KSM). All three suffered a setback compared to the previous day and lost between 10 and 30 percent of their market capitalization.
One of the few winners of the day is Theta and Tfuel. While almost the entire crypto sector posted price declines, the two crypto currencies continued to climb. In particular, the utility token Tfuel of the streaming protocol is clearly in the plus. Compared to the previous week, Tfuel was able to increase by 17.31 percent.
The price of TFUEL is now at $ 0.6098, close to the latest all-time high of $ 0.6816.
But what is behind this massive price growth in the theta ecosystem?
Theta Mainnet 3.0 is getting closer
The time has come soon: Mainnet 3.0, which the theta community has longed for, is due to launch in less than two weeks. The update includes so-called Elite Edge Nodes and a new TFUEL staking and burning mechanism introduced.
Elite Edge Nodes are critical components when it comes to ensuring global coverage of the edge network for the decentralized delivery of data to the streaming protocol. Because they allow video streams to be forwarded via the theta network and reward the node operators with TFUEL in return.
In addition, the expectations of the burning and staking mechanism in particular should currently boost the price of the utility token. After the upgrade, Edge Nodes can be upgraded to Elite Edge Nodes with a security reserve in Tfuel. As a result, fuel inflation, which is currently 5 percent, will rise by a further 2-4 percent, but a Buring mechanism is intended to counteract this. 25 percent of the fees incurred when using the streaming network are burned. If the theta network can continue its strong growth, the tfuel supply, which is not capped in contrast to the limited THETA, could fall – and the price could climb further if demand remained the same or increased.
But not only this news should currently have a positive impact on the theta ecosystem. A few hours ago the Theta team announced on Twitter that new tools for blockchain developers are to be integrated into Theta.
This should increase Ethereum compatibility dramatically. Among other things, the network is to be integrated into the Metamask wallet. The team of the decentralized streming project wants to make the protocol accessible to the broad Ethereum developer community – among other things, decentralized applications (dApps) can then also be integrated in the network.