The Theta network is a protocol that allows users to view digital content, such as esports, using the blockchain. The protocol’s native token THETA rose 180% from $ 0.867 to $ 1.92 within two weeks between December 20 and January 2 to even Bitcoin (BTC), which continues to rise to new price discovery heights.
The Theta Mainnet 3.0 roadmap was the main catalyst
Typically, blockchain protocol native tokens tend to increase in value following high profile announcements.
Theta has released its plans to Theta Mainnet 3.0 in Spring 2021. The protocol upgrade will enable the network to record live video and enable live streaming, in addition to viewing other videos on the platform.
The development team behind Theta Mainnet 3.0 explained that the “EdgeCast” technology would allow live streaming without a central server. The team explained:
“This new fully decentralized technology stack adds the ability to record live video, transcode it in real time, cache it and relay live stream video data to users worldwide – all through Theta’s P2P edge network managed by thousands of community members. No central server or service is used in this pipeline. “
Two major components in this mainnet release are the introduction of Elite Edge Nodes and TFuel Burning.
Simply put, Elite Edge Nodes tokenize Internet bandwidth. By turning off Theta Fuel (Tfuel), another native token of the Theta blockchain, users can earn more Tfuel. This process is called uptime mining.
In fact, Tfuel was broadcast to existing Theta Token holders in 2019 when it launched. Theta Token is the blockchain governance token and Theta fuel is the gas token used to pay transaction fees on the protocol.
The Tfuel combustion mechanism could further reduce the supply of Tfuel as it burns the supply of Tfuel with the revenue from fees on the protocol.
The combination of Elite Edge Nodes and Tfuel combustion make Tfuel more attractive, which of course reinforces the sentiment around Theta Token.
Other announcements were also key
On December 19, Theta disclosed the Theta Wallet Chrome extension on the Google Chrome website. This essentially allows users to use the wallet like Metamask, interacting with the Theta platform.
Before that, on December 11th, Theta completed a major protocol upgrade, releasing smart contracts on the mainnet. The team said at that moment:
“The protocol upgrade is a success! New features, including smart contracts and betting minutes of up to 1,000 THETA, have now been implemented on the chain, and the Theta Wallet and Explorer have been updated. “
Due to the consecutive release of highly anticipated announcements, Theta is one of the best performing cryptocurrencies next to Polkadot (POINT). Analysts at Santiment noted:
“The end of 2020 and the beginning of 2021 were excellent for #crypto as the most profitable investment asset of the past decade, #Bitcoin, is on the brink of $ 30,000. In addition to the 20% week, $ DOT, $ THETA, $ DOGE and $ STX even better. “