Theta’s price rose 180% in just two weeks, as several highly anticipated advertisements were behind the high
Why the price of THETA went up 180% in a fortnight, surpassing even the BitcoinANÁLISE OF MARKET
Theta Network is a protocol that allows users to watch digital content, such as e-sports, using the blockchain. The native Theta protocol token has increased 180% from $0.867 to $1.92 within two weeks between December 20 and January 2 to overcome even Bitcoin ( BTC ), which continues to rise to new price records.
1 day candle chart THETA / USDT (Binance). Source: TradingView.com
Theta Mainnet 3.0 roadmap was the main catalyst
Typically, native blockchain protocol tokens tend to increase in Bitcoin Cycle review value after high profile ads.
Theta announced its plans to launch Theta Mainnet 3.0 in the spring of 2021. The protocol upgrade allows the network to capture 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 „EdgeCast“ technology would allow live streaming without a central server. The team explained:
„This new fully decentralised technology adds the ability to capture live video, transcode it in real time, cache and retransmit live video data to users around the world – all via Theta’s state-of-the-art P2P network managed by thousands of community members. No server or central service is used in this pipeline. ”
Two main components in this mainnet version are the introduction of Elite Edge nodes and TFuel recording.
Simply put, Elite Edge nodes tokenize the Internet bandwidth. By betting Theta fuel (Tfuel), which is another native Theta blockchain token, users can win more Tfuel. This process is called business time mining.
Tfuel was essentially transferred to Theta Token holders in 2019 when it was released. Theta Token is the blockchain’s governance token and Theta fuel is the gas token used to pay transaction fees in the protocol.
The Tfuel burning mechanism could further reduce the supply of Tfuel as it burns the supply of Tfuel with the revenues from the fees in the protocol.
The combination of Elite Edge Nodes and Tfuel burning makes Tfuel more attractive, which naturally improves the feeling around Theta Token.
Other announcements were also important
On December 19, Theta unveiled the Theta Wallet Chrome extension on the Google Chrome website. This essentially allows users to use the wallet as Metamask, interacting with the Theta platform.
Before that, on 11 December, Theta completed a main protocol update, launching smart contracts on the main network. The team said at the time:
„The protocol update is a success! New features, including smart contracts and a minimum bet of 1,000 THETA are now implemented onchain, and Theta Portfolio and Explorer have been updated. ”
Due to the consecutive release of highly anticipated advertisements, Theta has been one of the best performing cryptomaps alongside Polkadot (DOT). Santiment analysts noted:
„The end of 2020 and the beginning of 2021 were excellent for #crypto, as the most profitable investment asset of the last decade, #Bitcoin, is close to $30,000. In addition to the 20% week, $ DOT, $ THETA, $ DOGE and $ STX performed even better. ”