Major ecosystem-centric upgrades play a vital role in altcoin rallies, irrespective of the larger sentiment of the wider cryptocurrency market. Over the last couple of months, one such heated ecosystem has been the Theta protocol.
The Theta ecosystem has seen some exciting price hikes over the last month, ahead of its upcoming Mainnet 3.0 launch scheduled for June 30. In fact, at the beginning of June, Theta and TFUEL saw some major rallies.
What the update constitutes?
The latest step towards Theta’s mainnet launch is the project announcing the Guardian Node v3.0.2 release for Theta 3.0. Theta Mainnet 3.0 will go into effect at a block height 10968061 on 30 June with new features like TFUEL Staking to be enabled on the Edge Node.
The release of Mainnet 3.0 will include the introduction of TFUEL burning where Elite Edge Nodes will burn at least 25% of each TFUEL payment to the network. Furthermore, network transaction fees and smart contract fees would also be burned, taking this TFUEL perpetually out of circulation.
After the proposed hike, fees on the network are expected to be sufficiently low and cost-effective for smart contracts and DApps.
In light of the planned growth for the ThetaDrop NFT marketplace, it is forecasted that NFT interactions with Theta smart contracts will reach 600,000 transactions per day – six times the current rate.
As part of Mainnet 3.0, TFUEL staking is also set to be introduced serving as a temporary TFUEL sink in addition to transaction and network fees permanent sink. Another new feature will allow delegation of THETA to stake to community-run Guardian Nodes.
Here’s how THETA and Theta Fuel [TFUEL] prices look
Ahead of the mainnet 3.0 launch news, THETA token saw a 10% price hike and Theta Fuel (TFUEL) gained by almost 20%. However, the token’s price wasn’t unaffected by recent market corrections and it saw some major dips too.
Since the beginning of April, development activity for ThETA has been on an upward trend. So has the stablecoin total supply held by whales with more than $5 million. This can be attributed to the major ecosystem-centric upgrades associated with the network.
Source: Santiment
Interest in THETA token also spiked recently, climbing to an ATH on 6-12 June. The hike in development activity, along with the social volumes garnered by THETA and TFUEL, both point to a strong market position for the alt, price performance notwithstanding.
The same can be evidenced by the fact that just recently, NASDAQ listed THETA in its top 7 altcoins primed for a June rally.
Thanks to the aforementioned ecosystem-centric updates, one can expect THETA to hike once more as it did earlier in the year.
Source: Google Trends
