As Theta Mainnet 2.0 Launches, What’s Behind its Massive Rally?
Crypto-powered Esports streaming app Theta continues to rally ahead of its mainnet 2.0 launch, gaining 150% in the past two weeks.
All told, the Theta Token, is up nearly 1,300% since the ‘Black Thursday’ crash of mid-March.
In addition to its forthcoming technical upgrades, Theta’s rally appears to have also been fuelled by a series of partnerships with major media platforms, including Android TV and Samsung.
Theta is a crypto-powered 24/7 streaming service showcasing live Esports, World Poker Tour tournaments, and major blockchain and cryptocurrency conferences including Consensus and the Crypto Asia Summit.
Users are rewarded for activity and engagement on the platform in the form of Theta’s proprietary rewards token G Fuel. The Theta Token, meanwhile, is earned through staking
Theta goes parabolic
Theta Token posted a new record high of $0.185 on May 12 and since then has gained a further 150%.
THETA/USDT Binance: TradingView
Measured against BTC, Theta Token’s gains aren’t quite as impressive, however it has still surged 360% in six weeks from less than 1,100 satoshis to test the market’s previous record high at roughly 5,225 sats.
THETA/BTC Binance: TradingView
Theta’s TFUEL token, the operational crypto asset used to finance transactions across the Theta network (similar to gas on Ethereum) is also dominating the top gaining crypto asset charts — with the price surging five-fold, from $0.0035 to $0.0153. Since posting record low of $0.00078 after the Black Thursday crash, TFUEL had gained 3,000% as of May 24.
TFUEL/USDT Binance: TradingView
Theta’s mainnet 2.0 launch is imminent
Theta’s mainnet 2.0 upgrade is scheduled for today, May 27, and will result in trade for Theta’s tokens being temporarily suspended — which may disrupt the momentum the Theta’s markets have recently garnered.
In the run-up to the launch, Theta reported that the number of relay nodes had increased from 1,000 to 1,821 in just six days. The firm added that on-chain transactions also doubled over the past week.
On May 22, Theta also revealed that it had begun trialing smart contracts on its testnet.
Theta to roll out across 75 million Samsung phones
Last week, Theta announced that Samsung’s flagship Galaxy S20 phones will be shipped pre-loaded with Theta’s streaming service to customers residing in the United States.
The deal will see Theta embedded on the ‘Samsung Daily’ interface, which is slated to be updated to all existing Galaxy S10, S9, Note10, and Note9 devices — spanning more than 75 million phones.
On May 15, the streaming app unveiled a partnership with Gumi Cryptos to enter the Japanese market. On May 8, Theta launched its Android app for smart TVs.
