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THETA price is up 17,000% in the past year, cracked the top 9 cryptocurrencies by market cap because the upcoming Mainnet 3.0?

A new token has seemingly boomed out of nowhere into the top 10 cryptocurrencies by market capitalization. THETA price, which is up 17,000% in the past year, is now the ninth biggest crypto with a market cap of $13.2 billion.

theta-price-is-up-17000-in-the-past-year-cracked-the-top-9-cryptocurrencies-by-market-cap-because-the-upcoming-mainnet-3-0

THETA/USDT 4-hour chart | Source: TradingView

THETA price cracked the top 10 cryptocurrencies by market cap, up 17,000% in the past year

THETA is the currency for the blockchain network, Theta Network. At the time of writing, Theta was worth $ 14.35 – up to 31% in the past 24 hours and nearly 81% in the past week, overtaking DeFigiant Chainlink and the popular peer-to-peer cash Litecoin. It’s also now bigger than Bitcoin Cash, Stellar, and Dogecoin.

But what does it do? Theta is the token for a project, founded in 2016, that wants to decentralize peer-to-peer video delivery. Founded by computer scientists Mitch Liu and Jieyi Long, its core advisors include Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.

The Theta Network project believes that viewers get bad quality content when streaming video. It aims to fix this problem by using blockchain technology and having users share a network, where they are rewarded with the currency by participating.

Theta’s explosive growth has been a long-time coming. Staking token was on its way and that could be driving some of the interest as more video platforms and startups show interest in the project. The explosive interest in NFTs could also be playing a part: Levitt said that the project is working on an NFT marketplace for data insights. NFTs are unique, non-replicable crypto tokens that have most recently been used to make crypto-collectibles—like digital art. The total value of the NFT market is currently valued at $1 billion—up 300% in the last year, according to figures from data firm NonFungible.

Investors in Theta could be buying in anticipation of the network’s forthcoming NFT push.

What awaits THETA in April?

In December 2020, the Theta development team confirmed the Mainnet 3.0 launch date to be April 21, 2021.

It is known that Mainnet 3.0 will bring two additional improvements. First is the tokenization of internet bandwidth and availability. This essentially means users will be able to stake their TFuel to a network node to earn more TFUEL. The idea is to incentivize the growth of nodes to increase network capacity and improve video quality. The minimum staking requirement is 10,000 TFUEL, which is likely why TFUEL has also enjoyed a spike in price in tandem with Theta. As yet, no details on the staking reward are known.

Besides, the mainnet upgrade will introduce a recording mechanism to combat TFuel inflation. In another development, The next Theta Enterprise Validator Node featuring institutional and private equity investors Sierra Ventures, Heuristic Capital, VR Fund, and GFR Fund have staked more than $100M in THETA to a collective Enterprise Validator Node. Before the mainnet launch could also see an additional price spike for Theta and TFuel as investors hunt for profits.

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