Theta Token (THETA) and Theta Fuel (TFUEL) recorded high gains as investors anticipate the upcoming Mainnet 3.0 launch. Cointelegraph reported this on the 8th.
A major protocol upgrade could play an important role in the altcoin rally regardless of the state of the entire cryptocurrency market, as new features will help excite token holders and attract new investors.
An ecosystem that has been hot over the past two weeks is the Theta Protocol. The project’s THETA tokens rebounded 50%, while TFUEL rose 71% ahead of the mainnet 3.0 launch scheduled for June 30.
At the end of May, as the project became known that the entertainment and sports agency Creative Artist Agency (CAA) had become the network’s newest validator node operator, prices for THETA and TFUEL began to skyrocket.
The subsequent launch of One-Click Delegated Staking for Theta WebWallet has sparked community excitement as a simplified way to earn returns is ideal for owners who don’t want to deal with the more complicated interest farming.
Investors wishing to have staking on the network must hold a minimum of 1,000 THETA tokens, valued at around $9,750 at current prices.
As of June 6, more than 60% of THETA tokens in circulation are locked into the protocol for network validation. Ideally, this reduction in the available supply would help reduce the risk of a massive price drop, even though the tokens had a sharp correction as the Bitcoin price crashed on May 19th.
The dual-token system received another momentum on June 7th after the release of the updated Theta Protocol v2.4.0. Then, the price of TFUEL from $0.42 on June 6 surged 35% to $0.565 on June 7th.
Credits to our source: kr.cointelegraph.com
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.