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THETA price drops 30% as mainnet 3.0 launch pushed back

Image of the Theta Network logo

Mainnet 3.0 will introduce TFUEL staking and burning but has been delayed to allow for a more thorough code review

Decentralised video delivery network Theta announced yesterday that the Theta mainnet 3.0, which had been due to launch on 21 April, would instead be delayed until 30 June 2021.

Theta Labs stated, “Our development team has always taken a conservative approach to on-chain upgrades, and are proud that in 2+ years the Theta blockchain has never experienced any chain halts or other major core issues.” 

Last spring, the mainnet 2.0 was also delayed but later launched successfully without technical problems.

Thousands of community members already run the peer-to-peer Theta Edge Node network, and its capabilities were improved by the release of EdgeCast technology which enables the capturing of live video and the relaying of live stream video data to users around the world.

The launch of mainnet 3.0 will involve upgrading to Elite Edge Nodes which will enable the tokenisation of internet bandwidth. It will also introduce the staking and burning of Theta’s gas token TFUEL.

The Theta development team decided it was important to conduct a more thorough code review and testing to ensure the network would be able to function efficiently as it scales to 100,000 or more Elite Edge Nodes.

They will also use the additional time to incorporate into mainnet 3.0 the foundations of the upcoming Theta NFT marketplace. Given the current gas fees on Ethereum, it’s economically impractical to mint and transact NFTs for under $10. Theta blockchain transaction fees, on the other hand, are practically zero and the team intends to enable digital asset ownership, storage and transfer by building cross-chain bridges between Theta, Ethereum and other networks.

Earlier on the day of the announcement, the price of THETA had set a new all time high of around $15. However, it then dropped 30% to around $10 in less than 24 hours. Price has since recovered slightly and THETA is trading above $12 at time of writing.

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