Theta Mainnet 3.0, its main goal quoted as 'introducing TFuel Staking & Uptime Mining,' is set to launch in coming hours as its native tokens Theta Network (THETA) and Theta Fuel (TFUEL) drop.
Brief Analysis
THETA over the past year has had a similar trend to many top cryptocurrencies. First, there is the low rocky track as the crypto market was relatively unrecognised by the public, followed by the momentum gain at the start of 2021 as people hitch onto crypto, though it is interesting that THETA begins quite early, a few days before the start of 2021. Then there is a resistance point for the following months for THETA, as with many other cryptocurrencies, but after this, it appears that THETA has a slightly tweaked trend. The bullish trend THETA has is months late from other cryptocurrencies. For example, the bullish trend for Bitcoin (BTC) began from January-February, continuing towards the end of February as it experienced a correction period. THETA, on the other hand, had its bullish trend start of March. However, the bullish trend of THETA was much stronger than BTC, more than quadrupling from about $3 to $13, while BTC doubled from about $30000 to $60000. THETA then experiences a drop in mid-April that recovers for a bit before crashing over mid-May. Thereon THETA recovered with a quick movement towards the end of May, its movement lost mid-July, THETA currently at a resistant point around $7.
The trend of THETA matches similarly to its corresponding cryptocurrency TFUEL. If the trend from the bullish movement is split three at each of the major dips, THETA and TFUEL have very similar trends at different magnitudes.
Going into the trend of THETA over the past month, no significant change is visible, THETA about back to where it started from a month ago. There was a bullish run over the start of June, going from about $6 to over $10, but was lost over the following weeks.THETA dipped over a few days from the 10th of June, though was recovered by the 14th of June. The main loss of the bullish run was from the 21st of June, THETA experiencing a bearish run, having resistance from there on around the $7 zone.
Switching over the trend of TFUEL over the past month, there appears to be a more relatable trend to THETA in comparison to the year trend. However, rather than starting around the same point from the start of the graph like THETA, TFUEL experiences an impressive gain of about 50%.
Zooming into the trend of THETA over the current day in UTC (Coordinated Universal Time), THETA comes out at a loss. From 3 am THETA gains a negative momentum that ends at 5 am, decreasing around $1 from ~$7.20 to ~$6.60. Following the negative momentum is a gradual recovery. THETA loses its progress at 9 am where it tumbles down back to the beginning of its recovery, currently appearing to be back in motion within its gradual upward incline.
Once again TFUEL closely mirrors the trend of THETA, its movements showing up as different magnitudes. In this way, TFUEL can be seen as a distorted mirror for THETA, or vice versa for THETA to TFUEL.
The statistics of THETA at the time of writing are as follows:
- Price - $6.73
- 24h Price change - -$0.6293 (-8.56%)
- 24h Trading volume - $263,694,846.86 (+12.21%)
- Market dominance - 0.47%
- Market rank - 19th
The statistics of TFUEL at the time of writing are as follows:
- Price - $0.3999
- 24h Price change - -$0.03217 (-7.45%)
- 24h Trading volume - $141,147,961.65 (+52.18%)
- Market dominance - 0.15%
- Market rank - 45th
Launch Of Theta Mainnet 3.0
According to the countdown provided on the homepage of THETA Network, Theta Mainnet 3.0 will go live in about 8 hours at the time of writing, or 7 pm 30 June Wednesday in UTC. This would be an exciting event for the THETA and TFUEL blockchain as significant changes are made, especially with TFUEL since it is the focus of the countdown - 'Introducing TFuel Staking & Uptime Mining.'
Theta Labs recently announced the launch of Theta Mainnet 3.0, going more specific on the launch date by stating it will be done at block height 10968061 on June 30. Within the announcement, Theta Labs reveals that they have upgraded the Theta Wallet to v3.0.1 for iOS, Android, desktop web, and Chrome extension versions, which appears to be all mediums where THETA/TFUEL wallets are available.
TFUEL staking will begin on the THETA blockchain, which although is currently available, is limited. The process is similar to the current procedure to stake on the THETA Guardian Node where the user will go to the 'Deposit Stake' section where it becomes self-explanatory thereon. There would be a minimum of 10000 TFUEL and a maximum of 500000 TFUEL to stake in the Edge Node and an approximate 60-hour unstaking period before staked tokens are returned to the Theta Wallet.
Earlier this month Theta Labs announced additional changes with the Mainnet 3.0 update, the major two being TFUEL burning and a higher transaction fee. Elite Edge Nodes will burn at least 25% of each TFUEL payment to the network. Network transaction fees and smart contract fees are also included, all reducing the amount of TFUEL in circulation that pushes its supply down.
Currently, the Theta network fees are almost zero, but in Theta Mainnet 3.0, all TFUEL transactions will increase, some more than others. Transaction fees for sending transactions would be 0.3 TFUEL, deploying a smart contract 20 TFUEL and interacting with a smart contract 1 TFUEL.
Further Reading
Medium (Theta Labs) - Mainnet 3.0 Update — TFUEL Burning and Transaction Fee Increase - https://medium.com/theta-network/mainnet-3-0-update-tfuel-burning-and-transaction-fee-increase-f1aa03b9459f
Medium (Theta Labs) - Theta Wallet v3.0.1 released to enable TFuel staking at block height 10,968,061 on June 30 - https://medium.com/theta-network/theta-wallet-v3-0-1-released-to-enable-tfuel-staking-at-block-height-10-968-061-on-june-30-c90bf080ef93
Theta Network - Homepage (includes Theta Mainnet 3.0 countdown) - https://www.thetatoken.org/