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- The Theta Network (THETA) has been one of the best performing tokens in the last year, shooting up close to 18,000% to crack into the top 10 for the first time.
- Trader Lark Davis has delved into the project in a recent video, explaining why Google, Samsung and Sony have backed the project and where the price is heading.
The cryptocurrency market has blown up in the past year, with every other token setting a new record high this year. One of the best performing tokens in that time has been THETA, the token powering the Theta Network. THETA cracked into the coveted top 10 recently for the first time ever. In a recent video, trader Lark Davis delved into the token, detailing why it has been on such a bullish run and what’s next for the project, and its token.
As CNF reported recently, THETA ousted LINK from the tenth position on the chart recently after a massive rally in the past year. THETA gained over 19,000% in that time – 9x this year alone – to hit a new record high at $14.94. With a market cap of $12.3 billion, it’s now more valuable than heavyweights like Bitcoin Cash, Stellar and VeChain.
The Theta Network is an incentivized peer-to-peer video delivery platform. It allows its users to earn tokens for sharing excess bandwidth and relieves the video-sharing platforms of excessive costs in content delivery. Being a proof-of-stake platform, it’s very efficient and can process up to 1,000 transactions per second.
The Theta Network operates by using usuned Internet upload bandwidth. It automatically rewards people providing that with TFUEL tokens, basically paying you for watching your favorite content.
Upcoming V3 upgrade and backing from Google and Samsung
One of Theta’s biggest selling points is its backers, Davis told his 260,000 subscribers.
Curently, Google, Sony, Samsung and Binance, among quite a few other big but lesser known companies are operating nodes running the Theta Network. They are using enterprise validator nodes. That’s a big deal. Not many blockchains can boast about something like that.
The network has also generated immense excitement at the prospect of launching its mainnet. Originally, it meant to launch the mainnet in April which created a high interest in its token. However, the team behind the project announced that it would delay the launch by 3 months.
The mainnet will introduce the staking and burning of Theta Fuel (TFUEL), a token that’s similar to Gas in Ethereum. It will also add NFT capabilities, a last-minute addition that was the cause of the launch delay. “Key partnership opportunities in the NFT space have required us to devote resources to building out the upcoming Theta NFT marketplace in a broader approach, and incorporating some of these foundational elements into Mainnet 3.0 core,” the company stated to explain the delay.
Obviously, you have to get NFTs in the mix, so they’re bringing NFTs. What are you doing without NFTs in your blockchain?
Invest cautiously in THETA, Davis warns
THETA has proven to be a token that has real-world applications and is not just riding the hype, Davis pointed out. It’s one which “we will continue to hear a lot about in the future of the crypto economy.”
However, the trader urged caution when investing in the asset in its current run. It has seen 9x return this year and is bound to see a correction soon. Even more significant is its mainnet launch delay.
Remember, V3 [the mainnet launch]was delayed for 3 months. That’s a long time in crypto land for people to pay attention and keep the hype train going. My guess is that you will get some good entry points before the V3 launch. But do keep in mind that the V3 launch is coming in June. It will likely see a new hype cycle heating up three or four weeks before the June launch.
