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THETA, the blockchain network’s native token, took a nosedive when the scheduled postponement was revealed.
Theta, a blockchain network purpose-built for esports video streaming has announced it will be delaying its Mainnet 3.0 launch till June 2020. According to details shared in a blog post, the postponement of this highly anticipated launch was necessary to perfect all of the features that will accompany the upgraded platform.
Theta highlighted that to make the Elite Edge Nodes, one of the primary features on track to be released in the Mainnet 3.0, operate efficiently as it scales to more than 100,000 nodes, additional time for testing is needed by the development team.
“Great progress has been made toward the release of Elite Edge Nodes and TFUEL staking and burning on mainnet,” Theta revealed in the post, adding, “to ensure the edge network functions efficiently as it scales to 100K+ Elite Edge Nodes and to incorporate some building blocks for our longer-term NFT vision, we decided that additional time to conduct a more thorough code review and testing was important.”
The blockchain network also highlighted a similar delay in its Mainnet 2.0 launch in the Spring of 2020, noting that the extra time it took to work on testing paid off as the mainnet has not recorded any major halt or attack. Going by this, a related success has been predicted for the Mainnet 3.0 launch.
Additionally, with the Mainnet 3.0, Theta said it “will be building out cross-chain bridges between Theta, Ethereum and other networks to enable seamless transfer, storage, and ownership of all digital assets.” The future integration of NFT capabilities will further enhance the blockchain’s stance about catching trends in the esports and digital video streaming ecosystems.
With the time extension, the team notes it will be fully ready to bring the new upgrade live on the 30th of June, 2021.
Theta Mainnet 3.0 Launch Delay and the Impact on Price
THETA, the blockchain network’s native token, took a nosedive when the scheduled postponement was revealed. The past month has been one of the brightest for the THETA coin, a period where its skyrocketing price has pushed it up the echelon of cryptocurrencies and currently makes it rank as the 9th largest cryptocurrency by market capitalization according to CoinMarketCap.
THETA’s price has grown from $2.84 to a peak of $14.99 in the past 30 days, more than a 450% growth in that time frame. Currently, the cryptocurrency is down 13.04% in the past 24 hours and is exchanging hands at $12.31 each. Despite the plunge, however, THETA still boasts of an $11.7 billion market cap, a figure that makes it rank below Uniswap (UNI) and above Litecoin (LTC).