Theta Network’s Two Tokens Have Surged 220% and 300% in the Past Month

sludgefeed.com 2020-05-25 15:30
Reading time: ~2 m

Theta Token (THETA) and Theta Fuel (TFUEL), the two tokens underpinning the decentralized video content delivery project Theta Network, have been on a roll lately, gaining 220% and 300% over the past month, respectively.

THETA/USD 4-hour chart (TradingView)
TFUEL/USD 4-hour chart (TradingView)

The rallies gained additional steam this week, and considerable volume, after the project made several major announcements, including the launch of a new smart contract system on Theta’s testnet on Wednesday that is fully compatible with the Ethereum Virtual Machine (EVM).

According to the announcement, Theta Network made their smart contracts fully compatible with Ethereum in order to avoid needless competition, as they see the smart contract landscape as far oversaturated. This approach also lowers the barrier for Ethereum developers to build on Theta Network.

“This means that essentially ANY Ethereum smart contract can be easily ported over to run on Theta blockchain, and any blockchain developer that works in Solidity can jump right in developing brand new smart contracts on Theta as well,” stated the Theta Network team.

Perhaps more notably, on Tuesday Theta Network announced that the project’s mainnet has eclipsed the 1,000 node milestone and version 2.0 of the mainnet is set to launch next week with a growing list of corporate partners. The upgrade will introduce ‘Guardian Nodes,’ which the Theta Network website describes as, “a revolutionary, two-layer consensus mechanism optimized for video delivery.”

Big milestone hit today – the Theta Network has passed more than 1,000 active Edge Nodes! Mainnet 2.0 launching next week w/ official launch partner will grow Theta Network even more. Get involved now by running the Theta Edge Node: https://t.co/oe7OGhkYsE pic.twitter.com/uB59nvrH4k

— Theta Network (@Theta_Network) May 20, 2020

Following the news, the prices of THETA and Theta Fuel surged, adding another 42% and 178% in the past week alone.