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October 5, 2022
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THETA devalues ​​after mainnet 3.0 release is postponed to June

The popular eSports streaming app from the crypto universe, Theta, has announced that it will postpone its 3.0 mainnet release until June 30.

The delay was announced by Theta Labs a few hours ago, with the company stating that its development team is still working “to incorporate some building blocks” for a non-fungible token, NFT, for Theta Mainnet 3.0.

According to official announcement,

“… To ensure that the network works efficiently as it expands and to incorporate some building blocks for our long-term NFT vision, we decided that more time was needed to conduct a more thorough code review and test.”

The team went on to say that while recognizing that a delay is not ideal, the changes it wants to implement are prudent to ensure a successful mainnet 3.0 release.

The NFT market has seen an increase in interest lately and therefore Theta’s plans to include it as part of its mainnet launch will better serve its interests. Theta is working on Elite Edge Nodes, the tokenized bandwidth of the Internet, to become a decentralized storage space for NFTs. This will be done through the establishment of cross-chain bridges between its own network and the Ethereum network, among others.

It would also address the cost of mining NFTs on the Ethereum blockchain.

“While we know that the native Theta blockchain is extremely fast with effectively 0 transaction fees, our participation proof protocol created for the media becomes even more important as the cost of minting and transacting NFTs on Ethereum, for example, continues to increase. “

Theta has been working to keep its updates up to date with market demand. Last year, it had to push its mainnet 2.0 release from March to May to allow for “more testing”. Eventually, it was released on May 27 without any delay.

It is important to note, however, that after the announcement, THETA was quick to fall on the charts, with cryptocurrency dropping nearly 10% since then. In the previous two days, THETA had risen more than 40%, a rise that pushed it into the Top 10 of CoinMarketCap.

Source: AMBcrypto

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