Theta

Mainnet Delay Leads to 30% Crash in THETA

Upon announcing the delay and postponement of THETA’s mainnet from April 21 to June 30. The two-month move has led to the value of the asset dropping 30% since yesterday. This is in line with the downturn in price of assets that is happening globally as the leading crypto asset itself has experienced a dip in its value since reaching its ATH.

Source: Tradingview

According to Coinmarketcap, the value of the asset has risen and it is currently trading around $12.48.

Theta Developers Says They Need More Time for Review

Theta developers have said that the delay was due to the fact that they’re making sure that the network will work effectively launch when it scales over 100,000 Elite Edge Nodes.

The team of developers have been working on Theta 3.0 Mainnet’s for a while now and it is expected to be a medium for TFUEL burning and staking along with the initial release of their Elite Edge Nodes.

Also, following the increased global demand for NFTs, the Theta 3.0 Mainnet is also said to be working on “baby steps” for its own NFT marketplace. The project plans to use its Elite Edge Nodes as a decentralized storage space for NFTs that would be on its platform. This would remove the need to rely on centralized platforms because the Nodes would also be fitted with internet bandwidths.

This way, the platform would be able to solve the issue of high gas fees that comes with minting and transacting NFTs on Ethereum blockchain. Theta plans to build a a cross-chain bridge between itself and other networks that would ease these types of transactions.

This would not be the first time that the crypto asset developing team had made delays in release of a Mainnet. Before the launch of Mainnet 2.0, the developers had shifted the date by 2 months and according to them, that postponement had led to a successful release of that Mainnet.

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