Theta Fuel (CRYPTO: TFUEL) a “fuel” token that plays a role akin to gas on the Ethereum (CRYPTO: ETH) blockchain in the Theta ecosphere has skyrocketed about 919% since the year began to touch an all-time high $0.34 on Wednesday evening.
What Happened: TFUEL traded 60.88% higher at $0.29 at press time. The token’s yearly gains have bested Bitcoin’s (CRYPTO: BTC) 91.97% returns in the same period.
The apex cryptocurrency traded 4.4% higher at $55,964.45 at press time.
Users of theta.tv can earn TFUEL by simply watching the service. Theta protocol also has another token called THETA (CRYPTO: THETA), which can be used for staking and running a node and to earn a proportional amount of TFUEL.
According to Theta explorer, 57.79% of THETA was staked, as of press time, when the token traded 19.35% higher at $6.46.
Why It Matters: TFUEL has dual uses, it can be used for sending payments as well as for smart contract purposes.
After the launch of Theta 3.0 on April 21, token holders will gain the capability of staking TFUEL as yet another of earning passive income and for securing the network, reported Cointelegraph.
The update will also reportedly lead to a reduction in the supply of TFUEL as it introduces a new burning mechanism akin to a network fee.
The addition of smart contract features, non-fungible token creation, and decentralized finance applications are likely to increase the appeal of both TFUEL and THETA, as per Cointelegraph.
See Also: Bitcoin Shoots Past $1T Market Cap Again But Ethereum Steals The Show With NFT Crypto Craze
Smart contract cryptocurrencies along with DeFi coins have been gaining ground of late. The buzz has extended to coins such as Cardano (CRYPTO: ADA), NEO (CRYPTO: NEO), Polkadot (CRYPTO: DOT), and the chart-topper ETH.
ETH traded 1.27% higher at $ 1,796.85 at press time, the cryptocurrency has surged 144.06% since the year began.
Photo courtesy: Theta