TFUEL Fuel price can’t stop climbing. Even as the broader crypto market has seen negative price action, Theta Fuel or TFUEL surges 15.40% to $0.6619 on the 24hr trading chart. THETA’s governance token THETA has also risen 4.64% to $9.36, rallying from $8.05 on the 24hr trading chart. On the announcement of its mainnet launch, TFUEL surged 70%.
TFUEL price is surging
Both digital tokens have seen a combined growth of 19% pre-intraday trade with a seven-day increase of 106%. But it’s TFUEL that has been one of the most exciting projects in the crypto space in the past few days.
On the trading chart, its position relative to the 20 days and 200 MA sees the TFUEL trading above the indicators showing a bullish potential in the short and long term. While its RSI puts it 81.32, indicating investors are piling up on the TFUEL token.
Video delivery as we know it today is not perfect due to the endless buffering and slow loading time. However, a crypto token is looking at using blockchain to solve these latent issues. Trying to understand TFUEL surge? Let’s start by talking about the tech.
Theta is a blockchain company that provides quality video streaming without the buffering issues we experience today. It plans to incentivize a global network of computers to operate a decentralized video streaming network. Theta allows a global pool of users to relay videos by offering their spare bandwidth and computing resources while rewarding them with TFUEL. Theta uses two native tokens in its platform, including Theta Token (THETA) for voting on governance and Theta Fuel (TFUEL) for executing transactions. More like Ethereum’s gas.
Theta video streaming services have seen remarkable adoption in the past two years, with the blockchain company boasting over 300,000 active users spread across 149 countries.
Users can earn TFUEL by watching videos, while content creators are paid tokens for posting videos. Theta also has top companies like Google and Samsung serving as the protocol’s Enterprise Validator Nodes (EVNs), increasing the protocol’s security from bad actors.
Theta Mainnet launches on 30 June with NFT support
Its upcoming mainnet launch of its v3 scheduled for 30 June has also helped boost the protocol’s price action. According to the development team, the new update would support non-fungible tokens (NFTs), which is a huge deal in the crypto space.
The Theta NFT marketplace would incorporate its Elite Edge Nodes to bring the cost of NFT transactions to zero, further broadening the scope of the burgeoning NFT sub-sector.
This NFT marketplace would further spread its tentacles in the ever-expanding world of crypto, and Theta says it would build cross-chain bridges between its network and Ethereum to enable the seamless transfer, storage, and ownership of all digital assets.
Video Streaming Growth May See TFUEL Surge To $1
Theta’s upcoming move into the NFT sub-sector is a key strategic decision given the higher throughput it commands to the Ethereum network. Ethereum has grown exponentially due to the boom of decentralized finance (DeFi), but it has also had to battle with high gas fees and network congestion.
NFTs growth has only contributed to the issues, and environmental activists have criticized the carbon footprint. Theta uses a delegated proof-of-stake (dPoS) consensus protocol, a tweaked version of the traditional PoS algorithm, which allows it to command better security and process transactions 1000 times faster than the Ethereum network. This would likely play into the protocol’s plans to add NFTs into its services.
Video streaming is a booming space, as evidenced in the growth of social media giants like TikTok and Facebook. Hardware company Cisco estimates that about two-thirds of the overall internet bandwidth is used for video streaming. The figure would likely surge to 82% in the next two years.
Theta is uniquely positioned given it has no direct competitor in the blockchain space, and with the promised upgrades coming with its Mainnet 3.0 at the end of this month, the TFUEL surge could see it reach the $1 mark.
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