Why Theta Network’s (THETA) token volume jumped 78% on Monday?

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 Why Theta Network’s (THETA) token volume jumped 78% on Monday?
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  • Theta (THETA) is a video-streaming network powered by blockchain. 
  • The project was co-founded by Mitch Liu and Jieyi Long in 2018. 
  • THETA token rose approximately 11.40% in seven days. 

Video-streaming crypto company Theta Network’s (THETA) token surged 7.42% to US$1.27 at 7:46 am ET on Monday amid gains in the global crypto market.

Though no new company update could be attributed to the rally, the market’s rebound to its former valuation of over US$1 trillion could be a factor in people’s renewed interest in digital assets. The crypto market had tipped below the trillion-dollar mark in mid-June. On Monday, the crypto market rose 4.76% to US$1.02 trillion, helped by gains in major cryptocurrencies.

What Is Theta (THETA)?

Theta (THETA) is a video-streaming network powered by a blockchain. The project was co-founded by Mitch Liu and Jieyi Long in 2018. Liu, a gaming and video industry veteran, earlier co-founded the video-streaming platform, Tapjoy, among several other startups. 

His previous projects included gaming startup Gameview Studios and the live-streaming platform THETA.tv, whose DApps were the first to be built on the Theta protocol.

Long also has several years of experience in gaming, virtual reality, and design automation.  

In 2019, they launched Theta’s mainnet, a decentralized network to share bandwidth and computing resources on a peer-to-peer (P2P) basis. YouTube co-founder Steve Chen was the advisor to the project. The open-source platform uses a proof-of-stake (PoS) consensus mechanism. The network, which is EVM-compatible, caters to DApp developers.  

Both content creators and viewers can earn rewards by sharing bandwidth and resources. It delivers video streams at a low cost, generating more profit for the platform and creators.

Theta’s corporate investors include Sierra Ventures, DCM, Sparkland, Samsung, Gumi, Hueristic Capital, Synapse Capital, and Seraph. The project partners are Lionsgate, MGM, Decentraland, Klaytn, GameTalkTalk, and Chainlink.

THETA token:

The network runs on the native blockchain, and its two native coins are Theta Network (THETA) and Theta Fuel (TFUEL). While THETA is the governance token, TFUEL is the utility token. 

The community-run Guardian nodes support the THETA token. Its enterprise validators include Google, Binance, Gumi, Blockchain Ventures, and Samsung.

THETA’s market capitalization is US$1.27 billion. Its trading volume increased by 78.25% to US$73.44 million, with a circulating supply and a total supply of one billion each. 

The token can be traded on crypto exchanges such as Binance, MEXC, OKX, and Bitget.

Bottom line:

The token rose approximately 11.40% in seven days. The cryptocurrency market is extremely volatile, and without government regulations, it is prone to scams and hacking attacks. Thus, investors must exercise caution while investing in the crypto market.

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