The leading cryptocurrency exchange by trading volume and users, Binance, will support the upcoming launch of Theta mainnet 2.0 on May 27th.
With the impending release of the network upgrade, the two native cryptocurrencies Theta and Theta Fuel have skyrocketed over the past month.
Binance To Support Theta Mainnet 2.0 Launch
Per the Binance announcement from earlier today, deposits and withdrawals of THETA and TFUEL will be suspended starting 4 AM (UTC) on May 27th as the exchange will support the Theta Network mainnet upgrade at that point.
Thus, the advice to investors is to implement withdrawals and deposits before those hours. However, the statement informs that trading of either coin will not be affected.
It’s worth noting that Binance will reopen deposits and withdrawals of both tokens without issuing another official announcement. It will happen once, “we deem the upgraded network to be stable.”
The blockchain project recently outlined that upon completion of the Theta Mainnet 2.0 upgrade, the network will experience several “technical improvements” and the start of Theta community staking.
“Community-run Guardian Nodes will now take a direct role in block production, finalizing blocks at regular 100 block intervals, and making up a second layer of defense after the Validator Nodes that produce each block.
With Guardian Nodes joining the network and staking, no single group or entity will control the majority of THETA staked, marking a significant milestone toward Theta’s decentralization.” – According to Theta’s statement.
Unlike the launch of the initial mainnet in 2019, when the Theta Fuel token was introduced to work in conjunction with the Theta Token, the 2.0 upgrade will not issue a new coin.
THETA and TFUEL Price Reactions
The difference between the two tokens, as the company explained it, is that “THETA is used strictly for staking and securing the network, while TFUEL is used to power microtransactions and operations of the network.”
Both tokens have experienced notable price increases lately as the launch of the mainnet 2.0 network approaches. THETA was trading at $0.19 less than a week ago. Since then, it has surged by 90% to the current level of $0.36.
The gains of TFUEL, however, are significantly more impressive during the same period. TFUEL/USD was trading at $0.0026 on May 20th. Now, just five days later, it has skyrocketed by 630% to about $0.019 after testing $0.024 a few hours ago. TFUEL had seen almost 1000% price gains over the past 30 days.