THETA Price Crashes 30% in a Day Following Mainnet Postponement

According to an announcement from the project, the development team needs more time to “conduct a more thorough review and testing” to ensure that the network will function effectively when it scales over 100,000 Elite Edge Nodes.

Theta Mainnet 3.0 To Launch In June

Theta Labs has been consistently working on releasing its Elite Edge Nodes with TFUEL staking and burning on the Theta 3.0 Mainnet. The company also intends to “incorporate some building blocks” for an NFT marketplace on the Mainnet.

With all these tests and reviews aiming to ensure the smooth running of the network, Theta has decided to move the Mainnet launch date from April 21st to June 30th.

Leveraging NFT Boom

Theta intends to take advantage of the current NFT boom to build out its NFT marketplace while integrating some of its basic elements into the Mainnet 3.0 core.

The project plans to utilize its Elite Edge Nodes as a decentralized storage space for all NFTs without relying on centralized platforms since the EENs are able to tokenize internet bandwidths.

It intends to solve the problem of high Ethereum gas fees for the minting and transaction of NFTs on the ETH ecosystem by creating a cross-chain bridge between itself, the Ethereum blockchain, and other networks to enable seamless transfer, storage, and ownership of all digital assets.

Speaking on the delay of the Mainnet launch, the company said, “While delays are never ideal, we think this change is the prudent way forward to ensuring a successful Mainnet 3.0 launch. Our development team has always taken a conservative approach to on-chain upgrades, and are proud that in 2+ years the Theta blockchain has never experienced any chain halts or other major core issues.”

A similar delay had occurred last year when the Theta development team announced that it needed more time to run tests on the Mainnet 2.0. The date was shifted from March to May.

The project said that postponing the launch had resulted in a successful release without any technical issues.

Price Suffers

Theta’s price has dropped by over 30% since yesterday. While this might a consequence of the market-wide pullback, the drop coincides with the mainnet postponement announcement.

The cryptocurrency saw around 30% of its value wiped off but it has since recovered a bit to where it currently trades around $11.80, according to the following THETA/USDT chart.

The article was first published on Mar-25, 2021