The sustained bullish performance of Bitcoin (BTC) and Ether (ETH) has increased investor confidence in cryptography and many are now delving into projects that have solid foundations and offer real use cases.
This week, investors turned their attention to Theta (THETA), a decentralized network that allows users to share bandwidth and computing resources to stream video. In the past two months, the THETA price has increased by more than 350%, rising from $ 0.66 in Dec.10 to a new high of $ 3.44 on February 13.
Three reasons for Theta’s recent price growth include the project’s plan to engage with DeFi through Theta DEX, adding smart contract features and NFTs to its blockchain, and a growing list of high-level partnerships that will help to bring quality content to your network video streaming.
Community involvement through non-fungible tokens
Following the success of CryptoKitties during the 2017-2018 bull market, non-fungible tokens (NFT) have become a recurring topic in the cryptocurrency industry. Theta’s addition of smart contract functionality is an attempt to capitalize on this trend.
Theta Token Minter allows users to create new TNT-20 tokens without the need for any smart contract experience. This simplifies the process of creating new assets on the Theta blockchain, including custom streamer assets and new DApps with their own tokens.
The token minter platform also makes it easier for users to trade and transact on their newly created tokens.
ThetaSwap DEX brings yields the size of DeFi
Decentralized funding has quickly become the cornerstone of the cryptocurrency ecosystem, spawning projects that take its long-term viability seriously to creating its own DeFi apps.
Theta joined the party by launching its decentralized exchange ThetaSwap v1 on Feb.4. ThetaSwap allows users to exchange TNT-20 tokens based on Theta and Theta Fuel (TFUEL) in a similar way to the user experience on Uniswap and SushiSwap.
DEX allows NFT holders to have the opportunity to trade their collectible items simply and securely through the integration of the Theta Chrome wallet extension available in Chrome and Brave browsers.
Future updates to ThetaSwap will add support for bundled tokens, including a bundled form of Theta similar to wETH or wBTC, along with the possible addition of several stablecoins whose issuers have already expressed interest in minting TNT20 forms of their assets.
Big name partnerships raise the price of THETA
The third reason for improving the fundamentals of THETA comes from the increase in partnerships with big names.
On February 9, the team announced that the power of Lionsgate entertainment, home to popular movie titles like John Wick and The Hunger Games, would join the Theta ecosystem. The partnership will start with nightly cinema screenings starting in March.
Data from Cointelegraph Markets Pro show that the price of Theta was decreasing on February 6, after a bullish breakout that appears to be the result of the launch of ThetaSwap on February 5.
The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points, including market sentiment, trading volume, recent price movements and Twitter activity.
On February 9, news of the Lionsgate partnership broke out and on February 10 the VORTECS ™ score increased to 80, a move that was followed by THETA’s current rally to its highest record of $ 3.49.
Other notable Theta partners include NASA, which hosts a channel that broadcasts rocket launch live and, more recently, a live broadcast of a Mars rover. The World Series of Poker has also joined Theta and its channel offers uninterrupted coverage of the world poker tour.
High tide raises all boats
Theta’s entry into DeFi, the steady addition of big-name streaming partners and the strength of today’s cryptographic market point to a growing ecosystem that is just beginning to show its true potential.
With the Delaware State Department showing a recent order from a Grayscale Theta Trust LLC, the price appreciation of altcoins may be just beginning, as Bitcoin and altcoins are increasingly drawing the attention of the mainstream investor.
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