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Is Theta worth the hype? Theta price volatile ahead of mainnet launch

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There’s no denying the fact that Theta is one of the most discussed cryptocurrency projects on the market in 2021, so much so that the Theta token has already made its way into the top 10 list of cryptocurrencies by overall market capitalization, in what feels like almost no time at all.

In its most basic sense, Theta can be thought of as a decentralized video streaming platform that has been built using a blockchain framework. The platform seeks to mitigate many of the problems being faced by the traditional video streaming sector, allowing for the relay of high-quality video content at relatively low costs.

On a more technical front, it bears mentioning that Theta’s video streaming mechanism largely hinges on a distributed network of users who voluntarily contribute their spare computing resources to make sure that the platform works smoothly. For their efforts, they are rewarded in the form of Theta Fuel (TFuel) tokens.

Network users can also earn Theta tokens as a reward for sharing their content online via the platform’s native content transcription and distribution decentralized application called EdgeCast. As a result, Theta has put forth the technological proposition of a user-driven holistic media ecosystem that focuses on providing everyone with uninterrupted entertainment services, all while eliminating the need for any centralized authority.

But is that proposition really driving enough interest to merit a top 10 spot by market capitalization?

A closer look at Theta’s performance

Theta’s rise since the start of the year has been nothing short of spectacular, as is best highlighted by the fact that the currency’s value has surged from $1.82 to just over $14 during that timespan.

It also bears pointing out that the global video streaming industry is projected to expand at a compound annual growth rate of 20.4% within the next six years. The Theta team seems to be betting on exactly this and has devised multiple avenues through which to deliver tangible end-user value within this fledgling space.

Providing his thoughts as to why Theta has been on a tear recently, Kadan Stadelmann, chief technical officer of Komodo — an end-to-end blockchain infrastructure solution — opined that Theta’s token model uses blockchain technology to reward content creators all while removing intermediaries from the equation. He added:

“The market potential for Theta as well as similar projects is enormous. Today’s most popular video platforms are centralized, and they can arbitrarily decide to take your video down or ban creators from monetizing their content.”

Additionally, all things considered, Stadelmann believes that it was only a matter of time before a decentralized content platform like Theta would emerge from within the crypto ecosystem. In his view, the surge we are witnessing right now is largely driven by the fact that the project’s native token is starting to be adopted by an increasing number of users across the globe.

Expounding her views on the matter, Marie Tatibouet, chief marketing officer of cryptocurrency exchange Gate.io, told Cointelegraph that the idea of a decentralized video streaming platform is highly intriguing to her, especially since the Theta team has been able to rope in the co-founders of two top video streaming platforms — a la YouTube and Twitch — to its advisory panel.

Similarly, on the subject of how Theta has been able to break into crypto’s top 10 rankings, Tatibouet believes that a large part of what is fuelling the currency’s growth is its increasing popularity in South Korea, with Bithumb recording a volume of nearly $10 million in relation to the THETA/KRW pair making it the fifth-most used pair in the Theta market. She added:

“Now, is Theta actually worth all the hype? I am not sure because it’s too early to tell. I want to see how well their mainnet does. However, they have a solid advisory team and are solving an important problem, so that’s definitely working in their favor.”

Not everybody is sold on the project

Though Theta continues to grow from strength to strength, with each passing day, there is a number of people who are not big advocates for the project. For example, Scott Cunningham, host of the Crypto And Things podcast, pointed out to Cointelegraph that Theta’s recent ascent has largely been related to the ongoing nonfungible token boom, adding:

“Theta.tv is designed to take people’s money since you cannot withdraw funds. The people benefiting from Theta are mostly people who run nodes and people participating in their NFT hype. Theta.tv basically siphons away users TFuel and is very bad for the network’s reputation. I previously pointed out that 94% of people who owned TFuel were from the ICO.”

He further added that even though at first glance the project’s proposition, at least on paper, looks impressive — i.e., the more internet bandwidth one provides while consuming Theta’s digital content, the more tokens an individual can earn — once people get to know the nitty-gritty of what’s actually going on, they will begin to realize that they can only spend their earned tokens within the platform, that too only on highly specific items.

If that wasn’t enough, he pointed out that all deposits on the platform are totally non-refundable. So, in essence, Cunningham believes that Theta is essentially using everyone’s internet for free while giving the community back just a tiny fraction of what they are actually taking — that too as per their own rules.

Theta mainnet launch pushed back to June

Amid rising expectations, Theta Labs released a statement on March 24 notifying everyone that the project’s mainnet launch had been delayed until June since the developer team is still working toward “incorporating some building blocks” for an NFT marketplace into the Theta Mainnet 3.0.

As soon as news of the delay went public, the value of Theta plummeted rapidly, dropping by 25% in less than 24 hours leading into March 25. However, following the dip, the currency seems to be on a path of steady recovery, gaining almost half of its lost value back.

When asked about the price slide as well as mainnet delay, Theta refused to provide any commentary to Cointelegraph.

The Theta Mainnet 3.0 launch is set to lay the foundation for an NFT marketplace and add over 100,000 Elite Edge Nodes to the platform. Furthermore, it will make it more efficient to reward users as well as enable Theta users to stake TFuel tokens.

In Stadelmann’s view, devising a scalable network for user rewards is a highly complex task, especially on content platforms where surges in demand can cause potential throughput challenges. He closed out by saying:

“Taking the extra two months to go through a secure code review before Theta Mainnet 3.0 is important and something more projects in the space should do. In the short-term, it might lead to price drops for Theta and TFuel, but the long-term vision and ability to create a secure product are what creates a sustainable evaluation.”

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Source: https://cointelegraph.com/news/is-theta-worth-the-hype-theta-price-volatile-ahead-of-mainnet-launch

Blockchain

Coinbase Pro Lists Tether as USDT Supply Approaches 50 Billion

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In an announcement on April 23, Coinbase Pro stated that it had enabled trading for the Tether stablecoin. The move is huge news as previously the leading exchange would only support its own native stablecoin, USDC.

The announcement added that support for USDT will generally be available in Coinbase’s supported jurisdictions, with the exception of New York State. The only version of USDT available will be the Ethereum ERC-20 standard.

Trading will begin on or after 6 PM Pacific Time Monday, April 26, if liquidity conditions are met, it added. The following pairs will be available: BTC/USDT, ETH/USDT, USDT/EUR, USDT/GBP, USDT/USD, and USDT/USDC.

Tether is not available on the regular Coinbase exchange yet and is limited to the Pro version which is more suited to professional and institutional traders.

Tether Supply Surges

The move comes as Tether’s circulating supply approaches a milestone all-time high of 50 billion. According to the Tether Transparency report, there are currently 49.58 billion USDT in circulation.


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Of that total, almost half of it, or 24.4 billion is based on Ethereum while the majority of the remainder, almost 26 billion is circulating on the Tron network.

Since the beginning of 2021, the total supply of Tether has increased by 137% outlining the surge in demand for stablecoins in DeFi related activities.

Comparatively, there is currently 13.4 billion USDC in circulation according to the company that owns it, Circle. It has had an even greater increase this year with 244% since January 1.

The third-largest stablecoin is Binance USD which currently has a circulation of 7 billion according to Coingecko. The surge in supply for BUSD this year has been even greater at over 600%, largely driven by Binance Smart Chain and DeFi yield farms on PancakeSwap.

Crypto Market Correction Deepens

Cryptocurrency markets are currently correcting hard with a decline in total market capitalization of 20% from its all-time high of $2.3 trillion on April 16. Over the past 24 hours, $280 billion has left the space as Bitcoin and its brethren continue to pull back.

According to Coingecko, BTC prices have slumped 9.4% on the day dropping below $50K for the first time since March 7. It has now formed a lower low since the previous correction which could be a sign of a major trend reversal.

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Source: https://cryptopotato.com/coinbase-pro-launches-tether-as-usdt-supply-approaches-50-billion/

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Blockchain

ORBS Is Now Accessible on Binance Smart Chain Via AnySwap

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[PRESS RELEASE – Please Read Disclaimer]

The ORBS token is now accessible via the Binance Smart Chain. Hodlers can swap tokens to and from the Ethereum network. Exploring this additional blockchain allows Orbs to leverage BSC’s potential for speed, low costs, and DeFi purposes.

This integration of ORBS onto Binance Smart Chain is made possible through the cross-chain bridge developed by Multichain.XYZ – a platform co-developed by Anyswap and Andre Cronje. By integrating this functionality, holders can now move ORBS to and from the Ethereum and BSC networks at their own leisure.

Given the potential for BSC in the DeFi space, support on this blockchain can unlock new use cases for Orbs. As BSC is home to near-daily launches of new projects, products, and services, it is one of the more exciting blockchains in the industry today. It has a competitive edge over Ethereum – which remains the main ecosystem for DeFi – by providing faster transactions at a much lower cost.

“While the Ethereum ecosystem is leading the pack in terms of DeFi activity and public interest, in the last couple of months we are seeing more and more DeFi alternatives growing on BSC. Says Orbs co-founder Tal Kol. “We knew we had to be part of the opportunities and innovations happening in the BSC ecosystem” he continued.

As more and more DeFi alternatives launch on BSC, it makes sense for the ORBS token to be interoperable. As Orbs is a prolific decentralized finance project with unique advantages and multiple upcoming projects under development, both ecosystems will benefit from this compatibility. With the help of cross-chain bridges – such as multichain-xyz – the DeFi ecosystem can continue to grow and evolve into more encompassing solutions.

Moreover, Orbs and the Binance exchange strengthened their partnership in January to promote ongoing innovation in the world of decentralized finance. They were the first core sponsors of the DeFi.org accelerator bootstrapping new projects and DeFi protocols.

Other projects being worked on by Orbs include Liquidity NEXUS – to bridge the gap between CeFi and DeFi – and the Orbs DeFi Portal – an aggregation service for information regarding Orbs and decentralized finance. There is also the Orbs DeFi Grant Program which aims to foster ongoing growth among contributors developing the network and ecosystem.

About Orbs

Orbs is a public blockchain infrastructure designed for mass usage applications – offering developers a proper mix of performance, cost, security and ease of use. The Orbs protocol is decentralized and executed by a public network of permissionless validators using Proof-of-Stake (PoS) consensus.

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Source: https://cryptopotato.com/orbs-is-now-accessible-on-binance-smart-chain-via-anyswap/

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Blockchain

Orbs Now Bridged to Binance Smart Chain (BSC) with Anyswap

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Blockchain-Based Firm Quannabu To Modernize the Production of CBD-infused Products
Modern city landscape of river port and bridge on blue background. Concept urban activity with woman driving bicycle, ship transports by water and flying airplane. Vector illustration.

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Blockchain company Orbs said it is now available to trade on Binance Smart Chain (BSC). The move is yet another milestone in Orbs’ efforts to build bridges between complementary blockchains that will eventually bridge ORBS to multiple ecosystems.

With the release of this feature, ORBS holders will be able to leverage their tokens to participate in DeFi applications on the Binance network. At the same time, they tap into Binance’s ever-growing ecosystem that allows for cheap transactions and high scalability.

The BSC integration is also another step in growing token liquidity across multiple chains, while also preparing for the ability of other assets to live on the Orbs network.

ORBS, which has some $272 million in liquidity and around $1 million in 24-hour volume, was formerly only hosted on the Ethereum blockchain, which is currently suffering under increasingly high gas fees.

To kick-start this integration, Orbs is utilizing the cross-chain bridge infrastructure developed by multichain.xyz, which makes applications compatible with new and legacy systems. Effective today, ORBS tokens can be swapped from the Ethereum mainnet to the BSC mainnet and back.

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Once the swap is complete, the ORBS token will be visible in the Binance Wallet connected to the service. From there, users can trade, swap, and interact with the associated token as they would with any supported asset in the Binance Chain.

The rapid rise of the Ethereum-based DeFi ecosystem has fueled the migration of many relevant applications to alternative blockchains. The trend has accelerated after the expensive gas fee on the Ethereum network has limited functionality and made many defi protocols barely usable.

Is BSC the Ethereum killer?

As the Defi ecosystem continues its boom, Ethereum seems to be losing its market to Binance Smart Chain (BSC). Binance’s native blockchain has become the go-to alternative for many traders, onboarding millions of users at an eye-watering pace.

As a result of BSC’s rising popularity, BNB token price has skyrocketed to become the world’s third biggest cryptocurrency, trailing only behind Bitcoin and Ether. Trading volume on Binance’s network has also outpaced that of Ethereum, a clear shift of the market to the new chain.

For Orbs, the main motivating factor for integrating Binance Chain is to give users new ways to use ORBS on various DeFi applications within the nascent ecosystem.

Orbs’ vision is to convert real-life businesses to blockchain at scale by turning the trust-enabling technology into mass-usage applications for many sectors.

The Israeli blockchain garnered attention earlier this year after partnering with Binance to fund a recently launched accelerator for decentralized finance innovation.

Named ‘DeFi.org,’ the incubator reviews submitted applications, even anonymous ones, and the one that fulfills requirements and receives approval gets the accelerator’s assistance.

Successful applicants receive many benefits and incentives including mentorship, funding from scratch and exposure to the DeFi community.

Upon receiving approval, they also get a “special consideration” if they apply to take part in Binance’s seed fund for Bridging DeFi and CeFi. In line with the sponsorship, Orbs also provides startups with a grant under the company’s Grant Program.

Meanwhile, Orbs has recently introduced a new liquidity-as-a-service application that makes access to defi easier for professional investors. Dubbed ‘Liquidity Nexus,’ the application provides a massive source of new liquidity for interested defi projects.


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://zycrypto.com/orbs-now-bridged-to-binance-smart-chain-bsc-with-anyswap/

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