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THETA 3.0 update!

Killer Whale Crypto

Killer Whale Crypto

June 27, 2021, 2:40 AM UTC

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What is happening now, and what will change soon on January 30th, 2021

Several months ago Killer Whale briefly discussed the Theta 3.0 update in our article THETA Coin Review. For everyone who is familiar with Theta, Theta.tv, Theta Edgecast, and the Theta blockchain itself, feel free to skip ahead! For those of you who are not familiar with these topics, I’d encourage you to read our “Theta Review” article. This article highlights the most prominent aspects of Theta’s developing governance token: Theta token (THETA), as well as Theta’s utility token: Theta Fuel (TFUEL).


Now that everyone is up to speed, let’s get going!


Enterprise Validator Nodes


Back in 2019, Theta Labs operated the majority of the Validator Nodes responsible for maintaining the Theta Blockchain. This was during the 1.0 generation of the Theta mainnet. This has drastically changed within the last several years. Currently, Theta’s mainnet is approaching full decentralization. this is due to the fact that many large corporations have taken the initiative to operate Theta Validation nodes themselves. These nodes are referred to as “Enterprise Validator nodes.”


Currently Theta’s Enterprise Validator Nodes are run by:

  • CCA
  • Google
  • Sony
  • Binance
  • Gumi
  • Blockchain.com
  • An unnamed private equity investment group

  • Theta has increased gas fees

    As the Theta network gains prominence flood spam attacks could pose a risk to Theta’s blockchain integrity. the most effective way to protect Theta is to increase the gas fee of the network protocol, to a point that a flood spam attack would be too costly to attempt. The development of NFT’s, video platform rewards/micropayments, dapps and DeFi dapps on the Theta blockchain will still be 90 to 95 percent cheaper than those developed on the Ethereum blockchain.

    The Theta blockchain is currently processing 100,000 transactions per day. 4 percent of which are attributed to minting and buy/sell operations of NFT’s. Theta forecasts the network will be processing 600,000 NFT smart contract interactions per day, with the introduction of the mainnet 3.0 upgrade. As TFUEL is burned in smart contract interactions, this will lead to approximately 250 million TFUEL to be burned annually. This rate of burn will neutralize the majority of TFUEL inflation.


    TFUEL burning

    One of the key protocol extensions introduced to Theta is the burning of TFUEL. Elite edge nodes will burn at least 25 percent of TFUEL used as payment to the network. Transaction fees and smart contract fees are also burned to perpetually remove TFUEL from circulation. Current transaction fees on the Theta network are 0.3 TFUEL to send transactions, 1 TFUEL to interact with a smart contract, and 20 TFUEL to deploy a smart contract.


    TFUEL staking

    In addition to TFUEL burning, Theta Edge Node users will now be able to stake their TFUEL. There is a minimum staking balance of 10,000 TFUEL and a maximum staking balance of 100,000 TFUEL. To incentivize TFUEL staking, each month 300,000 TFUEL tokens will be divided and distributed to stakers of TFUEL.


    Theta’s progress

    Theta now boasts 150 thousand TFUEL stakers as well as 30 thousand Elite Edge nodes. Its clear that the Theta community has high expectations for the mainnet 3.0 upgrade. These are expectations that we believe Theta will meet.

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