Continued bullish performance from Bitcoin (BTC) and Ether (ETH) has increased cryptocurrency investor confidence and many are now looking deeper into projects that have strong fundamentals and offer real-world use cases.
Investors this week turned their attention to Theta (THETA), a decentralized network that allows users to share bandwidth and computing resources in order to stream video. In the past two months, theta price has risen by more than 350%, rising from $ 0.66 on December 10 to a new all-time high of $ 3.44 on February 13th.
Three reasons for theta price growth recently include the project’s plan to engage with DeFi through Theta DEX, adding smart contract capabilities and NFTs to the blockchain and a growing list of high-level partnerships that will help deliver high-quality content to its video streaming network.
Community sharing via non-exchangeable tokens
After the success of CryptoKitties during the 2017-2018 bull market, non-exchangeable tokens (NFTs) have become a recurring hot topic in the cryptocurrency sector. The addition of the theta to the smart contract functionality is an attempt to capitalize on this trend.
Theta Token Minter allows users to create new TNT-20 tokens without requiring any smart contract experience. This simplifies the process of coining new assets on Theta blockchain, including custom broadcast assets and new DApps with their tokens.
The minter minter platform also makes it easy for the users to trade and deal in the newly minted tokens.
ThetaSwap DEX brings in DeFi-sized revenue
Decentralized finance is quickly becoming the cornerstone of the cryptocurrency ecosystem spurring projects serious about their long-term viability to create their own DeFi apps.
Theta joined the party by launching the decentralized exchange system ThetaSwap v1 in February 4. ThetaSwap allows users to switch tokens for TNT-20 based on Theta and Theta Fuel (TFUEL) in a manner similar to the user experience on Uniswap and SushiSwap.
DEX gives NFT owners the opportunity to trade their holdings in a simple and secure way through the integration of the Theta Chrome wallet extension available in both Chrome and Brave browsers.
Future upgrades to ThetaSwap will add support for encapsulated tokens, including a wrapped form of Theta similar to WETH or wBTC, along with the ability to add several stablecoins whose issuers have already expressed an interest in the TNT20 variant from their origins.
Big-name partnerships push theta price higher
The third reason to improve the THETA basics comes from the increase in big-name partnerships.
On February 9, the team announced that Lionsgate Entertainment, home of popular movie titles like John Wick and The Hunger Games, would be joining Theta’s ecosystem. The partnership will begin with the nightly movie screenings beginning in March.
Data from Cointelegraph Markets Pro shows that Theta price was declining on February 6th after the bullish breakout that appears to be a result of ThetaSwap’s February 5th release.
The VORTECS ™ score, exclusive to Cointelegraph, is a mathematical comparison of historical and current market conditions drawn from a range of data points including market sentiment, trading volume, recent price movements and Twitter activity.
On February 9th, news of the Lionsgate partnership broke out, and by February 10, the VORTECS ™ score had risen to 80, a move followed by the current THETA rally to an all-time high of $ 3.49.
Another Theta partners noteworthy is NASA, which hosts a channel that broadcasts live missile launches, the last of which is a live broadcast from a spacecraft on Mars. The World Series of Poker has also joined Theta and their channel offers non-stop coverage of the World Series of Poker.
The high tide lifts all boats
Theta’s entry into DeFi, the steady addition of popular broadcasting partners and the current bull market power of cryptocurrencies point to a growing ecosystem that is just beginning to show its true potential.
With the Delaware State Department showing a recent file for Grayscale Theta Trust LLC, the altcoin price rally may be just beginning as Bitcoin and altcoins increasingly attract the attention of a major investor.
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