Binance will support launch of Theta mainnet 2.0.
Leading cryptocurrency exchange by trading volume and users, Binance, will support the launch of Theta mainnet 2.0 on May 27.
With the imminent launch of the network update, the two native cryptocurrencies Theta and Theta Fuel soared last month.
Binance will support launch of Theta Mainnet 2.0
According to the announcement by Binance, earlier today, deposits and withdrawals from THETA and TFUEL will be suspended from 04:00 (UTC) on May 27, as the exchange will support the upgrade of the main Theta Network network in that Score.
So the advice for investors is to implement withdrawals and deposits before that time. However, the statement states that trading in any currency will not be affected.
It is worth mentioning that Binance will reopen deposits and withdrawals for both tokens without issuing another official announcement. This will happen once: “when we consider the updated network stable”.
The blockchain project recently highlighted that, following the completion of the Theta Mainnet 2.0 update, the network will experience several “technical improvements” and the beginning of participation by the Theta community.
“Guardian nodes administered by the community will now have a direct role in the production of blocks, completing the blocks at regular intervals of 100 blocks and forming a second layer of defense after the validating nodes that produce each block.
With the guardian nodes joining the network and betting, no group or entity will control the majority of the THETA bet, bringing a significant milestone to the decentralization of Theta. ”- According to Theta’s statement.
Unlike the initial core network launch in 2019, when the Theta Fuel token was introduced to work in conjunction with the Theta Token, the 2.0 update will not issue a new currency.
THETA and TFUEL price reactions
The difference between the two tokens, as the company explained, is that “THETA is used strictly to stake and protect the network, while TFUEL is used to power microtransactions and network operations”.
The two tokens have experienced notable price increases recently, as the launch of the 2.0 mainnet network approached. THETA was trading at $ 0.19 less than a week ago. Since then, it has risen 90% to the current level of $ 0.36.
TFUEL’s gains, however, are significantly more impressive over the same period. TFUEL / USD traded at $ 0.0026 on May 20. Now, just five days later, it rose 630%, to about $ 0.019, after testing $ 0.024 a few hours ago. TFUEL recorded gains of almost 1000% in the last 30 days.