Theta Mainnet 3.0 Delayed Till June; Devs Needs More Time for Elite Edge Nodes & TFUEL Staking
A long-term NFT strategy and scalability issues were noted as causes for the delay. The Theta Mainnet 3.0 launch is postponed until June 30th, 2021.
On Wednesday, the Theta development team announced the “Theta Mainnet 3.0” launch would be delayed from the designated April 21 ate to June 30, 2021. Theta Labs, a leading developer of Theta blockchain, stated the launch would be delayed due to the growing NFT market and ensuring the platform works efficiently once it scales.
Theta is a decentralized video content streaming platform that allows users to share content and earn rewards in crypto. Towards the end of 2020, Theta announced its mainnet 3.0 launch in April, promising the release of Elite Edge Nodes and TFUEL staking and burning programs. This was meant to increase the value of the token by adding more utility and reducing its supply.
However, the new upgrade mainnet will not be released till the start of summer as the development team requested “additional time to conduct a more thorough code review and testing.”
The team is building out its Theta NFT marketplace in response to the booming non-fungible token (NFT) market in 2021, the statement reads. The team is building ‘key partnership opportunities” in the NFT marketplace to incorporate these foundational elements before the mainnet launches.
Additionally, the platform aims to expand its video streaming platform to reduce minting costs and offer NFTs on Ethereum. The team will integrate cross-chain bridges between Theta, Ethereum, and other blockchains to enable seamless transfer, storage, and minting of assets on the blockchain. The post further reads,
“In the longer term, we believe that Theta’s Elite Edge Nodes can become a true, universal decentralized edge storage for all NFTs and does not rely on any centralized platform.”
However, this delay is not new to Theta, who postponed the launch of Mainnet 2.0 in spring last year. The platform was launched later in the year without any technical hitches, making the team confident with the latest postponement.
“So the team is confident this is the right choice for the long term,” a spokesperson said.