Binance Says It will Support Theta Mainnet 2.0 Launch: Theta Fuel (TFUEL) Spikes 50%

Following Binance’s announcement that it will support Theta Mainnet 2.0 launch, the two native tokens on the network THETA (THETA) Theta Fuel (TFUEL), recorded significant spike over the last trading hour despite the current bearish condition in the crypto market. 

The upcoming Mainnet 2.0 upgrade scheduled to begin on Wednesday, May 27, would prompt Binance to suspend all deposits and withdrawal services for both tokens to prevent any network glitch. 

According to the announcement, deposit and withdrawal services for the tokens on the Binance platform will be suspended starting at 04:00 UTC on May 27, 2020, until the Theta’s network upgrade has been concluded and confirmed to be stable. 

On this note, users are urged to make all deposits and withdrawals of both tokens hours before the service’s suspension, so that the exchange can process the transaction before the scheduled upgrade. 

Binance stated that the halt in deposit and withdrawal service as scheduled would not affect the trade of TFUEL and THETA on its platform while assuring holders of these tokens not to panic as it will handle all technical requirements. 

Theta 2.0

The upcoming update of Theta’s mainnet marks an important phase for the network in enhancing its delivery of quality video and data contents to users globally. 

Theta had already made notable efforts in preparing for its mainnet upgrade, including entering into Japan’s media industry with its partnership with Japan’s Gumi Crypto, a Japanese-based market leader in blockchain and gaming.

In addition, the blockchain e-sports streaming platform had announced the launch of its THETA.tv app on Android devices, an initiative that was subsequently adopted by the famous tech giant, Samsung.   

As reported, THETA.tv will be pre-installed on every Samsung flagship Galaxy S20 smartphones and made available on Samsung’s Daily platform. 

The streaming app and Samsung’s Daily app will be upgraded to enable other Samsung devices, including Galaxy S10, S9, Note10, and Note9, to use Theta’s television service.  

Interestingly, the blockchain-based app would allow users to earn TFUEL while streaming content and the rewards earned can be spent within Theta’s ecosystem. 

Theta and TFUEL price overview: bullish

As explained by the company, TFUEL is the token used to conduct all microtransactions and operations of the network, while THETA is used for staking activities and securing of the Theta protocol.

Both cryptocurrencies are in a bullish trend as both coins have gained significant value in recent times since the project announced it would be launching its mainnet 2.0. Theta recorded growth of over 200% in the last 7 days, moving from a price below $0.18 to as high as $0.37. At the time of writing, the cryptocurrency is exchange hands at $0.34.

TFUEL, on the other hand, surged from as low as $0.002 to a weekly high of $0.023, following the news about Binance’s support for the Theta mainnet.