As reported earlier this week, the Theta network is gearing up for an upgrade.Theta, which describes itself as “an end-to-end infrastructure for decentralized video streaming and delivery,” shared a tweet on Monday confirming that the v3.3 upgrade will come to the network at the block height of 14,526,120 .
The Theta team estimates that this will happen around 19:00 (UTC) and will reduce the minimum validator stake deposit threshold by a scale of ten to 200,000 THETA.
Binance and Crypto.com confirm they’ll support THETA trading during the upgrade
Today, Binance has confirmed that the exchange will support the anticipated hard fork.Through an announcement post from the Binance team, the exchange detailed that trading of the network’s native token THETA will remain unaffected during the upgrade period.
“The trading of THETA will not be affected during the network upgrade and hard fork […] Binance will handle all technical requirements involved for all users holding THETA in their Binance accounts.”
However, the exchange will temporarily halt deposits and withdrawals of THETA until it has verified the network is stable.
“Deposits and withdrawals of THETA will be suspended approximately starting from 2022-03-14 18:00 UTC […] We will reopen deposits and withdrawals for THETA once we deem the upgraded network to be stable, and we will not notify users in a further announcement.”
Binance’s update follows Crypto.com’s Wednesday post notifying its users that the exchange will also suspend deposits and withdrawals of Theta tokens.
“To ensure the safety of users’ funds during and after the upgrade, we will temporarily suspend THETA and TFUEL deposits/withdrawals in both the Crypto.com App and Crypto.com Exchange starting from 14 March 2022, 18:00 UTC.THETA and TFUEL trading will not be affected,” the exchange advised .
Theta TVL has grown more than double since the start of February
The total value locked on Theta has surged by 138% since February, data from DeFi Llama shows.Theta’s TVL at the beginning of last month was $95.61 million, a figure that shot up to an all-time high of $261.84 million on 17 February.By the end of the month, the TVL had retraced to $212.26 million.
Despite the first two weeks of March being modestly turbulent, Theta’s TVL has remained above $200 million – once going as high as $243.93 million on 03 March.The chain has recorded a fair increase in TVL over the last five days from $203.88 million on Monday to $228.08 million at the time of writing.
ThetaSwap, the DEX protocol, is still the biggest contributor accounting for two-thirds of the TVL figure.
DeFi Llama data shows that the decentralized exchange has positive 24-hr and 7-day changes of 8.41% and 4.58%.ThetaCash and VoltSwap that make up the remaining third have positive changes of 2.72% and 8.40%, respectively, as of writing.
Theta (THETA) market performance
THETA token price attempted to rise above $3.00 earlier today but got rejected.After falling to a low of $2.77 in Friday’s morning European trading hours, Theta price started ascending slowly, setting an intraday high at $2.98.
The token, however, slid to $2.87 but has since resumed the climb.
Data from CoinMarketCap shows THETA/USD has traded below $4.00 for more than three weeks -it last traded above this level on 16 February.In the last few months, the token has been caught in a tough spot and has now lost 80% of its value since April last year.
The THETA/USD trading chart over the last 12 months sums up the plunge in the token’s price from a peak of almost $16.00.
To learn more about Theta, visit our Investing in Theta guide..
