Preparations for Metachain launch: Theta version 4.0 release date confirmed

Theta Labs, the creators of Theta Network, announced in an otc. 21 (Friday) blog post that the V4.0.0 mainnet upgrade would arrive in early November. The v4.0.0 upgrade is scheduled to go live at block height 17790756 in a hard fork event on November 3rd at 7pm Pacific Time. Validators on the network must update their nodes according to the source code instructions, otherwise they risk losing their validator status after the hard fork.

Convert it to the theta meta chain

Specifically, the hard fork will make network upgrades, ie increase the maximum code size for smart contracts, leading to the launch of Metachain four weeks later. This change and other fixes will provide the mainchain ability to handle complex smart contracts. Theta Metachain’s permissionless horizontal scaling capability will bring several benefits to the chain, including fast block completion time (under a second) and unlimited transaction throughput.

Theta Labs remains deeply interested in scalable blockchain technology as it explores Web3 businesses through entertainment and media initiatives. Some of the partners who have so far committed to supporting Theta by creating their subchains include music-focused company Fuse Media, blockchain video tracking and payments platform Replay, and immersive media platform TrooVRS.

Launch partner for Mainnet 4.0

In a blog post published on Aug. 27, Theta Labs confirmed the latter as the first partner building in the metaverse and the second metachain partner. TrooVRS, which focuses on helping men engage with self-care oriented content across an entire virtual editorial ecosystem, chose Theta as “perfect partner“ thanks to its robustness, efficiency and transparency in content delivery. CEO Adrian Whitt noted that the partnership allows the company to gain traction with its user-centric Web3 technologies.

“We couldn’t be more excited […] Be part of the launch of its next-gen Mainnet 4.0 metachain. A partnership with theta is […] essential to building our Web3 community driven strategies supported by Theta Video API, NFT marketplace and other infrastructure.”

Using trooVRS’ specially shaped virtual worlds, companies can host activations (presentations, branded content and product demonstrations) in relevant environments such as stages, kitchens, gyms, showrooms and more. Once the initial activations are designed on the platform, these worlds will be able to offer exclusive real and virtual goods and services, including NFTs on Theta.

Earlier this month, Theta Labs named Replay as another metachain launch partner, adding that video consumption will test its subchain on testnet ahead of the mainnet launch in December. This will stress test the metachain and improve the scalability of the replay platform. The partnership follows a deal with Fuse Media announced on August 24 that includes the integration of Theta-based products and tokens. These include non-fungible Theta tokens, TNT20 tokens, and the Theta Video Application Programming Interfaces (its stream delivery infrastructure).

Fuse Media CEO Mike Rogerro praised the importance of the partnership in building the company’s brand and user experience. In particular, he found that combining his company’s content and expertise with Theta’s groundbreaking blockchain technology offers the opportunity to cultivate a conversational dynamic that allows users to express their opinions in their preferred mediums.

Theta Labs’ Mitch Liu commented that the partnership aligns with his vision of decentralized technology that breaks the traditional user platform model. Theta currently serves customers and businesses, enabling existing media and video platforms to maximize revenue and reduce costs. It also rewards the end users for sharing disk space and allocating bandwidth.

To learn more, visit our Investing in Theta (THETA) guide.

Theta v3.4.0 shipped, introduced Roman Wrapped THETA

The network successfully implemented Theta v3.4.0 in late August, which introduced Wrapped Theta, a token “wrapped” around the network’s native token THETA. Operating under the ticker wTHETA, the token replicates similar functionality as wETH for the Ethereum blockchain. Decentralized finance users on Ethereum rely on wETH (without their knowledge) and not ETH when interacting with apps like automated decentralized exchange Uniswap and home of DAI, Maker.

Theta gained utility for Theta-native DeFi use cases after the update. It was expected to encourage pooled staking initiatives while pushing creators in the ecosystem to coin an even wider range of staking products. wTHETA will also be useful as the upcoming metachain update will require the token for anyone who wants to register a subchain and provide THETA collateral for the subchain validators. THETA holders can wrap and unwrap tokens on the Theta Web Wallet. After logging in, users can see a newly introduced listing of wTHETA. The wrapped token can be added to MetaMask or sent to any other address on the Theta blockchain.

To learn more, visit our Investing in Theta Fuel (TFUEL) guide.

Livepeer posted growth in the third quarter despite the bear market

In other news, rival Ethereum-based video transcoding system Livepeer posted significant growth in the third quarter. Leading crypto analytics firm Messari reported that the decentralized video infrastructure protocol saw a massive upswing in the second half of 2022 despite the bear market. In the new report detailing the findings, Messari written down Livepeer recorded 36.7 million minutes of transcoded video across its network in Q3, an 11.2% increase over the second quarter of the year.

The analytics firm said the growth indicates growing end-user demand and bullish supply-side metrics. ETH transcoding fee revenue in the form of rewards surged 52.2% from Q2 to an all-time high, equaling $91,400 due to the token’s poor dollar performance. Accrued rewards for staking the native LPT token increased 16.6% this quarter to 650,516 tokens. However, since LPT is more than 90% below its ATH, the dollar equivalent of these earnings showed a 45.7% decline – $4.8 million.

Livepeer, which is based on an incentive mechanism with a target level of 50%, saw its daily LPT output drop to 0.024%. The mechanism helps maintain the stake rate; Therefore, token inflation will continue to decrease in the current quarter until the desired “50% of LPT tokens” is reached. The protocol aims to achieve a cost-effective way to send and stream video and focuses on supporting Web3-native video-enabled projects. Recent efforts have prepared the ground for the birth of several projects, including decentralized video calling app Huddle and education platform Web 3 Edi.

To learn more, visit our Investing in Livepeer (LPT) guide.

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