Theta Fuel price has been on a triple-digit rally since the beginning of February, a signal that the gas token will play an integral role in
the rapidly expanding Theta ecosystem. The Theta project has been making
waves alongside many other altcoins that are riding this year's bullish
wave to new all-time highs.To get more news about
WikiFX, you can visit wikifx.com official website.
While the main token of the Theta network has been receiving a majority of the attention, the ‘gas’ token of the protocol, TFUEL, has
quietly been surging alongside THETA as its importance to the network
becomes apparent to savvy crypto investors.Data shows that the price of
TFUEL has increased 775% over the past five weeks, going from $0.026 on
Feb. 1 to a new all-time high at $0.22 on March 10 as the network
underwent a hard fork at 12pm PST.
Fundamentals show TFU is more than just a gas token
The dual token model rose to prominence in 2017 with the emergence of Neo (NEO) and Gas (GAS) as an alternative to the single token model
that continues to be plagued with high transaction costs as the prices
of Ethereum (ETH) and Bitcoin (BTC) increase.
Theta Fuel was created when the Theta mainnet launched in 2019 and it is designed to be the operational token of the protocol, powering
on-chain operations like sending payments and deploying smart contracts.
A significant difference between Theta and other dual token models is holders who stake THETA in validator and guardian nodes help to
secure the network and earn TFUEL as a reward.
According to data from the Theta explorer, 57.96% of the 1 billion available THETA are staked on the network as of March 10, a figure that
has been slowly increasing as the project attracts more attention.
As more THETA is staked on the network, the role TFUEL plays in the ecosystem increases as the token begins to be used more to interact
with community members and transfer value.
Following the launch of Theta 3.0 on April 21, token holders will be to stake TFUEL as another way to earn passive income and help secure
the network. The upgrade will also introduce a new burning mechanism
that is essentially a “network fee” for using the Theta edge. This could
eventually lead to further reductions in the supply of TFUEL and
increase its price.
VORTECS™ Score began to detect a bullish outlook for TFUEL on March 6, prior to the recent price rise.
(VORTECS™ Score is an algorithmic comparison of historic and current market conditions derived from a combination of data points
including market sentiment, trading volume, recent price movements and
Twitter activity.)
