The decentralized video-focused Theta Network has made its first foray into the burgeoning DEX market with the launch of its own exchange, ThetaSwap.
ThetaSwap is the first DEX built on Theta blockchain which uses open-source smart contract systems based on automated market maker logic, similar to that of Uniswap.
The DEX will be powered by a new TNT20 token that users will be able to leverage to mint new tokens on the Theta blockchain.
Another DeFi DEX
ThetaSwap is the latest in a lengthening list of new decentralized exchanges hitting the overcrowded market. In 2017, every blockchain project needed its own token or coin — fast forward to 2021 and every blockchain project now needs its own DEX.
Being a video delivery platform, users will be able to create and mint their own tokens for trading on the new DEX.
“Already we are seeing Theta streamers and community leaders create their own TNT20 tokens, and expect many more to come as the ecosystem grows!”
The announcement added that the exchange creates many new ways to use Theta blockchain, from streamers issuing loyalty tokens to their fans, to pools and DAOs to fund entertainment and media ventures.
Theta predicts that 2021 will be huge for new media and entertainment token launches;
“Everyone from the smallest streamer to the largest Hollywood studio looks for new ways to monetize their content in a seamless and decentralized way, free of middleman fees.”
The announcement did not mention anything about liquidity farming incentives so it appears that it will initially be a vehicle for the creation and trading of TNT20 tokens. Theta Mainnet 3.0 is projected to launch in the Q2 2021 and will introduce TFUEL staking and burning.
The Theta blockchain has introduced a number of novel concepts such as reputation dependent mining, a global reputation consensus, and proof-of-engagement.
THETA Price Update
The project’s native THETA token has climbed 16% on the day to top out at an intraday high of $2.47 according to CoinGecko. The token is up 30% since the start of the week, though it has been generally moving sideways since December when it surged to an all-time high of $2.60.
There are a billion THETA tokens in circulation and its market capitalization is $2.3 billion. This puts it at number 24 on the market cap list, just below Tezos.