“We decided that additional time to conduct a more thorough code review and testing was important,” said Theta Labs.
Crypto-powered esports streaming app Theta’s mainnet 3.0 launch has been delayed until June.
In an announcement from Theta Labs, the company stated that its development team is still working “to incorporate some building blocks” for a non-fungible token, or NFT, marketplace for the Theta Mainnet 3.0. They are also working to ensure that the network functions when scaled to more than 100,000 Elite Edge Nodes. As a result, Theta needs more time “to conduct a more thorough code review and testing” and will be pushing the expected launch date from April 21 to June 30.
“While delays are never ideal, we think this change is the prudent way forward to ensuring a successful Mainnet 3.0 launch,” said Theta.
The network said it would be focusing on building out its NFT marketplace, purportedly due to the sudden boom in the space. Theta aims for its Elite Edge Nodes, which tokenize internet bandwidth, to become a decentralized storage space for NFTs by establishing cross-chain bridges between its own network, the Ethereum network, and others. This would address the cost of minting NFTs on the Ethereum blockchain.
Last year, Theta announced a similar postponement of its Mainnet 2.0 from March to May in order to allow for “more testing.” The launch ultimately went forward on May 27 without additional delays.
In the lead up to the mainnet 3.0 launch, the protocol’s native token, THETA, has surged significantly, rising by more than 450% from $2.14 to $11.86 between Jan. 1 and the time of publication. The token has even outperformed Bitcoin (BTC) during its current bull run.