As we move into the beginning of Q3, a number of projects are moving ahead with continued development, and this week’s choices are set to benefit from significant updates and announcements that should strengthen their market positions and benefit their communities. The news should also result in increased amounts of attention to each respective currency over the coming weeks.
1. Theta Token (THETA)
The Theta Token is used to power a decentralized video delivery network that operates in a similar manner to YouTube and Twitch. The project is blockchain-based and also compensates various network participants via the use of cryptocurrencies.
Why Theta? The Theta Mainnet 3.0 Launch Takes Place This Week
The Theta Mainnet 3.0 launch will take place on June 30 after originally being scheduled to take place on April 21. The launch will incorporate a network fee burning mechanism that will see TFuel being utilised as a cost for using the Theta edge network. With the 3.0 mainnet, at least 25% of each TFuel payment to the edge network will be burned at the protocol level, and the network will also upgrade to Elite Edge Node “Uptime Mining” which allows TFuel holders to stake with an edge node in order to upgrade it and earn additional TFuel from a variety of node operations. You can find out more about the Theta 3.0 here, and the updated launch in this official blog post.
2. Bridge Mutual (BMI)
Bridge Mutual is a decentralized P2P/P2B insurance platform that provides coverage for stablecoins, centralized exchanges, and various smart contracts. Users are able to use the platform and obtain insurance coverage, decide on insurance payouts, and get compensated for taking part in the Bridge Mutual ecosystem.
Why Bridge Mutual? Bridge Mutual V1 Launches on June 29
The Bridge Mutual team have announced the launch of Bridge Mutual V1 on June 29, and the launch will coincide with a Coverage Mining Event which will see BMI tokens distributed as rewards to participants. The Coverage Mining Event will begin on June 29 and end July 13, and 5,500,000 BMI tokens will be distributed in emission to those taking part, with 450,000 additional BMI tokens being distributed to the top ten teams. Participants can act as individuals and teams and provide liquidity to pools of choice, and earn an APY depending on the utilization ratio of the pool. Anyone interested can find out more about the launch and mining event here.
3. Morpheus Labs (MITX)
Morpheus Labs aims to build an enterprise-grade blockchain platform that will be used as a service BPaaS with an additional blockchain app marketplace that enables organizations of any size, regardless of whether they are a two-person company or a Fortune 500 company to rapidly design, deploy and operate distributed ledgers.
Why Morpheus Labs? 4th MITX Token Burn on July 4
In accordance with the project’s token burn schedule, the 4th token burn is scheduled to take place on July 4 with 5,000,000.00 MITX tokens being burnt. The burn program started on September 30 2020 with a token burn of 13,000,000.00 MITX, and the total burn schedule of 46,999,995.000 MITX will be completed on October 4, 2022, resulting in a new, total supply of 700,000,000.00 MITX tokens, and you can check out the team’s official token burn schedule outline here.
How did the coins perform last week?
The seven day period generally led to negative results across the market; and ETH fell by 12% and is currently trading at around $1,845. BNB declined by 13% and is currently trading at $280, and CELR fell by 25% over the week, and is currently trading at $0.02. Over the course of the week, the market moved from an overall valuation of $1.452T to $1.33T.