Theta Network (THETA) took one of the top spots in terms of total locked in February.
The blockchain protocol, which provides end-to-end infrastructure for decentralized video streaming and delivery, saw a 122% increase in Total Value Locked (TVL).
While February proved to be a difficult month for multiple blockchain protocols, Theta Network was one of the few chains to see massive growth in liquidity locked in their ecosystem. By the end of the month, the total value of the network was $212 million, according to Be[In]crypto research.
While that number may not seem impressive compared to the billions of dollars in TVL held by blockchains like Ethereum, Terra, and Binance Smart Chain (BSC), Theta Network’s total locked value for February was up 121 compared to January 2022 Million dollars up, a 133% increase.
THETA records a 2,879% increase in 20 days
Although data on the Theta Network is relatively hard to find, statistics for TVL in the project started in January 2022. The addition of smart contract capability in July 2021, coinciding with the launch of Mainnet 3.0, shut down the protocol one of the best -zu ecosystems for building innovative dApps.
Just 11 days into January 2022, TVL in Theta was already at $3 million. In 20 days, TVL surged 2,879% to close January at $90 million.
Overnight, Theta Network is up 5% in TVL, starting February in a strong position.
TVL tops $260 million in February
Although several projects took a hit in February due to the impact of the ongoing Russia-Ukraine conflict as well as tensions surrounding negative crypto market sentiment, TVL’s single-day high for February is still 13% above TVL at press time.
While the TVL hit an all-time high of $261.84 million, it currently sits at $231.32 million at press time.
Apart from Palm and Eos, Theta Network continues to outperform popular projects Terra (LUNA), Cardano (ADA), Tron (TRX), Tezos (XTZ), Algorand (ALGO), Binance Smart Chain (BSC), Ethereum (ETH), Solana (SOL) and Polygon (MATIC) in monthly percentage change with approx. 140%.
Thanks to ThetaSwap and ThetaCash?
Projects on the network protocol that contributed massively to the rating are ThetaSwap and ThetaCash, with ThetaSwap serving as one of the top 10 decentralized exchanges by TVL growth in February, according to Be[In]crypto research.
In mid-February, Theta Network announced its Theta Hackathon via Twitter. Developers continue to submit projects in the Video, Gaming/Metaverse, NFTs/ThetaPass, and DeFi categories. Extensive development of decentralized financial products should add more liquidity to the overall value currently locked on the Theta network.
Finally, Theta Network of Jan 11 ($3,048) and ATH TVL of Feb 17 of $261,840 has seen a total locked value increase of over 8,000%.
What do you think about this topic? Write to us and tell us!
All information contained on our website is published to the best of our knowledge and for general information purposes only. Any actions taken by the reader based on the information contained on our website are entirely at your own risk.
https://beincrypto.com/theta-network-gained-8000-percent-tvl-february/ Theta Network gained over 8,000% in Total Value Locked (TVL) in 37 days