When was TFUEL coin issued?

TFUEL, Theta's native cryptocurrency, has evolved from its 2019 issuance to become a vital component in powering and securing the Theta Network and its decentralized video and data streaming infrastructure.

Nov 19, 2024 at 04:52 pm

TFUEL: A Guide to Theta Fuel and Its History

Introduction

Theta Network is a decentralized content delivery network (CDN) that utilizes blockchain technology to empower video and data streaming. TFUEL, the native cryptocurrency of Theta Network, plays a crucial role in securing and powering the network. This article delves into the history of TFUEL, tracing its issuance and subsequent milestones.

Issuance of TFUEL

• TFUEL was first issued in December 2019 through a token generation event (TGE).
• The total supply of TFUEL is capped at 5,000,000,000 tokens.
• Initially, 3,000,000,000 TFUEL tokens were minted during the TGE.

Distribution of TFUEL

• Approximately 50% of the initially minted TFUEL tokens were distributed to TGE participants.
• The remaining 50% were allocated to the Theta Labs team, ecosystem development, and operational expenses.
• Subsequent TFUEL tokens were minted through block rewards and inflation to incentivize participation in the Theta Network.

Key Milestones in TFUEL's History

• 2021: Theta Mainnet 3.0 Launch

  • TFUEL became the primary cryptocurrency for gas fees and staking on Theta's Mainnet 3.0.
  • This upgrade marked a significant milestone in the development of the Theta Network and solidified TFUEL's importance.

• 2022: Theta Edge Network Launch

  • TFUEL played a vital role in the launch of Theta's decentralized edge network, which aims to improve video streaming performance and reduce costs.
  • TFUEL is used to reward edge node operators who provide computing resources to the network.

• 2023: Theta Metachain Announcement

  • Theta announced the development of Theta Metachain, a blockchain-based operating system for Web3 applications.
  • TFUEL is expected to be integrated into Theta Metachain, further expanding its utility.

Current Status of TFUEL

• TFUEL is ranked among the top 100 cryptocurrencies by market capitalization.
• It is currently traded on various cryptocurrency exchanges, including Binance, Coinbase, and Huobi.
• The price of TFUEL is driven by factors such as network adoption, ecosystem growth, and overall market conditions.

Use Cases of TFUEL

• Gas Fees: TFUEL is used as a gas fee on the Theta Network, paid by users to complete transactions and execute smart contracts.
• Staking: TFUEL is used for staking by network participants, who validate transactions and secure the blockchain.
• Node Operator Incentives: Edge node operators are rewarded with TFUEL for providing computing resources to the network.
• Ecosystem Growth: TFUEL is used to incentivize developers to create and deploy applications on the Theta Network.

Future Prospects of TFUEL

• The future of TFUEL is closely tied to the growth of the Theta Network.
• As Theta continues to expand its ecosystem and gain adoption, the demand for TFUEL is expected to increase.
• The integration of TFUEL into Theta Metachain has the potential to further enhance its utility and value.