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šŸ’„Preparations for Metachain Launch: Theta Version 4.0 Release Date ConfirmedšŸ’„
October 24, 2022
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Theta Labs, the creator of the Theta Network, announced in an Otc. 21 (Friday) blog post that the V4.0.0 mainnet upgrade would arrive at the start of November. The v4.0.0 upgrade will go live at block height 17790756 in a hard fork event estimated at 7 PM (Pacific Time) on Nov 3. Validators on the network are required to update their nodes as guided by theĀ source codeĀ or risk losing their validator status after the hard fork.

Transition it into Theta metachain

Notably, the hard fork will lay network upgrades i.e. increasing the maximum code size for smart contracts leading to the Metachain launch four weeks later. This change and other fixes will provide the mainchain capability to handle complex smart contracts. Theta Metachain’s permissionless horizontal scaling feature will bring several advantages to the chain, including fast (subsecond) block finalization time and unlimited transactional throughput.

Theta Labs remains keen on scalable blockchain technology as it explores Web3 businesses through entertainment as well as media initiatives. Some of the partners that have thus far pledged to support Theta by creating their sub-chains include music-focused company Fuse Media, blockchain video tracking & payments platform Replay, and immersive media platform TrooVRS.

Mainnet 4.0 launch partners

In a blog post published on Aug 27, Theta Labs confirmed the latter as the first partner building in the metaverse and the second metachain partner.Ā TrooVRS, which focuses on helping men engage with self-care focused content across an entire virtual editorial ecosystem, settled on Theta as the ā€œperfect partnerā€ thanks to its robustness, efficiency and transparency in content delivery. CEO Adrian Whant remarked that the partnership enables the firm to gain traction in its user-focused Web3 technologies.

ā€œWe couldn’t be more excited to […] be part of the launch of its next-generation Mainnet 4.0 Metachain. Partnering with Theta is […] essential for building our Web3 community-driven strategies powered by Theta Video API, NFT marketplace, and other infrastructures.ā€

With the help of theĀ specially molded trooVRS virtual worlds, businesses can host activations (presentations, branded content, and product demonstrations) in relevant settings like stages, kitchens, gyms, showrooms, and more. Once the initial activations are conceptualized on the platform, these worlds will be able to provide exclusive real and virtual goods and services, including NFTs on Theta.

Earlier this month, Theta Labs namedĀ ReplayĀ as another Metachain launch partner, adding that the video consumption will test its subchain on the testnet before the mainnet launch in December. This will stress test the metachain and improve Replay platform’s scalability. The partnership followed a deal withĀ Fuse Media, announced on Aug 24, which involves the incorporation of Theta-based products and tokens. These include Theta non-fungible tokens, TNT20 tokens, and the Theta Video application programming interfaces (its stream delivery infrastructure).

Fuse Media’s CEO, Mike Rogerro, lauded the importance of the partnership in growing the firm’s brand and user satisfaction. Specifically, he noted that combining his firm’s content and expertise with Theta’s pioneering blockchain technology yields an opportunity to cultivate an entertainment dynamic where users can express their voices in their preferred media.

Theta Labs’ Mitch Liu commented that the partnership is aligned with its vision of decentralized technology disrupting the traditional user-platform model. Theta currently serves customers and firms, enabling existing media and video platforms to maximize revenue and cut costs. It also rewards the end-users for sharing storage and providing bandwidth.

To learn more, visit ourĀ Investing in Theta(THETA)Ā guide.

Theta v3.4.0 shipped, novel Wrapped THETA introduced

The network successfully deployed Theta v3.4.0, which introduced Wrapped Theta, a token ā€˜wrapped’ around the network native token THETA, at the end of August. Operating under the ticker wTHETA, the token replicates similar functionality as wETH does for the Ethereum blockchain. Decentralized finance users on Ethereum rely on wETH (unbeknown to them) rather than ETH when interacting with apps such as automated decentralized exchange Uniswap and DAI’s home, Maker.

Theta gained utility on Theta native DeFi use cases following the update. It was expected to encourage pooled staking initiatives and concurrently push creators in the ecosystem to mint an even bigger breadth of staking products. wTHETA will also see utility as the upcoming Metachain update requires the token for anyone seeking to register a subchain and provide THETA collateral for the subchain validators. Holders of THETA can wrap and unwrap tokens on the Theta Web Wallet. Once logged in, users can see a newly introduced listing of wTHETA. The wrapped token can be added to MetaMask or sent to any other address on the Theta blockchain.

To learn more, visit ourĀ Investing in Theta Fuel (TFUEL)Ā guide.

Livepeer recorded growth in Q3, notwithstanding the bear market

In other news, rival Ethereum-based video transcoding system Livepeer saw significant growth in Q3. Leading crypto analytics firm Messari reported that the decentralized video infrastructure protocol saw a massive bounce in the second half of 2022 despite the bear market. In the new report detailing the findings, MessariĀ notedĀ that Livepeer recorded 36.7 million minutes of video transcoded on its network in Q3, an 11.2% increase over the second quarter of the year.

The analytics firm explained that the growth indicated growing end-user demand and optimistic supply-side metrics. The transcoding fee revenue in terms of rewards in ETH grew by 52.2% from Q2 to an all-time high, which translated into $91,400 due to the poor dollar performance of the token. Rewards accrued staking the native LPT token bumped up by 16.6% to 650,516 tokens this quarter. However, as LPT is down by more than 90% from its ATH, the dollar equivalent of this revenue showed a 45.7% downturn – $4.8 million.

Livepeer, which operates on an incentivization mechanism with a 50% target level, saw daily LPT issuance drop to 0.024%. The mechanism helps maintain the staking participation rate; therefore, token inflation will keep reducing in the current quarter until the desired ā€˜50% of LPT tokens’ staked is achieved. The protocol intends to achieve a cost-efficient method of broadcasting and streaming video and has been focused on supporting Web3-native video-enabled projects. The recent efforts have provided ground for the come-up of several projects, including the decentralized video calling app Huddle and the education platform Web 3 Edi.

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Source: The Dinarian ⚔ Claude AI

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Soroban Security Audit Bank: Raising the Standard for Smart Contract Security

The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

SinceĀ launch, the Soroban Security Audit Bank has successfully conductedĀ over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ā 

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

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SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen,Ā CEOĀ of OtterSec
Ā 

Leading projects within the Soroban ecosystem have highlighted the impact of the Audit Bank

Finding a good auditor is difficult, expensive, and high-stakes. The Audit Bank streamlines the process and supports ecosystem projects with security review at critical growth milestones. –Markus Paulson,Ā Co-FounderĀ of Script3
The audit firms we worked with deeply understood the full ecosystem and the underlying protocols used. Their expertise and the tools from the Audit Bank strengthened our security and supported user and investor trust. –Esteban Iglesias ManrĆ­quez,Ā Co-Founder of Palta.Labs

What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

  • Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
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  • Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ā€˜easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
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Get Started Today

If you're already funded through the Stellar Community Fund,Ā meet the criteriaĀ and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contactĀ [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with theĀ Stellar Community FundĀ to become eligible for future security audits and ecosystem support. For any broader questions on the program, contactĀ [email protected].

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If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

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Santander mulls stablecoin, crypto offering

BloombergĀ reported thatĀ Banco SantanderĀ is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

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Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported thatĀ US banks are exploringĀ the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last yearĀ stablecoinĀ infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries,Ā lowering the interest rateĀ the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’sĀ stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing aĀ digital bond on EthereumĀ in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in theĀ European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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šŸ™ Donations Accepted šŸ™

If you find value in my content, consider showing your support via:

šŸ’³ PayPal:Ā 
1) Simply scan the QR code below šŸ“²
2) https://www.paypal.me/thedinarian

šŸ”— Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! NamastĆ© šŸ™ The Dinarian

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