In this blog, we show you how to add Theta to MetaMask wallet. First, we talk a bit about what it is and what it does, etc. If you do not want to read about that and directly want to see how to add Theta to MetaMask. You can go down this page and start reading “Getting Theta on MetaMask”.
What is Theta
The Theta blockchain network is a blockchain network that focuses on video streaming. The current methods that companies use to stream video have their limits. So Theta tries to improve upon that. They do this by making the streaming services decentralized. Via a method of using a large number of local nodes that cache the video data and relay streams to users. They incentivize nodes to do this by giving them some cryptocurrency. In this case the tFuel token. Because computers with spare computing power and storage space can easily join the network. Many nodes use the network to make some extra cash. Some Theta statistics are the following. The blockchain can process over 1000 transactions per second. With an average transaction time of 3 seconds. But that’s not all. The Theta node network currently has already 13,000+ edge nodes, 3500+ Guardian nodes, and 16 enterprise validator nodes.Because all people who want to use the Theta streaming network can do so. They can also all earn rewards for being part of the network. Because users can contribute to the Network on almost any type of devices like a PC, mobile device, or smart TV. On top of that existing streaming platforms can integrate Theta into their website to reduce their video delivery cost, and drive more revenues. So by spending less on video delivery infrastructure, and also rewarding their users. Their integrated video platforms can offer more for less.
Theta network streaming
The Theta streaming network makes use of multiple different types of nodes. These nodes are Edge nodes, Guardian nodes, and Enterprise Validator nodes. All nodes have different features but overall all support the streaming network by caching data and relaying streams. The most popular node type to do this is the Edge node. We will take a look at how to set up an Edge node later on. Because of the popularity of the network with users as well as node operators. Many big companies have partnered with them. Companies like Google, Chainlink, and Samsung to name some. Not only do they work together with Theta.tv but some of them like google also participate as an Enterprise validator node.
Theta & tFuel Token
The blockchain network works not just with 1 token that functions for all. No, it has 2 tokens with both their own functionality. The first token, the Theta Coin works as the governance token. This token started as an ERC-20 token but moved to its own blockchain after the mainnet launch. The token is needed for the governance of the blockchain. But can also be staked to earn tFual. So if you stake the Theta token you will automatically earn TFUEL, making you some nice interest on your tokens. Then there is TFUEL, the TFUEL token work like the name says. It works as the main fuel token of the blockchain. So when you want to send a transaction or deploy a smart contract on the blockchain. You will need to pay the transaction fee in TFUEL. TFUEL is granted to stakers of the Theta Coin as well as people running Edge nodes. Because of this the token experiences inflation over time. But the tokens also get burned. 25% of the TFUEL in normal transactions is burned and 100% of TFUEL is used for smart contracts. Because of this, the inflation of TFUEL can be counter making the inflation less.
How to run a Theta Edge node
Running a Theta Edge node is super simple and anyone can do it. You just simply go to the Thetatoken.org website and download the Edge node. After the download and the install, you can spin it up. Having opened your new node it will ask you for a Theta address. But if you do not have one, do not worry you can easily create one. Just go to the wallet section on the same website and you can create a Theta wallet there.Now that you have a wallet and gave your wallet address to the node you can start earning TFUEL. The Edge node will fetch computation, and cache jobs for you when available and pay you some TFUEL. So after the node has completed some of these jobs it will pay you the TFUEL at the end of the month. But you will need to have earned a minimum of 3 TFUEL. Else you will receive it later on.
Elite Edge Node
Running an Edge node like this costs you almost no money or effort. But if you want to earn a bit more you can. Because you can upgrade your Edge node to an Elite Edge node. If you want this you need to stake a minimum of 10.000 TFUEL tokens. But this will pay you out a bit more TFUEL than a normal Edge node. So if you want to run an Elite Edge node you will probably have to buy some tokens. If you want to do so it is important that you keep up to date with the Theta & TFUEL price. You can see the Theta & TFUEL token price on Coinmarketcap or Coingecko in Euro or USDT. Besides that keep in mind that TFUEL & Theta Twitter, Medium, Reddit, and news can also influence the price. So make your predictions accordingly. And remember that non of this is financial advice.
Briding to Theta
Because the TVM ThetaVirtualMachine, which is like the EVM Ethereum Virtual Machine, is still new. Not a lot of bridges exist. As of writing, we could not find a bridge that already works on the mainnet. But a bridge called Metter.io is already being tested on the Testnet. So we can expect them to go live on the mainnet as well soon. When this starts, users can bridge their tokens from or to other smart chains like Ethereum and Polygon. But do keep in mind that you will always need to use a bridge to get funds from one blockchain to another. If you do not use one, you will probably lose your funds in the transaction. This goes for ERC-20 tokens as well as for NFT’s and all other on-chain assets.
The Theta Explorers all work in a similar fashion as the Bitcoin and Ethereum explorers. One of the most popular of these explorers can be found on the official website. Here you can find all the stats about the blockchain. With things like its active wallet addresses, transactions, and blocks. But besides that, you can also look up your own old transactions. To back check what you did or to see if a transaction was confirmed. With these Theta statistics, you can navigate the whole blockchain. So if you need to see something on-chain, then go check out the block Explorer to see what’s happening.
Wallets that support Theta
Many wallets and exchanges like Binance, Kucoin, Huobi, and many more have added the Theta network. This has given a lot of exposure to the chain, which as a result has been good for the Theta token price. But besides that, the team itself has also created their own web wallet which you can directly access through their site. So if you need to create a Theta wallet address you can easily obtain one there. Besides the exchanges and their own wallet. Many other wallets like Ledger & Trezor wallet have also added support with many of them listed on Yada Wallets. Here you can find wallets for IOS, Android, Windows, macOS, and more. These wallets can either hold your private key with you or with a custodial. If you want to keep the private key with you, you can filter for “funds saved with your device”. On top of that, there are also all the manual EVM wallets. Because these wallets give you the option to manually add any EVM. So you can add this blockchain but also any other. As long as they have an EVM running. Now that you are all educated on the Theta network, are you ready to start learning “how to add Theta to Metamask wallet”? So you can use your own wallet to the fullest. Let us now dive into, how to add Theta to Metamask wallet”.
Getting Theta on MetaMask
So to add the Theta to MetaMask you have to open the MetaMask wallet (In case you don’t have MetaMask yet, please get it on this page).Once you have MetaMask installed, open it up on the full screen. So you will have the same screen as in our example here.
Now go to the top right of the screen where it says “Ethereum Mainnet” and click on the little arrow pointing down next to it. This opens the network’s tap where you can select all different types of EVM blockchains (Ethereum virtual machine) networks. Now here you can click on the Custom RPC to add a new custom EVM blockchain network of your choice. In this case, the Theta mainnet.
Now Metamask will ask you for the data needed to connect the wallet to the Theta Mainnet. Please fill in the list below.
Network Name - Theta
RPC URL - https://eth-rpc-api.thetatoken.org/rpc
Chain ID - 361
Symbol - TFUEL
Block Explorer URL - https://explorer.thetatoken.org
When you have done this, you can just click save. And now you have added a new network to your MetaMask wallet.If you would like to switch between the EVM blockchains. Simply click on the Network button in the top right of the screen to select another blockchain.Because adding different types of EVM blockchains works the same, you can add any EVM blockchain in the same way. But instead of the list given in this blog, you replace that with another network’s ChainID, symbol, etc.We hope this blog post helped you to integrate a new EVM into your MetaMask crypto wallet. So that you can now use this blockchain as much as you want.
Find your wallet here
In case you want to see all the other wallets supporting Theta. You can simply take a look here to filter between all wallets that do!
So we hope this article taught you more about how to add Theta to MetaMask wallet. But in case you have Questions regarding Crypto or Ethereum? Feel free to ask them on our Facebook or Telegram groups. Because we are happy to help whenever we can!