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Theta (THETA) suffered a huge decline in value early last month losing approximately 45% between May 10 and May 12. Though the token managed to recover in the next few days but couldn’t find solid support and consequently suffered another slump in the last week of the month, touching a year-to-date low of $1.03.
Theta (THETA) price action
In the last 24 hours THETA/USD has charted a price rise, retesting resistance at $1.40.
Market data shows the pair is trading 11.86% up in this period. The 24 hr trading volume is $115,035,208 at the time of writing indicating an 8.23% increase. This is as much positive there is in THETA’s trading activity. THETA/USD is currently hovering 91.51% below its all-time high set in April 2021 and has been .
Analysts predict a period of consolidation with occasional dips and jumps in the short-term as bulls currently lack enough momentum to escape the $1.25 to $1.45 zone. A close above $1.6 invalidates this and clears the path for further upside.
Outside the market, Theta Labs last Thursday announced that the TDROP Governance site has been launched on Theta Mainnet
Decentralized governance on Theta with TDROP staking
The launch marked the first step towards enabling TDROP stakers to directly manage how the TDROP token rewards and other parameters like liquidity mining are determined, and it will, as such, act as a testbed for THETA token and Theta protocol on-chain governance.
On the overall scope, this acts as a significant step towards paving the way for the takeover of decentralized governance on the Theta network. Each user with staked TDROP would have a share in voting power, proportional to the number of tokens staked on the network.
Notably, Theta token stakers will have the ability to participate in TDROP governance in one or more of three ways, including delegating voting power, voting on proposals, and submitting their own proposals. To delegate their voting power, users will require a Theta Wallet with TDROP tokens, from which they can deposit their stakes.
Afterward, they can delegate their staked TDROP to a Theta address that will have voting power equal to the staked TDROP. The staking process would be facilitated on MetaMask, hence said address must be accessible via the wallet.
Voting on and creating proposals
Users can review to see details, vote for, or create their own proposals on the TDROP governance site. Having delegated votes before its creation, a user can vote on a proposal. A voting period is set for 100,800 blocks, about seven days, after which the submission is queued on the dashboard UI. Two days later, any staker can execute the proposal via the dashboard, with smart contracts set to check whether the execution criteria have been met before the proposal is implemented.
It is required that the number of ‘Yes’ votes exceeds 50% of the total, at a minimum of 500 million in-support votes.
The process of users creating their own proposals first requires that a staker has at least 5 million votes on their MetaMask wallet. They can then describe their proposal, the reason behind a proposed change, and any potential concerns about it. Initially, proposals would be limited to whitelisted types such as liquidity mining parameters before spreading out.
To learn more about Theta, visit our Investing in Theta guide.
Theta (THETA) Bulls Face Rejection at $1.40 as Network Takes Another Step Towards Decentralization
Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.