Two days ago Theta released TDROP On-chain Governance, paving the way for decentralized governance of Theta blockchain. Let's review what it is and how it functions. 

What is TDROP Governance?

• A critical component of Theta Mainnet 4.0 due in Q422.
• Theta unlocked Voting rights for a given TDROP proposal
• Voting rights will be equal to the share of staked TDROP as a % of the total TDROP staked.

What does TDROP Governance provide?

Initially this move towards TDROP stakers directly governing how the TDROP token rewards and its other parameters like liquidity mining, and will serve as the testbed for on-chain governance for the THETA token and Theta protocol itself. A phased Governance plan to decentralizing the platform by giving the power to the token holders. 

TDROP Governance Rules

• Stage delegate votes to your Metamask wallet before the proposal is created.  Hint - Metamask must interact with the TDROP governance portal
• Your Metamask wallet needs to have at least 5,000,000 votes to create a proposal.  Wait what? 5M votes

Beware - In my opinion, I believe Theta is being myopic by overlooking the "citizen developers” by requiring such a huge quantity of votes. How many small users have great ideas that will not be able to participate!

Proposals can address the rules for:

• TDROP earning,
• TDROP liquidity mining
• TDROP staking

Proposal execution: 2 days after the proposal is queued, anyone can execute the proposal through the dashboard UI. The smart contract will count the votes, decide if the execution criteria are met. If yes, the proposal will be executed.  This wait period helps to prevent double voting!

Proposals are passed, when they meet both of these conditions:

• They receive more Yes votes than No votes
• They receive at least 500 million Yes votes

TDROP Governance Voting Info 

• Voting period: Once a proposal is submitted, it can be voted on by TDROP stakers. By default the voting period is set to 100,800 blocks. Roughly 7 days worth of work.
• Vote queuing: After the voting period, anyone can queue the proposal through the dashboard UI.

How many proposal have been submitted and voted on? Since, the release was only two days ago, none! I suspect this will take some time for people to digest and put together quality proposals and gather the votes. Unless they have been queueing up ideas from one of the hackathon events.

Find TDROP Governance here - https://governance.thetadrop.com/

Summary - Perhaps, Theta was being myopic with their upfront design to allow them to see how the voting performs under huge loads? Then later allowing "citizen developers” to submit their input by lower the votes required. No telling how many small users have great ideas that will not be able to participate. All in all Theta Mainnet 4.0 is taking shape!  All in all it should aid in decentralization of the Theta Network, can't wait for the next piece of Mainnet 4.0 to be released. Whose ready?

Disclaimer - I am not an employee nor an agent of Theta nor Theta Labs, although it sounds super exciting!