Everything you need to know about the February 1st TDROP Launch— Schedule, VIP Benefits, Staking, and Governance
The time has almost come for the TDROP token launch on February 1st, and we’re excited to share more about the utility and benefits that TDROP offers to users on the ThetaDrop platform.
TDROP rewards activity on the ThetaDrop NFT Marketplace, provides decentralized governance for ThetaDrop, and rewards stakers with TDROP token rewards. It is a new TNT-20 token built on Theta blockchain, centered around the groundbreaking concept of NFT Liquidity Mining. TDROP tokens are earned by users each time they make a purchase using TFUEL on ThetaDrop (on the secondary market at launch, and on the primary market / initial drops in a coming update), or through a 3rd-party NFT Dapp built on the NFT marketplace smart contract. It can be thought of as ‘mining’ TDROP by providing liquidity to the Theta NFT Marketplace. This incentivizes early adopters of ThetaDrop to provide liquidity which enhances price discovery, improves trading volumes, and drives more user growth and adoption.
If this is your first time learning about TDROP, check out the FAQs to learn about what TDROP is and what it means for the Theta ecosystem and existing stakeholders, or read the full whitepaper on the Theta Ecosystem.
February 1st Launch Schedule
The steps to enable the TDROP contract, transfers, and staking will proceed as follows. We’ll update the community on Twitter as each step is completed, so that holders can follow and learn when different features are enabled.
- First, the ThetaDrop smart contract (https://explorer.thetatoken.org/token/0x1336739B05C7Ab8a526D40DCC0d04a826b5f8B03)and related smart contracts will be enabled on-chain
- Theta Web Wallet will be updated, allowing users to begin transferring and staking TDrop. Theta mobile wallets for iOS and Android and the Theta Chrome Extension will also be updated, though processing times by App Store and Play Store mean the changes may not be immediate
- ThetaSwap and VoltSwap liquidity pools expected to go live
- ThetaDrop.com secondary market will switch to the new Marketplace smart contract, enabling NFT Liquidity Mining
- At block height 13,949,050 (projected for approximately 3pm Pacific time) TDROP staking rewards begin to accumulate
VIP Benefits for TDROP holders on ThetaDrop Marketplace
The first set of VIP benefits for TDROP holders will be broken into three tiers:
Bronze Tier: Initial requirement 100k TDROP
- VIP airdrops of NFTs, TDROP, and other tokens
- Lower withdrawal fees and priority/faster withdrawal times (coming soon)
- VIP Badge differentiating your ThetaDrop profile from regular users
Silver Tier: Initial requirement 1m TDROP
- Early access to all the newest NFT drops on ThetaDrop. If there is a waitlist for a drop, you will be placed ahead of all Bronze Tier users and users without TDROP
- Plus all Bronze Tier benefits
Gold Tier: Initial requirement 10m TDROP
- Exclusive access to certain drops — the only way to access the whitelisted presale of these drops will be via the TDROP Gold Tier.
- NFTs that you list in the ThetaDrop secondary market will be featured in a carousel at the top of the market, and by default will be sorted to the top of marketplace lists
- Plus all Bronze and Silver Tier benefits
The Bronze and Silver Tier benefits will be available on launch day, February 1st, with Gold Tier benefits going live shortly after. TDROP utility will continue to expand beyond these listed benefits throughout 2022 as ThetaDrop platform grows. Access to each tier will be based on the 30-day average balance of TDROP you hold on ThetaDrop. TDROP amounts required for each tier are subject to adjustment if necessary due to TDROP price fluctuations. TDROP deposited in ThetaDrop can be withdrawn at any time without restriction.
TDROP staking will officially begin at block height 13949050, which will be generated at approximately 3pm Pacific Time on February 1st. Staking TDROP will be done from the Theta Web Wallet and Theta Mobile Wallet, and will not require any specific node (i.e. you do not need a Guardian Node or Edge Node to stake TDROP). First, login to your Theta Wallet which will soon be updated to support TDROP and other TNT-20 tokens.
Click to the Stakes section. It will show your existing staked tokens including TDROP, and how much TDROP voting power and earnings you have.
To stake TDROP, click Deposit Stake, select TDROP from the dropdown menu and enter the amount of TDROP you want to stake, then click next and confirm the staking transaction. There is no minimum or maximum amount to stake.
Your TDROP locked in the staking contract is now shown (your staked tokens plus estimated earnings to date), as well as your voting power toward TDROP governance proposals. To unstake, just click Withdraw Stake, select TDROP, and enter the % of your TDROP you want to unstake and return to your Theta Wallet (0% to 100%). Staked TDROP can be withdrawn at any time without restriction.
TDROP Governance Portal
TDROP will also serve as the governance token for ThetaDrop. TDROP holders can stake their tokens to gain voting rights for proposed changes to ThetaDrop. Each user’s voting rights for a given proposal will be equal to their share of staked TDROP as a percentage of total TDROP staked. The first TDROP vote proposal on the earning rate of TDROP for liquidity miners is expected to be voted on in Q1 2022. As that release gets closer, the TDROP governance portal will be released for TDROP stakers.
As the voting process progresses and stabilizes, TDROP holders will be responsible for creating new proposals to be voted on. Voting on proposals is expected to initially occur on a quarterly basis. Similar to the governance mechanism of prominent DeFi projects like Compound and Uniswap, TDROP governance voting will be conducted fully on-chain through smart contract calls. These community proposals will also serve as the testbed for community governance features to be implemented on the Theta blockchain itself, to be voted on by holders of the THETA token.
Stay tuned for further updates, and we look forward to a successful TDROP launch day on February 1st!