What does THETA do?

Could you please explain in detail what exactly THETA does? I've heard a lot about it recently but am still not quite clear on its functionality and purpose within the blockchain and cryptocurrency space. Does it primarily serve as a utility token, or does it have more diverse applications? Additionally, could you discuss any significant partnerships or projects THETA has been involved in recently that might indicate its future potential? I'm particularly interested in understanding how it fits into the larger ecosystem of decentralized technologies.