Calling all THALES stakers: Time to elect the new Thales Council
Thales keeps going strong on 2023
This year, Thales and Overtime continue expanding, developing new features, and gaining new users in different networks.
During the last governance period, there were lots of pretty cool developments, for example, the Deployment of Overtime on Arbitrum, along with THALES gamified staking and incentives for deeper liquidity of the THALES token on that same network.
Thales markets also deployed its vaults on Arbitrum, and other very important TIPs related to UX were also approved, including the reduction of all SafeBox fees across products by 1%.
Overtime got its fair share of upgrades, including the deployment of the new Parlays vault, integration with a new odds provider (hence more sports available!), and the first alternative front end being developed by an independent team (Spongly is coming!).
And last, but not least, the highly anticipated implementation of TIP-99, which allowed THALES stakers to provide liquidity to Overtime sports AMM.
As you can see, we ain’t stopping!
And if you were wondering how could you directly contribute to Thales and Overtime's next steps, then this announcement is for you!
Today, we are officially kicking off the nomination period for the fifth Thales governance epoch.
Let’s unpack what this means and how can you participate.
Nominations and elections period
The engagement we’ve had so far in past elections (and in the day-to-day governance discussions carried on Thales’ Discord) has been pretty mind-blowing, with many talented and passionate individuals willing to participate in the decentralized governance process of Thales DAO.
If you need a brief reminder about how Thales governance structure works you can check this, and if you only need a reminder about the Thales Council duties just read below 👇
As a reminder, the Thales Council’s principal duties are to approve protocol-level changes to the Thales-market codebase. This changes are introduced as TIPs (Thales Improvement Proposals), and as of right now we’ve got more than 130 TIPs implemented.
Today, we are announcing that the nomination period of this governance epoch for the Thales Council is already live.
Some important points to highlight:
- The Thales Council election will be done using your staked THALES as voting power. You can vote with your staked THALES on Optimism and Arbitrum.
- The voting power can be distributed among more than one candidate.
- First, there will be a nomination period where everyone is welcome to pitch in Thales Discord, from April 17th 3PM UTC, until April 24th 3PM UTC. (Direct links to specific channel for nominations a few paragraphs below 👇)
- After that, the voting period will start on Thales’ governance page, from April 24th 3PM UTC until May 1st 3PM UTC.
- The number of Thales Council members is 7, as a tribute to the “Seven sages of Greece” (Thales was one of the seven sages).
- The governance epoch for the new Councils will be from May 2023 until the end of August 2023, a 4-month period as per TIP-111.
How to participate in the nominations?
We are welcoming everyone to participate in this process by submitting a pitch (you could expand on your involvement with the Thales/Overtime community or why you think you’ll make a great council member, for example) and a valid Ethereum address (or ENS) that’s gonna be used for voting on the TIPs (Thales Improvement Proposals).
So, where to nominate?
For the Thales Council election:
👉 Please post a message with your pitch on our dedicated Discord channel #thales-council-nominations.
The nominating period has begun and new nominations are considered valid until Monday, April 24th, 2022. The cut-off is 3PM UTC.
Each Thales Council member will be eligible for a 3,000 THALES stipend per month, continuing the initiative by the ThalesDAO to maintain incentivized participation.
Some basic guidelines:
- Anyone can self-nominate
- Anyone can ping or tag anyone else for them to nominate themselves. Sometimes intelligent and productive people need a friendly push.
- An individual retains the right to not nominate themselves after being pinged or tagged by someone else.
- Candidates must have a valid pitch on #thales-council-nominations, even if it’s a one-liner.
- We’ll keep track of all nominees in #thales-council-pitches
After the nominations period ends, voters will have from Monday, April 24th, 2023 3PM UTC through Monday, May 1st, 2023 3PM UTC to cast votes and elect the new Thales Council.
So, what to do now?
If you feel that now it’s the best time to put yourself in a position to directly influence and potentiate the future of Thales protocol (and the products built on top like Thales markets and Overtime), then by all means nominate yourself here or nudge someone to make the jump into decentralized governance.
As a THALES staker you’ll probably want to start reading the Thales Council nominees’ pitches here in advance so that when it’s time to vote you can have a clearer picture of which candidates to support.
And when the time comes, on April 24th (lasting until May 1st), be sure to check Thales’ governance page and cast your vote!
