Ongoing rewards for SNX stakers and some sneak peeks 👀

Thales
4 min readSep 29, 2021

Exciting weeks for Thales 🔥

As you might be already aware, the double incentives (THALES and DODO tokens) for THALES/ETH liquidity providers on DODO started just a couple of weeks ago and will last a total of 20 weeks.

If you wanna participate in this you can read this THALES/ETH DODO LP guide.

And if you know your way around the fields, here is the direct link to the THALES/ETH DODO pool.

As a reminder, 50.000 THALES and 15.000 DODO tokens are distributed weekly to those who provide liquidity and stake their DLP tokens on DODO platform.

Since the token launch, THALES has been already added to Coingecko, Coinmarketcap, Zapper, and Zerion. We appreciate the quick response and support of the teams behind these sites 🙏.

But today, we have a different announcement to make…

Calling all Synthetix Spartans!

Once a Spartan, always a Spartan!

As stated in the Thales tokenomics article (definitively give it a read if you haven’t), today we are starting the third part of the THALES token distribution to Synthetix stakers: The ongoing distribution.

Ongoing distribution

18% of THALES tokens or 18,000,000 will be distributed on a pro-rata weekly snapshot basis to SNX stakers.

This distribution has started on block [13319519 — https://etherscan.io/tx/0x7507fd6caf5b3d05752dbe713c94a24891be1f310ca437d3b3392f1cb085d69b] and will continue for 144 weeks (almost 3 years).

You can check your ongoing distribution here.

After many deliberations on how to best implement it, the final approach is this:

  • A variant of the Merkle airdrop contract will be used
  • The airdrop contract Merkle tree is reset every week with the new balances based on the last SNX staking snapshot
  • If an address has had claimable THALES in the last week but hasn’t claimed them, that THALES is made available to the same address in the next week. In other words, there is no pressure to claim weekly

We’ll say this again: There is no pressure to claim weekly. THALES token accumulates.

125,000 THALES will be distributed this way per week over a period of 144 weeks. When claimed the THALES is moved to the Escrow contract with a vesting period of 10 weeks.

Having a weekly script to reallocate THALES rewards allows us to also include L2 and yearn vault in the ongoing distribution. It also gives us the flexibility to inspect and adapt how the Synthetix L2 migration is rolled out, provided that at one point the majority of SNX staking will be on L2.

The contract that will be used for this is https://github.com/thales-markets/contracts/blob/main/contracts/Airdrop/OngoingAirdrop.sol.

(https://etherscan.io/address/0xdaab884d083fe5c38b4679ae194c52f176bd8783)

With this distribution, we are aiming to show how grateful we are to the Synthetix community for their support, to bring along the way the Spartans to join the Thales Titans and build together the best binary options protocol 💪.

So, what’s next?

A sneak peek of what’s coming.

You can consider these next images the announcement of the announcement.

Coming soon 👀.

👉 Thales dapp updated UI with native THALES staking

👉 Chinese translation of both Thales dapp and docs

👉 Russian translation of both Thales dapp and docs

👉 Super-secret-initiative-probably-will-have-to-delete

How to join the Thales Titans and help us shape the future of binary options and sports markets?

Best way to stay in the loop is by far joining Thales Discord.

There you can ask questions, share your ideas or contribute actively on many fronts.

See you there, and until then, we’ll keep building.

Onwards.

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Thales

Thales is an Ethereum protocol that allows the creation of novel on-chain, permissionless, and non-custodial Parimutuel Markets.