The first round of Layer 2 AMM trading on Thales Markets is complete and it was a blast watching traders ape into the markets. With over 450,000 sUSD of total volume traded (of which 340,000 sUSD were AMM buys with only 70,000 sUSD of initial liquidity), we’d say it was quite a success. The markets may have turned on the bulls, but take consolation in the 20,000 THALES rewards for participating in AMM markets. And now it’s time for Round 2 with more markets on Optimism and more THALES incentives for AMM trading.
The first round of markets opened on December 22, 2021 when Bitcoin was hovering between $48,000 and $49,000, ETH was near $3950 and SNX sat precariously at $5.50 with some big moves on the horizon.
Now that markets have resolved you can review the data with this great Dune Analytics Dashboard built by community member Leifu or scan through the trade history and see how your fellow traders did in this treacherous market. 137 unique traders (47 traders on day 1!) made more than 600 trades in total. And each of those traders will be rewarded their share of 20,000 THALES in AMM incentives.
The most popular markets were ETH @ $3500 thanks to a couple of huge short buys and a big long sale, followed by BTC @ $48,000. The SNX @ $5.00 market saw the third highest total volume, but SNX @ $6.00 included the most total trades and was near the bottom of average volume per trade. Did you follow the big money or move with the minnows?
The AMM feels pretty good about itself, bringing in over 20,000 sUSD in profit thanks to the huge correction during the final day of trading. Robots have no remorse.
The next round of AMM trading begins today!
Starting today, January 11 and running until January 26, the next round of AMM markets will begin trading. You’ll have a chance to take part in 12 new markets with a few expiring in only 1 week instead of at the end of the round.
The community has provided their feedback and in response we’ve released TIP-19 to make some updates and improve this round. Another 20,000 THALES will be rewarded to traders that use the AMM, but this time 10,000 THALES will be provided for long buys and 10,000 THALES will go to short buys. Also, markets will be increased from 5,000 sUSD to 7,000 sUSD in initial liquidity, providing more traders with a chance to jump in. Finally, as a precaution to keep the AMM solvent no matter what happens in these crazy markets 1% from each trade with the AMM will be deposited into a separate contract. This won’t affect the price traders pay since it will be balanced out by reducing the minimum spread from 2% to 1%, so fees will remain the same as last round.
Now that you’re armed with some insights and battle scars from round 1, head over to Thales Markets to jump in again. AMM rewards will end after this round and will be followed by another big update you won’t want to miss.
