Since its launch in August 2023, Thales’ Speed Markets have introduced an adrenaline fueled method for traders to participate in crypto markets. With over 1,800 users onboarded, $3.25 million in trading volume, and 44,000 markets created across five chains, Speed Markets have rapidly gained popularity. Optimism, the most popular chain, has seen $1.5 million in volume and 16,250 markets opened.
Today, we’re excited to announce the next big step: the launch of full Account Abstraction dApp for Speed Markets.
⏱️ https://www.speedmarkets.xyz/ ⏱️
This release is a major milestone, not only for Thales Protocol, but also for the entire space. One of the first full account abstraction deployments for a fully onchain dApp!
By using the revolutionary Biconomy SDK for Account Abstraction infrastructure and Particle Network integrated Social Login wallet solution, anyone can now use Speed Markets dApp from any device as any regular Web2 application. Users just need to deposit some collateral via the frontend directly into the generated address without any third party wallet confirmations or gas fee headaches.
You just click buttons on the frontend, while the smart contracts execute the trades in the background. To make this a reality, the Speed Markets dApp uses the Biconomy Session Keys and Paymaster architecture to enable a full abstraction of the onchain world for every retail user on the dapp. This means when you are on the Speed market dApp and your ‘session’ is live, you won’t need to sign wallet pop-ups to confirm transactions after every step! And thanks to Paymaster, you won’t need to pay any gas either. A simple UX for any demographic, secured by Thales Protocol smart contracts in the background without any centralized dependencies.
Another cool effect of this development is that Speed Markets is now really easy to onboard and use from a Mobile device as well!
To promote Account Abstraction on Base network specifically, Biconomy and Base will provide all Base Speed Markets users with Sponsored Gas until the 1 ETH gas tank is depleted! This means that approximately 100,000 transactions on Base using Social Login wallets will have no gas cost on their transactions. The gas sponsorship will start on July 19th and run until the Gas Tank is depleted. The world’s first pure Web2 experience on a fully onchain application!
Dedicated dApp and seamless trading UX
Our new standalone app is built to provide a seamless and intuitive user experience. With a refreshed and user-friendly frontend, navigating and participating in Speed Markets has never been easier. Whether you’re new to crypto trading or a seasoned expert, our Speed Markets dApp is designed to meet your needs. You will be able to simply deposit funds into your generated smart account and start using the dApp without worrying about third party wallet or gas funds.
When logging in with a Social Login method, you generate a new embedded non-custodial Particle Wallet together with a Smart Account. Then you just need to deposit any of the supported collateral into your new Smart Account address and you will be able to use Speed Markets without any third party wallet or worrying about gas fees which are deducted from your buy-in!
Keep in mind Account Abstraction is only enabled on Social Login accounts for the time being. The ‘Connect with Wallet’ method onboards you without a smart account with regular wallet connection.
Improved Dashboard
Our enhanced dashboard offers a sleek and organized view of all your trading activities. Easily monitor your positions, track market movements, and make informed decisions quickly. The streamlined interface also showcases your entire trading history and portfolio balance.
Quick Wallet Connection
Time is of the essence in Speed Markets, and we’ve streamlined the process to connect your wallet in just a few seconds. Get started with trading immediately, without any lengthy setup procedures. Simply connect with your preferred social platform and we take care of the rest with the help of Particle Network integrated Login and Biconomy Smart Wallet.
Multi-Currency Support
Speed Markets support 7 different cryptocurrencies for your buy-ins. Whether you prefer Ethereum or stables, you can easily participate in Speed Markets using your preferred assets.
The supported tokens are:
Optimism — sUSD, DAI, USDC, USDT, OP, wETH, ETH
Arbitrum — USDCe, USDC, DAI, USDT, ARB, wETH, ETH
Base — USDbC, USDC, wETH, ETH
Polygon — USDCe
ZkSync — USDC
Similar to other Thales dApps, a swap will be triggered within a buy-in transaction to swap from your currency of choice to the main chain collateral.
Pyth Network Feeds Integration and PYTH Airdrop!
Our Speed Markets are powered by Pyth Network price feeds, ensuring accurate and real-time data for all your trading decisions. Pyth’s high-fidelity price feeds enable precise tracking of crypto prices, adding a layer of reliability and security to your trading experience. The architecture of Pyth integration remains consistent with our previous setup, providing the same trusted data feed in our new standalone dApp. Learn more about how Pyth empowers Speed Markets here.
Thales Protocol received 500,000 PYTH as part of the PYTH Retrospective Airdrop and will be using part of it for a retroactive airdrop for all eligible wallets!
Who is eligible for PYTH airdrop:
- Period 7 election and Tokenomics Temp Check voters: 50,000 PYTH
- Speed Markets early testers until Nov 1st 2023: 20,000 PYTH
- Thales Council nominees for Period 6 and 7: 5,000 PYTH
To claim the Airdrop, you have to input your Solana address on the Pyth Rewards pop-up within the Speed Markets dApp before August 17th!
You can find the full eligibility sheet here. The airdrop will be distributed by the end of August. If you have not received airdrop this time, fear not: there will be future PYTH rewards as well!
🚀 Summer Speed-Off Competition 🚀
To celebrate the entire launch, we’re kicking off the release with the Summer Speed-Off competition where traders will compete for 30,000 PYTH. The Speed Markets rewards will be available for traders that participate from July 17th to August 17th.
Here’s what you can win:
- Top 10 Traders by Net Profit: 12,000 PYTH
- Top 10 Traders by differential in win/loss ratio: 10,000 PYTH (Requires a minimum of 10 single markets)
- Top 10 Traders by PnL on chained markets 5,000 PYTH (Requires a minimum of 5 chained markets)
- Top 5 Net Losing Traders: 3,000 PYTH
Participating is simple, just open a Speed Market position of any kind and qualify for the three categories above. You can track your position in the event in the curated Dune dashboard (https://dune.com/leifu/thales-speed-markets-competition-17-july-17-aug-2024). We reserve the right to disqualify any inorganic trading behavior. May the best adrenaline-fueled traders win!
Start Trading!
We’re excited for you to try out the new Speed Markets dApp and enjoy all the enhanced features it offers. We value your feedback and would love to hear about your experiences. Share your thoughts and suggestions with us to help make Speed Markets even better. See you in the trenches
Start Trading Now: speedmarkets.xyz
About Thales Protocol
Thales is an Ethereum protocol that acts as the liquidity & settlement layer for prediction markets. This building block is the foundation of novel on-chain initiatives, from a platform for AMM-based positional markets to immersive gamified experiences, and much more.
Let’s stay connected
The best way to stay up-to-date with Thales latest developments, and also actively participate with ideas, suggestions, and feedback is to join Thales Discord.
Make sure to also follow Thales on Twitter.
