Thales August Digest

Thales
3 min readSep 1, 2023

A brief recap of the latest developments and a bit of what’s coming next!

Thales monthly digests

The idea behind this new series in our blog is to pierce together all the latest developments and important protocol upgrades in one place in a very condensed manner, so it can be consumed in just a few minutes. Some links are added when relevant for those who wish to dive deeper into any of the subjects mentioned.

Let’s go!

Thales protocol

  • Big changes to tokenomics brought on by TIP-163: Gamified Staking parameters have been adjusted, SafeBox fees are now set to 2% across all products, BuyBack and Burn 🔥 is active on Arbitrum and the burn rate is increased on Optimism, Staking rewards have been updated to decrease THALES emissions by 33%, and the allowance for AMM LPing has been changed to 1 THALES per USD, increasing the amount stakers can deposit. You can read this Twitter thread breaking down each aspect of the update.
  • Thales has launched on Base Network! You can trade ETH and BTC markets, including Speed Markets. Check out TIP-156 for more info!
  • Speed Markets ⏩, a new product allowing you to trade ETH and BTC against the AMM on shorter time-frames (1–24 hour) has been deployed on all networks! All positions will have 50:50 implied probability and a potential 2x payout (minus 6% in fees) from a single winning position. This also introduces multi-collateral, allowing traders to buy positions using stablecoins (USDC, USDT, DAI) and also ETH, WETH, OP, and ARB
  • Continued R&D on ZkSync deployment 👀
  • Continued R&D on Etherspot integration (account abstraction) 👀
  • Tale of Thales Infinity Rooms are now available to decorate. If you’ve been earning gold during daily quests now you can purchase furniture to customise your own room in the hotel and show it off to your friends. To celebrate, there was a fun room-decorating contest as well as the release of a new Wizard NFT set 🧙‍♂️. Check out the Infinity Hotel in the Tale of Thales Game.
  • Elections for the next Thales Council ⚖ have ended. You can see the results, as well as your Council representatives for the next 4 months here. Congrats to the new members! 🎉
  • Thales AMM LP performance so far per chain:
    Optimism: +9.27% PnL in 16 weekly rounds
    Arbitrum: +5.94% PnL in 16 weekly rounds
  • Upcoming: Thales.io stand-alone website, multi collateral (ETH) for more products, THALES staking on BASE

Overtime Markets

  • Incentives of 90k OP, 90k ARB, and 180k THALES for the big leagues (EPL ⚽, NFL 🏈, NBA 🏀) were announced, with a new formula that rewards higher risk and bigger positions. Read all about it in this medium article.
  • New Leagues added: FIBA Basketball World Cup 🏀, Saudi Professional League⚽, Brazilian Serie A ⚽
  • Spongly🧽, an alternative front-end for Overtime with added functionality like copy-trading, is now officially open to the public for it’s Alpha release. Check the out at https://spongly.eth.limo/
  • Overtime Sports AMM LP performance so far per chain:
    Optimism: +51.89% PnL in 25 weekly rounds
    Arbitrum: +47.69 in 25 weekly rounds
  • Overtime Parlays AMM LP performance so far per chain:
    Optimism: +7.89% PnL in 11 weekly rounds
    Arbitrum: +11.84% in 11 weekly rounds
  • Upcoming: Player props, a tiered referral system, deployment to BASE, buying positions with ETH, more leagues, more sports

Let’s stay connected

The best way to stay up-to-date with Thales and Overtime’s latest developments, and also actively participate with ideas, suggestions, and feedback is to join Thales Discord.

Make sure to also follow Thales and Overtime on Twitter.

Until the next monthly digest!

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Thales

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