Thales Council second governance call: A recap

After a successful first Thales Council governance call, and continuing with the goal of engaging the community, the second one took place on January 25th at 4PM UTC.

We appreciate all the people that jumped into the call, shared their ideas, voiced their doubts, and helped newcomers pointing them to relevant documentation and TIPs (Thales Improvement Proposals). Special thanks to the Thales Council 💪.

Alright, let’s get to the chase!

Thales Council second governance call recap

Shoutout to Red for compiling this brief 🙌

Thales Council Meeting #2 — January 25th, 2022
(BigPlutus leading the call, all Thales Council members in attendance, around 63 participants on the call)

Meta Governance

Numbered TIPs

TIP 13 - Thales Royale on Optimism
- Given the success of Kovan OVM iteration, introducing Thales Royale on a seasonal basis
- To be launched on OP Mainnet on Monday, January 31st, 2022
- 6 Seasons (one every 2 weeks) with 6 rounds of 24 hours
- ETH as a base asset
- Buy in 30 sUSD, winners split the prize pool
- Each one of the first 6 seasons is incentivized with 1000 sUSD and 1000 THALES added to the prize pool
- Incentives for the first 6 seasons will be distributed, not claimable by contract

TIP 13 related discussions:
- Fee Capture mechanism, variable initially set at 0
- SafeBox can be introduced to capture fees from buy-in on a custom basis
- Specification to TIP-13 to be added for configurable variables
- Possibility of introducing game profiles
- Possibility of creating NFTs representing Thales Royale evolving position
- Buy in amount confirmed 1 per wallet, users can buy in more entries with a different wallet

TIP 17 - Gamified Optimism L2 staking
- THALES token single-side staking to be moved to Optimism definitively
- Base rewards of 70k THALES
- Introduced a bonus reward, to align incentives, of up to 30% of base rewards (21k THALES)
- The bonus reward breakdown is as follows:
50% based on SNX staking
40% weight to AMM trading volume
10% weight if current participation in Royale
- SNX staking will be based on NormalizedCratio parameter, basically measuring how healthy is someone’s C-ratio
- People can do the tasks for the extra rewards at any point in time before the weekly snapshot
- Bonus rewards can always be modified to fit current (and future) Thales products
- Planned to launch after the THALES token is live on Optimism

TIP 20 - THALES token migration to Optimism
- THALES migrated to opTHALES on Thales dapp as a new token
- The idea is to make it as seamless as possible for users integrated into the dapp, in one atomic transaction
- Auto migrate all staked, escrowed, and vested THALES rewards to L2
- Vested THALES token will get auto-staked (still needing 7 days to unstake, in case they choose to do so)
- Retroactive rewards (SNX and strategic partners) will not be auto migrated, as that contract is immutable
- Main motivation is due to current gas costs on Ethereum mainnet and to mitigate the 15.9m THALES token mistakenly locked in a smart contract
- Unstaking time period will be reduced to instant for opt-out of auto migration
- For those who don’t wish to have their THALES migrated to Optimism (and bear the costs of migration by themselves) or would for any other reason like to keep your THALES on L1, there will be an opt-out with message signing in the dapp
- 137 THALES airdrop will be claimable on L2 for those who haven’t claimed already
- All the stakers who get their THALES migrated and don’t have ETH on Optimism will receive $10 worth of ETH airdropped to them

Note: There will be a detailed guide in our documentation on how this whole process works and what you need to do, including screenshots. During this process we’ll be answering all the questions and doubts in our Discord.

TIP-23 - Optimism LP incentives
- Creation of 0<>Infinity range THALES/ETH Uniswap v3 pool with G-UNI framework from Gelato
- Initially to be incentivized with 35,000 THALES per week for 10 weeks

TIP 23 related discussions:
- In the future, the range can be tightened to increase fee capture
- Instead of pairing it with ETH, a USD-based pool would protect Thales from ETH movements and capture true users value (method less commonly used by other protocols)
- Treasury to create a Uniswap THALES/USD-stablecoin on Optimism L2 based on governance call discussion

A lot was discussed during this call, so if you are still uncertain about any part of this brief or have questions, by all means, jump into our Discord and ask away. Or if you want to start contributing with your ideas you are more than welcome to!

ThalesDAO 👏 keeps 👏 going 👏

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