Thales Council third governance call: A recap

Continuing with the goal of maintaining Thales community updated and engaged with governance matters, the Thales Council organized the third governance call on February 22nd.

You can find here both recaps from previous governance calls:

Thales Council first governance call

Thales Council second governance call

Thanks again to everyone involved in governance discussions. We highly appreciate those who take the time to discuss and engage with proposed TIPs.

Thales Council third governance call recap

Shoutout to Red for compiling this brief 🙌

Thales Council Meeting #3 — February 22nd, 2022
(BigPlutus leading the call, all Thales Council members in attendance, around 25 participants on the call)

Numbered TIPs

TIP-28 - Optimism Exotic positional markets

- Thales stakers will elect the Oracle Council, the overseeing body
- Oracle Council will maintain guidelines and also guide potential market creators, when they require it
- Creation of Oracle Council with a 10,000 sUSD budget
- Users are welcome to nominate themselves for a position on the council, rewards outlined in TIP-28
- Implementation of Exotic markets
- The creator needs to put up a 100 sUSD bond to create the market
- Any user can dispute a market with a 100 sUSD bond
- Dispute process explained in detail in TIP-28
- Fees are 3% : 1% to the market creator, 1% to the market resolver, 1% to the Safe Box
- Withdrawals are subject to 6% fee if liquidity is present in the market.
- Market creators need to respect guidelines outlined in TIP-28
- Backstops include the Protocol DAO, Thales council, Treasury DAO insurance fund of 500k sUSD
- The proposed framework has as aim to be decentralized but able to scale
- Exotic markets doesn’t pretend to be a replacement for markets resolved with Chainlink feeds, both will be separated at the UI level
- The end goal is volume, but in the beginning, there’s room to start with more niche markets for friends to have fun

TIP-28 related discussions:

- This TIP introduces the concept of exotic market to Thales protocol.
- English language needs to be as precise as possible to leave ambiguity out.
- Scaling adjustment will be applied as we roll out the initiative.
- Backstop/hedge case discussion & examples.

TIP-29 - Deployment of Thales Royale Pass Utility NFT

- Mint Royale NFT pass for 30 sUSD.
- Allows users to give away Royale passes to friends, other communities.
- Royale NFT pass is burnt when used.
- 30 sUSD goes to NFT contract.
- Upon sign up the 30 sUSD goes to the Royale winning fund.
- No refunds/withdrawals from NFT are available with this iteration.

TIP-29 related discussions:

- NFTs will be visible on UI, and mintable on the Thales Royale dApp.
- Useful for marketing push and community building around Thales Royale.

TIP-30 - Thales AMM v0.3 Update

- Skew impact of v0.2 adjusted as liquidity balances out.
- The Skew impact is added to the final price of Positional Tokens for the buyer
- The skew impact of high odds market is less costly, and vice versa
- Reduce AMM risk by increasing capital cost.
- Increase AMM range to $0.05/$0.95
- The total cost of Skew Impact for large buyers will be halved when compared to the initial AMM
- Adapt Safe Box : SafeBox cut will be calculated from the total trade cost after the Skew Impact calculations are priced in.

TIP-30 related discussion:
- Current method incentives in buys of smaller batches, this TIP removes much of the downside from buying in 1 large transaction.

Aftermath

TIP 28 and 30 aren’t ready for vote yet, so these will continue to be iterated and discussed by Thales core contributors, Thales Council and the mighty Titans (Thales community).

TIP-29 has been voted and approved, so expect to see those Thales Royale Pass NFTs in the wild very soon! 👀

This was a long call, clocking at around 90 minutes, where most of the discussion was centered around TIP-28, exotic markets, and the Oracle Council.

If you have any questions regarding these initiatives or want to jump in and start participating in ThalesDAO you are more than welcome to join our Discord. Your thoughts and ideas are encouraged and appreciated!

ThalesDAO 👏 keeps 👏 building 👏

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Thales

Thales

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