THALES gamified staking expands to Arbitrum
Today is a historic day!
Not only because Thales protocol is turning 2 years old (see Danijel’s reflection blog post from 1 year ago for a trip down memory lane), but because starting today Thales DAO has multichain governance with the deployment of THALES gamified staking on Arbitrum 💪
Let’s unpack this bit by bit.
A brief on the THALES token
The THALES token purpose is to govern the Thales protocol, granting voting power for the DAO governance body elections to those who stake it.
If you need a refresh on THALES tokenomics check the documentation here.
The staking of the THALES token started on Ethereum mainnet, then it was smoothly transitioned to Optimism.
The protocol and the DAO flourished there, with thousands of transactions, millions of dollars in volume, and more than 130 TIPs (Thales Improvement Proposals) reviewed by the Thales Council, until there was enough momentum for the next step: Accommodate for multi-chain governance.
As decentralization is one of Thales' core values, the only thing needed to ignite this expansion into governance resilience was a passionate and engaged community willing to embrace Thales (and Overtime!) ethos of permissionless, on-chain, and community-driven open finance.
So, given the fantastic welcome we’ve seen for both Thales markets and Overtime, Arbitrum was the logical choice for the staking deployment.
If you are reading this, Arbinauts, thanks for your support! 🙏
Introducing THALES gamified staking on Arbitrum
Let’s get to the chase.
Thales uses a gamified approach to reward on a weekly basis those who stake THALES and at the same time incentivize protocol usage.
For each weekly staking epoch (which starts every Wednesday) there are base and bonus THALES rewards.
Base rewards are 20,000 THALES distributed proportionally among all the THALES stakers on that chain for the weekly epoch, in this case, Arbitrum.
Bonus rewards are 10,000 THALES distributed proportionally among those who use the products built on top (Thales markets -including ranged markets- and Overtime) on Arbitrum. The bonus rewards consider the last 4 weekly epochs as volume.
The staking page UI will tell you in detail how much volume have you generated and present an estimation of how many THALES you’ll be receiving when the weekly epoch ends (if all things stayed the same).
Also, an important reminder is that these rewards need to be claimed weekly, if not they are forfeited. If you want to automate this process you can read this guide.
You can check the Thales documentation for the full scoop on how staking works, including unstaking (subject to a 7-day cool-off), escrow (claimed THALES are moved here for a 10-week period) and vesting terms (once the 10-week period has passed).
Cool, eh? But that’s not all!
Introducing co-incentivized THALES/ETH pool on Camelot
Along with deploying gamified staking on Arbiturm, TIP-125 also proposed a solution for ensuring the liquidity of the THALES token on Arbitrum, by deploying a co-incentivized THALES/ETH pool on Camelot.
The Thales treasury will fund the initial THALES/ETH pool with approx. 100,000 USD, by withdrawing its current Protocol Owned Liquidity on Arbitrum from Uniswap to Camelot.
So, where can I find this THALES/ETH pool?
👉 THALES/ETH Camelot pool
For starters, the Camelot Nitro pool for this THALES/ETH pair will be incentivized with 12,000 THALES over the course of 1 month, claimable block by block for all LP stakers. The Camelot team will also incentivize this pair with an equal amount of GRAIL/xGRAIL emissions.
So, when does the incentives’ emission start for the Nitro pool?
👉 March 1st, 18:00 UTC
And where can I find it?
👉 Nitro LP staking on Camelot
So, what’s the TLDR to provide liquidity and join the Nitro pool?
- Go to https://app.camelot.exchange/liquidity
- Check that “Position” is selected
- Select THALES and ETH, approve, and add liquidity
- Go to your THALES-ETH Nitro page, you should now have at least one “compatible position” on the bottom
- Click on deposit
You can read more about how Camelot works, including its Nitro pools, in Camelot documentation. Here are guides for adding liquidity (to start accruing GRAIL rewards) and for Nitro pools (to start accruing THALES on top). Please remember that this is a third-party project, so as always doing your own complimentary research is advised.
What does all of this accomplish?
Mainly, three things:
- Makes Thales DAO governance more resilient by having voters (THALES stakers) in more than one chain, and as a bonus incentivizes them to use the platforms built on top to get the gamified staking bonus 💪
- Ensures there’s enough liquidity for the THALES token on Arbitrum 🙏
- Paves the way for the implementation of TIP-99 on Arbitrum 👀
So, what can I do now?
If you want to stake THALES on Arbitrum (or Optimism) you can do it here.
If you want to learn more about THALES staking or need a step-by-step guide we’ve prepared this staking guide in the documentation.
If you want to provide THALES/ETH liquidity you can go here. You can stake your THALES/ETH LP in Camelot Nitro pool here.
And if you have any questions, doubts or something you wanna share then the place to be is in Thales Discord.
Thanks for your attention, happy staking!