Overtime V2, baby! The Thales Governance call that took place on June 12, 2024 was one of the most interesting ones in a while!
After hours of development work, a major update to the Sports Markets architecture was released, bringing with it a bunch of user-oriented improvements. The biggest ones are definitely the arrival of Live Markets and making life for Sports Markets users way easier with new collateral options, better vouchers and refunds, and more.
If you want to listen to the entire governance call, you can do so here.
Note: Thanks again to everyone involved in governance discussions. We highly appreciate those who take the time to discuss and engage with proposed TIPs.
Overtime V2 and Sports Markets V2 released
The big day has finally come: Sports Markets V2 powering Overtime V2 have been released. This step brings Overtime and other Sports Markets contract integrators up to speed with traditional web2 sportsbook platforms.
That’s mainly due to the infrastructure work necessary to support things like live wagering and many more sports, leagues, and in-game options overall (things like the number of goals, both teams to score, etc.).
Here’s a list of the TIPS underpinning the changes made. There’s also a summary of the biggest ones below it.
- TIP-143 — Live Markets
- TIP-203 — Sports Markets V2 Smart Contract architecture
- TIP-204 — USDC as default collateral for Overtime V2
- TIP-205 — ETH as a supported native collateral for Overtime V2
- TIP-206 — THALES as supported collateral (with bonus payouts)
- TIP-207 — Adding OpticOdds as a data provider to Overtime
- TIP-208 — A reworked voucher system
Merkle trees for onchain data
V2 will use Merkle trees to create markets and push odds to the chain, drastically cutting gas costs by storing only the tree root onchain while submitting other data and proofs as calldata.
This approach has multiple advantages, like the pushing of a merkle tree onchain being very cost efficiently, but also the possibility of pushing multiples odds at the same time. This puts onchain scalability on par with Web2 applications.
The safety of the contracts Overtime uses remains a top priority, therefore Chainlink nodes will still be used for market resolution, ensuring that even if some keys for any reason end up in the wrong hands, any kind of massive attack will not be possible.
Live Sports Markets
Combining the new onchain data structure, new OpticOdds provider and Chainlink for low latency oracles, onchain live markets are finally solved and live for use!
Live AMM will be a part of Sports Markets V2 architecture. It will inherit caps management logic from V2 RiskManagement system, but will offer a different trading experience.
The user will signal the intent to make a live trade on LiveTradingProcessor contract, which then sends a request to Chainlink node relaying the said intent. Within that transaction the user sends the following data:
- The details of the bet (match, position, line)
- buy-in amount
- expected odds
- accepted slippage (e.g. a user may indicate he would accept up to 2% slippage on the expected odds)
- collateral the user wants to use (has to be ERC20 token that has an approval for SportsAMMV2)
This is a huge deal as it reduces the gap between any sportsbook platform built on Sports Markets V2 and the traditional web2 sportsbooks.
Fixed odds
This rework brings in the removal of the Skew Impact mechanism, making the odds better and stable for all users. In the past, when one side was heavily favored and chosen by users, the odds would get worse for the other side. That’s no longer the case in V2.
In V2, this will not be happening anymore, and the odds you see on the markets page are the ones you will be getting all the way. The odds might change, but for the next user. However, as we continue scaling offering, Thales retains the right to introduce thresholds upon which the odds will change to allow large sized bets.
New LP collaterals
The V2 contracts will support USDC, ETH and THALES as baseline collaterals for trading. Trading directly with ETH was something the users have been asking for regularly, but only after the switch to the new Overtime V2 architecture is this finally possible. Using ETH has a few benefits. It is completely uncensorable, which means that your funds cannot be frozen by any entity, nor can your address be blacklisted for trading it.
As for THALES, users placing trades with THALES will essentially get 1% of extra payouts for each game they have in their parlay. For example, if a user has picked just a single game, he will have just the extra 1% increase in the potential payout. Likewise, if the user has created a 10-leg parlay, for each of these games, he will get an extra 1%, so 10% in total.
So let’s say the user has created a 10 game parlay for 50 USD using THALES, with a total quote of 20. His potential payout would be a 1000 USD before, but because he is using THALES he will be getting 1100 USD if he is correct.
Additionaly, when placing a trade with Thales, both the Safebox fee and Performance fee are immediately burned forever, reducing the total supply of THALES, which is great news for the stakers.
Brand new Voucher System
The new vouchers will no longer be in NFT form but will have balances stored on a proxy contract. This allows for better flexibility, efficiency and value for users.
The biggest difference in V2 vouchers is in the payout. In V1, users would use the voucher for the buy-in and, if they win, the winnings would go fully to their own wallet. This enabled users who received the vouchers to use them for wash trading or even selling them on secondary markets to obtain the funds from the voucher, without actually using the platform, thus nullifying the original intent of the vouchers.
In V2, the user will only get the net winnings sent to their wallet on exercising a position, while the buy-in amount goes back to the free bet balance. This is a common practice across web2 sportsbook, ensuring that the free bet allocation keeps flowing through the platform.
Expect more and more free vouchers to reach the eligible users through various campaigns!
Give the Sports Markets V2 architecture a try
The Sports Markets V2 architecture is live on Overtime V2 beta.
🦓https://v2.overtimemarkets.xyz/ 🦓
V1 and V2 will run in parallel to allow users to get used to the new features, as well as iron out any potential issues. If you come across any yourself, feel free to write in our Discord, Telegram or on X.
There are also THALES vouchers for the top 20 volume drivers on V2, as well as a huge 20,000 $OP rewards bucket on Overtime during EURO 2024 and Copa America!
Discord: https://discord.gg/thales
X: https://twitter.com/thales_io
Telegram: https://t.me/thalesprotocol
