Thales Integrates Chainlink Automation to Help Trigger Weekly Staking Reward Claims

Thales
3 min readOct 11, 2023

We’re excited to announce that Thales — a novel protocol powering on-chain, parimutuel markets — has integrated Chainlink Automation live on the Arbitrum and Optimism mainnets. We are leveraging Chainlink Automation to help securely and cost-efficiently trigger the claimOnBehalf method that enables stakers to automate reward claims. As a result, stakers no longer risk forfeiting weekly rewards by forgetting to claim them manually.

We decided to use Chainlink Automation to power Thales’s staking rewards claiming function because it is the most reliable Web3 automation service. The Chainlink Automation Network is operated by the same pool of time-tested, provably reliable node operators that have enabled trillions of value across Web3, even during record levels of network congestion and extreme volatility. The proven infrastructure of Chainlink helps ensure that every rewards claim is executed on time in a trust-minimized manner, giving users additional guarantees that it will function exactly as intended.

Thales is an automated liquidity solution that is used to power various on-chain, parimutuel markets. Users can access up/down positions along with advanced products such as the Ranged Markets AMM.

Currently, staking rewards from Thales must be manually claimed on a weekly basis or the reward is forfeited. By using Chainlink Automation, we’re able to provide users with a claimOnBehalf method that enables them to automatically claim their rewards.

Chainlink Automation is a decentralized service purpose-built to manage tasks on behalf of smart contracts. Chainlink Automation leverages decentralized, hyper-reliable, and economically incentivized automation nodes to wake up smart contracts when they need to perform critical on-chain functions, which usually take place at regular time intervals (e.g., every day at the same time) or based on external events (e.g., when an asset hits a specific price).

Some of the notable features of Chainlink Automation include:

  • Highly reliable, performant, and decentralized automation — Chainlink Automation ensures transactions are identified and confirmed quickly even during periods of heavy network congestion by leveraging Chainlink’s battle-tested transaction manager.
  • Time-tested infrastructure that helps save costs — Chainlink Automation enables us to eliminate in-house automation infrastructure costs, reduce resources spent on DevOps, and increase speed and efficiency.
  • Built to enable faster scaling — Chainlink Automation enables us to scale faster and avoid the challenges that come with building and maintaining the infrastructure needed to reliably automate across multiple chains.
  • Unlocks new use cases — With smart contract automation, we’re able to explore new use cases and unlock capabilities that would otherwise not have been possible.
  • Easy-to-use — Developers are able to schedule time-based automation jobs in seconds using the Chainlink Automation Job Scheduler’s no-code UI.

“Chainlink Automation is the most reliable and performant automation solution available. By using Automation, stakers can now automatically claim their weekly rewards.” — Pavle — Thales Lead Strategist

About Chainlink

Chainlink is the industry-standard Web3 services platform that has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other major industries. As the leading decentralized oracle network, Chainlink enables developers to build feature-rich Web3 applications with seamless access to real-world data and off-chain computation across any blockchain and provides global enterprises with a universal gateway to all blockchains.

Learn more about Chainlink by visiting chain.link or reading the developer documentation at docs.chain.link. To discuss an integration, reach out to an expert.

About Thales

Thales is an Ethereum protocol that allows the creation of peer-to-peer parimutuel markets that anyone can join. This building block is the foundation of novel on-chain initiatives, from a platform for AMM-based positional markets to immersive gamified experiences, and much more.

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.

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Thales

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