Thales integrates with Olympus Pro and becomes their flagship Optimism integration
If you read our previous blog post you’d have noticed that we have pretty exciting things in the pipeline for the near-term like on-chain sports markets, exotic markets, AMM improvements, and opening it up to deposits, Thales going multichain, expanding Tale of Thales, among other things.
But today we aren’t here to talk about the future, but about the present!
Thales and Olympus Pro
We‘ve been fans of how Olympus grew as a project and was able to not only invent the proverbial (3,3) but also to grow a community of very engaged people who believe in a long-term vision. So when the opportunity to partner up for this initiative came along we were very excited. Plus they also have a Greek-themed brand!
Starting today, Thales became the first protocol on Optimism to start a bonding program with Olympus Pro.
If you already know your way around bonds, how they work, and their benefits you can just jump in directly into Olympus Pro UI and start bonding your G-UNI LP tokens (Pro tip: You can bookmark it and be on the lookout for discounted bonds!)
For everyone else, keep reading.
How do Bonds work?
If we go to Olympus Pro docs, we get this definition of bonding:
Bonding is a mechanism in which a user can sell assets to a protocol in exchange for its native token.
In Thales' case, the asset to be sold to the protocol is the G-UNI THALES/WETH LP token.
Pro tip: You can read more here about how Thales leverages Gelato’s G-UNI tokens to convert UNI V3 positions into ERC-20 tokens.
To incentivize users to sell these LP tokens to the protocol, rather than the open market, bonds are offered at a discounted rate. Bonds also have a vesting period (in Thales case, 14 days) to prevent users from selling all the discounted tokens at once for a quick profit.
In the context of THALES/WETH G-UNI LP Olympus Pro bonds, the bonder (community member) is effectively selling THALES/WETH G-UNI LP tokens to the protocol in return for rewards in form of THALES tokens.
Additionally, with the introduction of THALES/WETH G-UNI LP Olympus Pro bonds, THALES liquidity providers on Optimism now have two choices on how to benefit from their G-UNI LP tokens. One strategy to maximize the accumulation of THALES from providing liquidity on G-UNI could be:
- If the discount of the bond is not providing a higher return compared to LP staking, Liquidity Provider can stake his LP tokens and accrue LP staking rewards until the discount drops significantly enough.
- Yield from LP staking can be staked in THALES single-side staking.
- After the discount is high enough to be more lucrative than LP staking, the Liquidity Provider can unstake from LP staking and bond his LP tokens in return for 14-day vesting discounted THALES tokens.
There are more nuances to bonds, so we highly recommend you read our guide or the Olympus Pro guide for beginners.
What are the benefits of bonds?
Benefits for the community:
The benefit for the bonder is that they have the opportunity to acquire THALES tokens at a discount — generating a substantial yield for the duration of the bond.
Also, a big benefit is that the bonder removes the risk of impermanent loss entirely, which is ever-present in THALES/WETH LP staking, for example.
Benefits for the protocol:
Basically, bonds let a protocol accumulate its own liquidity.
This guarantees that there is always going to be sufficient liquidity for normal market operations.
Besides this, protocol that owns their liquidity can find a new constant revenue stream from swap fees done on the Uniswap THALES/WETH pool.
How to start bonding?
We’ve prepared a detailed step-by-step guide in our documentation to guide you through the process. Check it here.
You can bond THALES/WETH G-UNI tokens here, on Olympus Pro platform.
Also, we organized a Discord AMA (ask me anything) event on March 9th, 5 PM UTC with tex (representing Olympus Pro) and Kassandra (representing Gelato), where they will give us an overview on Olympus Pro and Gelato, how bonds work, and answer any questions regarding the mechanics, benefits, or anything else that you always wanted to ask but were too afraid to do so!
This event will be hosted on Thales Discord. You can save the date with this Discord event.
Next steps for Thales and its community
With the addition of bonds, now THALES holders on Optimism have 3 main options for what to do with their tokens:
- Single-side staking, on Thales platform. Current APR (at the time of writing this): 83–107% (with maxed out gamified bonuses)
Detailed THALES staking guide here. - THALES/WETH LP staking, on Thales platform. Current APR (at the time of writing this): 208%
Detailed LP staking guide here. - THALES/WETH bonding, on Olympus Pro platform. Current APR: Unknown.
Detailed LP bonding guide here.
For those who still haven’t migrated their tokens from L1 to Optimism, you can do so here (make sure to be connected to Ethereum main net for the option to show).
It’s been clear during the last months that the broad market conditions aren’t exactly bullish, but for Thales that only means that there is less noise around and more time to focus on building.
This is the perfect time to jump in, get involved in the discussions, and start contributing. The doors from our Discord are wide open to receive curious minds who wanna help us shape the best decentralized Parimutuel markets platform the world has ever known.
We’ll keep delivering, expect us 💪
