Thales launches on BASE network
Today we have some pretty exciting news to share with you about the latest chain where the Thales protocol has expanded, and that’s the wildly popular newcomer: BASE chain
As with every significant decision on Thales DAO, the choice to deploy Thales protocol along with all its products (one by one, as soon as the necessary dependencies are live) was proposed by a community member and voted by the Thales Council on TIP-156.
Once consensus was reached and this proposal had the green light, Thales Core Contributors started preparing to execute this.
What is being deployed?
This is Thales protocol's first, and most used, product. It allows people to participate in simple markets around crypto prices with just a few easy-to-understand choices.
Basically, you choose an asset, a strike date (or expiry date for the market), and then the UP, DOWN, IN, or OUT markets, with different odds and possible payouts.
All the positions are bought against ThalesAMM, which ensures that there’s on-demand liquidity while fully collateralizing your positions.
All crypto price feeds for Thales Markets are provided by Chainlink.
Status: Thales Markets is live on BASE, check it here!
This is Thales' latest addition to its product roster, offering people the chance to participate in simple markets for shorter timeframes (between 1 and 24 hours).
You just need to choose an asset (ETH or BTC), a timeframe (1–24 hours), and a direction: UP or DOWN. Lastly, you select the amount (max 200 USD at this moment) you are participating with.
A snapshot of the asset’s current price will be taken at the moment that you purchase your position. If at the end of the time frame the result you chose is correct, you’ll receive double the amount you selected, minus fees.
You can read more about Speed Markets in our documentation here.
Speed Markets uses Pyth’s on-demand price fetching and benchmark features.
Status: Speed Markets is live on BASE, check it here!
On-chain referral system
Thales has championed one of the first (to our knowledge) fully on-chain referral system, where anyone can create their own referral ID, and then share it among their friends or networks, getting 0.5% of all the volume those referred generate, directly sent to your wallet in stablecoins (USDC in BASE’s case).
What will come next?
This deployment is our first step towards a full BASE presence.
The idea is to, step by step, keep deploying some of the other parts of the protocol, including:
- Overtime Markets (Web3 sportsbook with over 35m USD in notional volume)
- AMM Liquidity Providing
- THALES staking and voting
THALES token liquidity
If you read TIP-156, you’ll notice that token liquidity and staking will also come to BASE through separate TIPs.
The THALES token has already been deployed to BASE chain. This is THALES token address on BASE:
For now, what we can share is that Thales has secured a position as Aerodrome launch partner, ensuring that from the first days Thales is deployed, there’ll be some liquidity pools to participate in or use for swapping. For the time being, Thales Treasury has provided some initial liquidity on Uniswap.
In regards to bridging, Celer will provide official support for THALES token on BASE in approximately 5 days.
For the time being, if you are an experienced DeFi user, want to bridge early, and know how to interact directly with Etherscan, you can do so (at your own responsibility) by interacting with the Base bridge contract, going to Contract, then Write as Proxy, selecting Method 5 DepositERC20, and filling it with these parameters:
_l1Token: 0x8947da500Eb47F82df21143D0C01A29862a8C3c5 _l2Token:0xf34e0cff046e154CAfCae502C7541b9E5FD8C249
_amount: the amount to bridge on 18 decimals, e.g. 1000000000000000000 is ONE THALES
Disclaimer: If you’ve never interacted with Etherscan directly before, we recommend you wait a few days until Celer bridges provides a THALES integration for BASE on their UI.
Stay tuned on Thales Twitter (or X) for more news about this! 👀
What to do next?
If you wanna try Thales markets or Speed markets on the BASE chain you’ll first need to migrate some ETH via the official bridge. Once you get ETH on BASE you’ll need to exchange it for USDC so you can use Thales Markets and Speed Markets.
If you have any questions or comments, the best place to reach us is on Thales Discord.
Enjoy and stay based!