Warming up before L2
Thales core contributor’s main focus after the token launch has been bringing the Thales platform into Optimism network. While the work that has been done so far looks very promising there are still some key events, outside our control, that we need to wait out before expanding onto Layer 2. These events are:
- New Optimism regenesis
- 0x order books on Optimism
- More Chainlink feeds on Optimism
As Thales team is known for not sitting idle, we decided to push for some new (and quite interesting 👀) new markets along with a trial L1 trading competition, while we continue working on Layer 2 deployment.
Wanna know more? Keep reading!
New Thales markets
We’ve been working closely with the amazing folks at Chainlink Labs to integrate new feeds for markets that the community might find interesting to speculate on.
And what could be more interesting than two of the biggest meme-themes regarding our dearest Ethereum network:
Burned ETH 🔥 and the BTC/ETH market cap flippening 🐬.
Please note that both of these markets will be available starting on Monday 11th, along with the trading competition.
ETH burned
Since the inception of EIP-1559 there is some amount of ETH burned on every block and this has resulted in many people speculating about the amount of ETH to be burned on certain dates.
We wanted to tap into this and after seeing many requests from our community members (the mighty Titans), we decided to go for it!
As a side note, while researching for the best sites to check stats related to the amount of ETH burned we stumbled with watchtheburn.com and we loved it so much that we decided to be patrons of the site!
Check it out if you haven’t, it might come in handy when these markets are released 👀
The flippening
This has been a long-standing meme in the Ethereum community that is, slowly but consistently, becoming a reality.
Basically, what this “flippening” means is that at some point in time the Ethereum market cap will be higher than the Bitcoin market cap.
As you can see here, the relationship between BTC market cap and ETH market cap has historically swinged from below 10% to as high as 80% (on 2017).
With this new feed and the possibility of creating markets around it, you can finally speculate on it and place your bets according to your thesis.
Now, let’s get to the chase!
Let the games begin… soon
This first Thales trading competition on Ethereum layer 1, will be run as a trial and will have both THALES and SNX tokens as part of the prizes, along with some of the coveted Thales NFTs.
We are guessing you might be wondering about all the details.
Here’s a breakdown of the most important information:
Start date: Monday, October 11th at 10:00AM UTC.
Finish date: Monday, November 1st at 10:00AM UTC.
Eligible markets: There are going to be 14 eligible markets to participate in, which will be revealed on the same day the competition starts. These will include: Amount of ETH burned, ETH/BTC market cap flippening, ETH/USD, BTC/USD and SNX/USD markets.
Prizes to be distributed:
- 25,000 THALES tokens
- 1,500 SNX tokens
- Thales NFTs: Trader, Pro trader, ETH burned, and Market cap Flippening.
- [Added rewards!] 10,000 ZRX tokens
We’ll release a detailed blog post when the trading competition starts, but in the meantime, we highly suggest you start registering for it.
How to register for Thales first trading competition?
Even tho the competition starts on Monday 11th, we have already opened the registrations so people can do that in advance.
For this competition, you’ll need to visit this page, connect your wallet and verify it with a Twitter account that’s older than 3 months, as a step to prevent any possible angle from people creating new accounts just for this.
And that’s it!
Next steps
If you already registered then we suggest you check our docs in advance, especially the trading guide, so you are aware and up-to-speed with how to use the Thales platform.
And if you wanna be in the loop and one of the first to know about Thales development, join a vibrant community, or just find a place to hang out while discussing trading and sports markets, then by all means join our Discord.
Stay tuned for more! 💪
