Jul 27, 2022
Thales’ OP rewards distribution: All you need to know 👀
We’ve added OP rewards for LPs, THALES stakers, and AMM traders!
Today we are bringing solid news for those who were waiting on the start of the OP token distribution for Thales users, stakers, and liquidity providers.
Spoiler: Thales OP distribution is live!
Are you ready to dive in?
OP token distribution
The Optimism protocol (an Ethereum Layer 2 scaling solution where Thales is deployed) has recently released its OP token as part of its decentralized governance initiative.
Optimism is committed to distributing OP tokens among aligned projects which support Optimism by deploying and maintaining its products on this network, and Thales is one of those!
Thales has been granted 900,000 OP tokens, corresponding to phase 0 of this allotment, and discussions in the Discord governance channels about how to distribute those to incentivize the platform usage (and ultimately Optimism usage 💪) have been abundant and fruitful, materializing into TIP (Thales Improvement Proposals) number 53, 55 and 56.
We’ll explain each of these and how to participate.
Gamified staking OP rewards: TIP-53
Pro tip: This OP-incentivized initiative has started today!
When the community discussed potential ways to distribute the OP tokens and enhance Thales (and Optimism) usage there was one protocol feature that was a perfect fit for a middle ground between rewarding current THALES stakers while at the same time boosting protocol usage (and ultimately more transactions on the Optimism network).
And this feature was the “Protocol Volume” category in the gamified staking for THALES.
The “Protocol Volume” category includes all transactions done on any of these platforms:
- Thales UP and DOWN markets
- Thales ranged markets (IN or OUT)
- Exotic Markets (Markets for events and outcomes)
- Overtime Markets (Fully on-chain sports AMM with Chainlink sport feeds)
How many rewards are being distributed?
The TIP-53 proposed to distribute 135,000 OP tokens divided by weekly emissions coinciding with the weekly epoch for claiming THALES staking rewards.
Every week, for each 1 THALES claimed from “Protocol Volume’s” gamified staking bonus, a THALES staker would also claim 0.64 of OP token.
All unclaimed weekly OP tokens for this allocation are added toward extending this gamified staking “Protocol Volume” allocation until all 135,000 OP tokens are claimed.
The total amount to be distributed is 135,000 OP tokens
How long will this initiative last?
This initiative will last for a minimum of 10 weeks, starting today, and will last until the 135,000 OP tokens are distributed.
How to participate?
The first requirement to be eligible for this bucket is that you need to be staking THALES tokens on the Thales platform.
You can find a detailed guide on how to stake THALES here (if you are staking THALES already you can skip this step).
Currently, all THALES stakers share every week two kinds of THALES rewards (that need to be claimed weekly):
- 60,000 THALES as base rewards
- 30,000 THALES as bonus rewards shared among those who are also staking SNX (9,000 THALES weekly) and those who are using any protocol that’s built on top of Thales (that would be Thales markets, Thales ranged markets, Exotic Markets, and the recently launched Overtime Markets) on a category called “Protocol Volume” for 21,000 THALES.
With the introduction of TIP-53 the “Protocol Volume” category gets OP-boosted with 135,000 OP tokens to be distributed in a minimum of 10 weeks, as mentioned before.
So, to get part of this OP allocation you basically need to:
- Be staking THALES
- Use any of the products built on top of Thales protocol on any given week (or every week if you are keen!)
- Claim your THALES staking rewards for that week.
Important note: Gamified staking bonus rewards are triggered when you claim your weekly THALES staking rewards. If you don’t claim during a given week your rewards are forfeited.
And that’s it. You should receive OP rewards along with your weekly THALES rewards if you accomplished all the steps described.
You can always check current status on the dedicated UI for this.
Onto the next one!
AMM trading incentives OP rewards: TIP-56
Pro tip: This OP-incentivized initiative has started today!
Based on TIP-56 the motivation of this initiative is to distribute both OP and THALES tokens among those who give life to Thales platforms: The users.
The rationale behind this allocation is to incentivize an increase in volume from existing users while at the same time inviting people who are not yet familiar with Thales to try out the UP and DOWN markets, as well as ranged markets (IN and OUT of a range).
How many rewards are being distributed?
The distribution of rewards per each 14-day round is as follows:
- 11,000 OP + 20,000 THALES split between all the UP token Buy Volume in sUSD for each 14-day round in Thales Markets.
- 11,000 OP + 20,000 THALES split between all the DOWN token Buy Volume in sUSD for each 14-day round in Thales Markets.
- 6,000 OP + 10,000 THALES split between all Ranged Markets IN/OUT tokens Buy Volume in sUSD for each 14-day round.
- Bonus OP token rewards if you are also a THALES staker (see next section)
The total amount to be distributed is 200,000 OP and 350,000 THALES tokens.
EDIT on 19/10: For Round 7 the rewards structure has been changed per TIP-97:
- 5,000 OP + 7,000 THALES split between all the ITM (In the money) token Buy Volume in sUSD for each 14-day round in Thales Markets.
- 5,000 OP + 7,000 THALES split between all the OTM (Out of the money) token Buy Volume in sUSD for each 14-day round in Thales Markets.
- 5,000 OP + 7,000 THALES split between all Discounted markets tokens Buy Volume in sUSD for each 14-day round.
- Bonus OP token rewards if you are also a THALES staker (see next section)
How long will this initiative last?
This initiative will last for 14 weeks, starting today.
How to participate?
Basically, anytime you buy any UP, DOWN, IN, or OUT token from the AMM starting today and for the next 14 weeks (that would be 7 rounds of 14-days each) you’ll qualify for this.
You can check the dedicated UI we’ve prepared for this to gauge how are you faring during each 14-day round. This distribution is pro-rata and after each 14-day round the rewards will be distributed directly to qualifying addresses.
With each new 14-day period there’s a new chance to qualify and stack some OP + THALES rewards by buying positional tokens (UP, DOWN, IN, or OUT) from the AMM.
Pretty exciting, right?
Liquidity providers OP rewards: TIP-55
This TIP-55 was the first to be implemented on July 15th, as announced on Thales Twitter and Discord (you are following those for the alpha, right?).
Since its implementation we’ve seen a clear uptick in THALES/WETH LP stakers, enhancing liquidity for the THALES token on Optimism and reducing the slippage when buying or selling THALES token on decentralized exchanges.
How many rewards are being distributed?
The rewards for this initiative are 45,000 THALES + 15,750 OP tokens per week, distributed linearly and proportionally among LP stakers. You can check the current APR directly on the Thales platform UI.
The total amount to be distributed is 315,000 OP and 900,000 THALES tokens.
How long will this initiative last?
This initiative will last for 20 weeks since its introduction.
How to participate?
If you want to provide THALES/WETH liquidity and participate in the dual THALES + OP rewards, you can follow this detailed guide in our documentation.
And here you can stake the THALES/WETH LP tokens.
But that’s not all, Thales keeps rocking
We are very thankful for Optimism's support and how they considered us for this 900,000 OP token grant 🙏.
As of right now, and between these 3 incentivized initiatives only 650,000 OP tokens have been designated.
Thales DAO still has 250,000 OP tokens to incentivize referrals, trading incentives for Exotic and Overtime markets, and any other growth-related initiative the community comes up with that gets approved by Thales governance.
These added incentives are a great way to bootstrap more usage and liquidity for Thales (and ultimately Optimism), and we are eager to see the impact it has on our community.
If you have any questions or wanna stay in the loop with the latest developments you are more than welcome to join Thales Discord and be part of a thriving community.
Together, let’s go for more!
