Are you ready to beat the competition?
As many of you are aware, Thales is currently expanding onto Optimism network (Layer 2) and as a new land to explore brings new adventures, we decided to trial a novel gamified approach to prediction markets, inspired by TV series Squid game and it’s older predecessor Battle Royale.
Introducing… Thales Royale! 👑
Good news is that in this event you won’t be fighting to death against your competition 😆, but instead predicting if the price of a cryptoasset, like ETH, it’s going to be higher or lower than the displayed target price.
If your prediction is correct then you and others who predicted the same outcome move onto the next round. If not, then… better luck next time! 🍀
If you beat the 6 rounds (that’s making 6 correct predictions in a row) then you’ll get the whole prize pool (shared with other winners, if there’s any) who also reached the final round.
There’s also another condition which can trigger the end of Thales Royale: In case you are the last person standing (all other participants are eliminated for predicting the wrong outcome), then you automatically win.
And as we wanted to get as many people’s feedback as possible, with the lowest cost of entry for them, while still onboarding more people into the Optimism experience we decided to run this first iteration on Kovan OVM (testnet) incentivizing it with 10,000 THALES in the prizepool! (to be distributed on Optimism network when THALES token is available there).
Exciting, eh? Keep reading!
How do I participate in Thales Royale?
The first iteration, a.k.a Season 1, of Thales Royale will start its registration process on Monday, November 29th at 10:00AM EST / 3:00PM UTC and will last 3 days (72 hours) until the competition officially starts on Thursday, December 2nd at 10:00AM EST / 3:00PM UTC.
You can check a detailed tutorial we’ve prepared on how to join Thales Royale Season 1.
But if you prefer the TLDR version:
- Step 1: Discord Verification for Thales Royale (only Discord accounts older than 1 week will qualify)
You’ll have to join Thales Discord and go to the #thales-royale-verify channel and type: !verify <your-eth-address>
(We reserve the right to disqualify linked accounts and addresses that might try to register multiple times, we are on the lookout and we have the botmaster. Cheaters have been warned!)
- Step 2: Sign Up for Thales Royale on the Scoreboard page
- Step 3: Go to Royale! (once the counter reaches zero)
After you’ve followed the previous steps you’ll be presented with a decision to make: Choose your position.
Players will be presented with an asset target price, as explained before, and they’ll have to choose (during the positioning period) if they think it will go up (△) and be above the target price or down (○) and be below the final price, both quantified at the end of the current round.
Pro tip: You can change your position at any time during the positioning period.
Once the positioning period ends, no more positions can be placed nor changed. The round will continue until the “Time left for positioning” counter reaches zero and all the predictions that were right automatically advance to the next round. Those who didn’t predict it right are eliminated.
So, for this first iteration we’ll have:
Number of rounds: 6
Round duration: 24 hours (8 first hours for positioning, 16 last hours watch-only period, waiting for resolution of the market)
Prize pool: 10,000 THALES
Sounds simple enough, right?
Well if not, there’s nothing to worry about because we’re gonna be on the lookout for your questions and doubts regarding Thales Royale, it’s mechanism or anything else you wanna know in Thales’ Discord.
Innovation and constant iteration
Thales Royale has been built from the ground up by Thales core contributors incorporating some novel mechanics and expanding the possibilities for what can be done regarding Parimutuel markets.
In this particular release of Thales Royale we’ve focused on simplifying the UI, adding support for alternative visual themes (did you notice in the screenshots?), and making it as mobile friendly as we could so people won’t miss any round because they are not close to the computer.
Another thing to highlight is that Thales Royale will obtain its asset prices directly from Chainlink OP feeds, to protect users from price feeds manipulation.
And as we feel this event is the kick-off for Thales on layer 2 and we are set to begin the migration of THALES token onto Optimism network (by numerous request of our community members) we’ll take this chance to distribute the prizepool on Optimism network when THALES token is available there.
A big part of our design and development proccess has been to constantly iterate with Thales’ community members and listen to their feedback, so for this initiative we are inviting everyone who tries it to give us their take and constructive suggestions on it so we can keep improving the next releases.
Because maybe Thales Royale becomes a regular thing that could be only accesible to THALES stakers… who knows?
What to do next?
We highly suggest you read the Thales Royale guide to get all the relevant information and (yes, you guessed it! 😆) join Thales Discord, not only to verify your address to join the competition, but also to share your ideas with like-minded people, participate in the development of Thales, and have fun along the way 🙌