Thales Speed Markets Competition has Reached the Finish Line!
It’s hard to believe that only a little more than a month has passed since the release of our newest product Speed Markets. To celebrate the launch and jump-start the fun we held a Speed Markets Trading Competition, and now that the competition has ended we wanted to post this summary to highlight the success of Speed Markets so far and congratulate the winners!
It all started with TIP-149 bringing the community’s idea of Speed Markets to life. In case you need a quick refresher of what Speed Markets are all about, here’s the quick breakdown:
This new product allows traders to participate in simple crypto markets for shorter time frames of 1–24 hours. All they need to do is choose UP or DOWN, with the strike price based on a snapshot of the current price when the transaction is submitted. This rapid new way to trade is all made possible thanks to the use of near real-time data feeds from Pyth Benchmarks.
If you want a more detailed explanation you can read all about Speed Markets here.
Traders that value a fast-paced and easy-to-understand trading experience have to check out Speed Markets!
Speed Markets Trading Competition
The competition was a hit with the community, as 30,000 THALES were up for grabs to the best (and worst) traders. From September 20th until October 10th, traders experienced the fun of markets based on shorter time frames. Check out these prizes:
🥇The Top 10 by net profit received a share of 15,000 THALES
🥈The Top 10 by percentage received a share of 10,000 THALES
🥉The Top 10 by net loss (yes, even the unluckiest traders were eligible for rewards!) received a share of 5,000 THALES
Congrats to all of the top traders! You can view all the winners in each category in this Dune Dashboard.
Did you miss the competition? Well make sure to join Thales Discord and follow Thales on Twitter to stay up to speed on upcoming events, competitions and incentives. There’s always something in the works!
Speed Markets Recap so far: A Runaway Success
The release of Speed Markets was a blast, with each chain included as a stop along the marathon route. That includes deployment to Arbitrum, Optimism, Base and Polygon! You can check out the launch article to read announcement tweets for each chain.
The stats were quite impressive after only a bit more than one month of trading. You can view the entire Dune Dashboard for all Speed Markets here, but here’s the quick breakdown of all the numbers in total:
- Over 500,000 USD of volume generated from Speed Markets alone
- Over 300 participants got in on the fun
- Over 6,500 markets opened
Here’s a breakdown by chain (as of publication):
Optimism
- Markets opened: 3761
- USD Volume: over $363 k
Arbitrum
- Markets opened: 774
- USD Volume: over $101k
Base
- Markets opened: 689
- USD Volume: over $51k
Polygon
- Markets opened: 1341
- USD Volume: over $44k
The Future of Speed Markets
We’re just getting started with the development of Speed Markets. There are already several TIPs underway to improve the product, with TIP-173 calling for even shorter time-frames, and TIP-174 kicking off chained Speed Markets (remember Thales Royale?). So if you have the need (the need for Speed!) then check out Speed Markets and get in on the fast-paced action!
Don’t get left in the dust, keep up on all things Thales
The best way to get all the news on Thales is to hop into Thales’ Discord. Here you can get the latest updates on all Thales products, share your feedback, or just to chat it up with the community.
Lastly, don’t forget to follow Thales and Overtime on Twitter.
