Thales has reached escape velocity: All systems engaged
If you were looking for a place to try on-chain binary options then today is your lucky day.
After months of hard work, iterations, and working closely with strategic partners, integrators, and our enthusiastic community, we can finally say…
The Thales platform MVP has been released on Ethereum main net 🎉
If you can’t wait to use it just click here.
But if you are eager to learn more before jumping…
Let’s dive in!
How did Thales get here?
As you might be already aware, Thales started as a spin-off project from the Synthetix community, expanded the development of a new re-imagined trading-first model for binary options, and recently raised 2.5 million in a trend-setting DAO-first funding round.
Thales core contributors have been working heads-down during the past months to bring together a smooth user experience for those looking to start exploring and incorporating binary options into their portfolios or just wanting to have some fun playing probability games.
Some of the improvements we’re most excited about are the UI for P2P trading on 0x limit order books, a revamped binary options model from the original version to support larger pool sizes, and customizable components on the trading page UI for maximum comfort.
And everything we’ve been working on gets released to the public… today!
Introducing Thales dapp
As of now, you can choose more than 60 different assets, including cryptocurrencies, commodities, equities, and index products to create markets, mint binary options tokens, and trade them on Thales decentralized limit order books, powered by 0x.
All price feeds are secured by Chainlink, the industry-standard oracle network.
As we mentioned in a previous post, in order to secure the price data that is used to settle binary options markets, Thales requires access to fresh asset prices supplied directly on-chain in a highly reliable and secure manner.
This is why we’ve chosen to integrate with Chainlink. The amazing folks at Chainlink Labs have worked tirelessly to help us not only secure our current supported assets with Chainlink Price Feeds but also incorporate something new for on-chain data feeds…
Thales goes to the 2021 Olympic Games!
As Thales smart contracts are well-suited to support sports markets, we wanted this MVP release to be something special, so we decided to include some trial Olympics sports markets for everyone to feel part of this ancient macro-event tradition.
For Thales, by holding an sLONG on “Will USA Men’s Basketball win the gold medal?” one is expressing a position that “yes”, USA Men’s Basketball will win the gold. To express a view that one doesn’t think USA Men’s Basketball, one would want to hold the sSHORT tokens to bet “no” this won’t happen.
Based on community feedback the following Olympic markets will be available:
1- Will USA win the most gold medals?
2 — Will China win the most gold medals?
3 — Will Japan win the most gold medals?
4 — Will USA Men’s Basketball win the gold medal?
5 — Will Australia Men’s Basketball win the gold medal?
6 — Will Spain Men’s Basketball win the gold medal?
7 — Will Russia Men’s Volleyball win the gold medal?
8 — Will USA Men’s Volleyball win the gold medal?
9 — Will Poland Men’s Volleyball win the gold medal?
10 — Will Slovenia Men’s Basketball win the gold medal?
And you can access them directly here.
We want to highlight again the speed, commitment, and professionalism of the Chainlink Labs team for supporting us during this rollout. You da MVP 👏
Why choose Thales?
Thales strives to uphold the ethos of DeFI by building a permissionless, non-custodial, and uncensorable protocol.
You can read the relevant Thales Improvement Proposal number 2 (TIP-2) here.
Thales Council election saw more than a dozen well-qualified and competent candidates nominated in the process. We’re absolutely thrilled that so many SNX stakers (350+) participated in the Thales governance process.
The Thales community has been exceptional in getting the project to where it is now and we are so grateful for so many supporters who make this epic journey possible 🙌
What can we say? Bullish.
Security is a big deal for any DeFi project. This is why we believe it’s important to highlight that Thales dapp is non-custodial and Thales core contributors don’t have access to user funds locked in pools.
The Thales smart contracts have been audited, but as always, practice responsibility and risk management when using any newly released dapp. Please be mindful these contracts are being battle-tested in production on Ethereum main net for the first time (besides closed-group testing).
How to start using Thales dapp?
As Defi users, we know the best way to get to know a dapp is to just interact with it and try to use it.
But if you prefer to read first and ape later then you can check the guides our dear Thales Intern has put into place, so you don’t have to stress about it.
If you are ready to take the next step regarding on-chain derivatives, by all means, jump in!
And if you still aren’t part of one of the most vibrating communities, this is your chance to join our Discord and share this journey with us.