The rollercoaster and the grind.
Last week’s movements have shaken many people’s beliefs.
Market trends can, and will, fluctuate. A significant amount of leverage has been unwound. High volatility of asset prices can create confusion among speculators. Add reflexivity into the mix and you get the perfect storm.
Here is where conviction becomes tested.
Nobody knows with total certainty what will happen in the market during the next months. But I got some alpha for you…
Wanna know what’s certain?
Nothing can stop the Thales team from putting our noses to the grindstone and keep building. Day in, day out. Rinse and repeat.
This post aims to provide the Thales community with an update on what’s been happening on the backstage.
Are you ready?
Onward.
First copycat scam token.
Have you ever heard:
“Imitation is the sincerest form of flattery that mediocrity can pay to greatness.”- Oscar Wilde
We’ll kick this off with some related news.
During this weekend a Thales community member, and long-time SNX Spartan ⚔️, BigPenny, let us knew about a fake Thales token going around on an elaborate scam where they airdropped those to some known wallets, like the synthetixDAO multisig.
As soon as we found out we put an announcement out, both on Discord and on Twitter.
As we’ve said before, there is no official Thales token out yet. We’ll let everyone know in our official channels when the time is due. If you see a Thales token in the wild please first double-check our Discord server 🙏
Believe us, we are eager to start setting the first stones for ThalesDAO, but more work is needed to start the token distribution, especially to be able to accommodate the aggregate of more than 130 Synthetix stakers snapshots!
Patience is a virtue and we will all benefit from it.
Bullish updates? We got you covered.
In just a few months, we’ve grown the Thales core team to 10 contributors, revamped the smart contracts to support arbitrarily large pool sizes for a given market, and discussed about derivatives on Ethereum with some of the brightest minds in the industry, each of whom has given us brilliant feedback that will one day be a part of the very DNA of Thales protocol.
On a different note… that’s not even the beginning of the updates!
All eyes on Thales
During the formation of the project, many teams have reached out wanting to learn more about what we’re building.
We’ve showcased the Thales platform to potential partners, integrators, and investors during the last weeks pretty much every day, getting their takes on how to best tackle the challenges we have ahead, both in the technical and non-technical domains.
After chatting up with all these amazing folks 🤘 we concluded that there are still huge outstanding challenges for decentralized derivatives products as a whole, including:
- Abstracting away unnecessary complexity
- Greater liquidity in options
- More efficient options pricing
- Capital efficiency
These are hard problems, even for some of the most talented people in the fastest growing sector in the world.
More importantly, these are the problems that we, at Thales, want to have.
It makes us feel excited to wake up, tackle these challenges every day, and work towards solving them while tapping into the collective knowledge of the extended crypto community.
As anyone who’s been through this process knows, it is as much tiring as fun, so we are eager to close this funding round and polish all the details so we can get our undivided attention to the Thales platform.
Once the round is closed we will share more with you.
Want a spoiler? We’re excited af.
Audits
As shared in a previous post, Thales has updated the Synthetix binary options model to eliminate the bidding phase to deliver a seamless trading-focused experience.
This week Iosiro, our auditor, confirmed the completion of the audit for the updated smart contracts.
The full audit report is available here.
Two issues were found and subsequently remediated, you can read the previous document in detail if you are interested.
The completion of the audits paves the way to start our next step…
User Testing
We will be conducting user testing in the coming weeks and we’d love to have you participate in this journey!
If you are interested in being part of the early testing of Thales platform please fill out this Google Form to be considered for user testing.
Many people in the community suggested seeing how two main types of users think about the dApp in its current state, retail users and advanced users.
For this round of user testing, 10 participants will be chosen that will represent both groups and will receive Ropsten (testnet) sUSD to play around with the Thales dApp on Ropsten network.
Each participant will receive 1,000 Thales tokens upon TGE (Token generation event) as a symbol of appreciation for helping us out.
You can fill out this Google form if you’d like to participate in user testing.
Exciting, right?
Bug Bounty
Thales is fully committed to being a responsible platform within the DeFi community.
With great power of building a crypto derivatives platform that supports arbitrarily large markets comes great responsibility.
The Thales core contributors will be more than happy to pay out bounties from the growth fund for any bugs that could affect users' funds in the smart contracts used on the platform.
Despite having audits completed, there is no way to fully battle-test what can happen when real funds are at stake except by witnessing what happens in a live environment.
As part of the culture instilled in the DeFi community, that many members of the Thales team originated from, we firmly believe in supporting bug bounties and when we asked our auditor, Iosiro, they advised Thales to sponsor white hat hackers to find bugs in the Thales contracts.
There is going to be a formal process to follow when submitting and the severity of the bug will determine the bounty award, subject to a technical review of the finding.
We’ll give more details on this soon.
Sports betting
The Thales team met with Spreek, a Synthetix Council member and big brain overall, last week to discuss a model for attracting sports market makers.
We discussed a mechanism for how to get the best odds developed on-chain by sponsoring a paper-trading competition for bookies to quote what they think are the best odds for high-profile sporting events.
Sounds exciting, right?
Also as a team, we have been in close contact with the folks at Chainlink. They have been exceptional in supporting Thales in its quest to bring on-chain sports betting.
We look forward to rolling out this sooner than later 👀
Stay tuned to this channel, there’s more to come here!
Thales first release
Most importantly, the Thales dApp is coming together day by day.
A few days ago we released part of our new website.
You can check it here 🏛️.
As DeFi natives, we’ve always been the most inspired about what dApps on Ethereum empower you to do as a user of the platform. More than anything else, at Thales we strive to be known as a product-focused team that obsesses on delivering functionality to users.
Thanks to the power of permissionless applications on Ethereum, there’s a ton that can be done with regard to creating new markets, market-making on order books, speculating, and hedging.
If this is getting you hyped and you wanna be the first to know our release date the best advice I can give you is…
Join Thales first community call
We’re excited to take the next step in the Thales journey and we will be hosting our first community call on Wednesday, July 7th at 3:00 p.m. UTC/11:00 a.m. EST.
There is now a new channel in our Discord especially for this purpose, where you can start posting questions in advance.
During the community call, we’ll be expanding on the points we mentioned here, showcase Thales platform, and reveal a few more nuggets of information regarding our main net launch 👀.
We’ll also offer the chance for everyone to ask questions live and for those who can’t make it on that date, we’ll have a recording afterward.
Thanks to everyone who has shown their support for our vision 🙌.
Be part of our community by joining Thales Discord, following Thales on Twitter to stay updated, and filling out this Google form for a chance at early testing.
Are you ready for what’s coming?
