On-chain derevatives

Thales is a protocol that allows for creation and participation in novel on-chain automated parimutuel markets around the available on-chain data feeds in the likes of Crypto Prices, Commodities, Sports Outcomes etc. To support on-demand liquidity for this type of markets, Thales developed a novel custom AMM specialized in this type of binary outcome markets that successfully mitigates the downfalls of other CFMM liquidity solutions.

Launched in early 2021 as a spinoff of Synthetix Binary Options suite, Thales has since grown to support multiple successful derivative products on top of its core architecture which is pioneering as the only viable liquidity solution for these types of markets. Major catalyst for Thales’ exponential growth was deployment on the Optimism Network from mainnet. This allowed Thales to flourish in a cheap and fast environment, deploy more complex products and solutions all while keeping the security and openness of the Ethereum network.

As one of the first projects to deploy on Optimism, Thales was also among the projects awarded the Phase 0 Optimism Grant worth 900,000 OP tokens. This specific grant was in major use in incentivizing Thales Markets product usage and bootstrapping THALES/ETH pair on-chain liquidity. The goal was to bring new users to Thales suite of products and subsequently the Optimism network itself, and also to increase THALES token liquidity on DEX-es and subsequently increase the overall Optimism network TVL as well.

This program was proven to be highly successful for both parties and it brought in an average ~6x increase in stable Average Daily Volume, ~5x increase in Average Daily Users (~114 average daily users past 30 days), $3M of stable sticky on-chain TVL for THALES token pairs across DEX-es and expansion of product suite to Ranged Markets, Thales Vaults, Referral Program, Overtime Sports AMM and Commodities Support.

As Thales Protocol Phase 0 allocation has finally run its course after ~8 months, efficiency of the incentives to attract sticky users during a long timeframe make a strong case for success of Optimism’s grants experimentation. With additional OP+THALES incentives on driving Trading Volume, users are subsequently experiencing added benefits on their winning positions and “consolation prizes” on their losing positions, creating a welcoming trading atmosphere. Volume and usage based rewards act as rebates to users against all conservative pricings, negating its effects from the User Experience while the Protocol itself seamlessly works towards optimizing liquidity usage, algorithmic pricings and new features. With further revamping the program into major key growth points, Thales Protocol hopes to continue the increase in growth metrics with the same success rate and thus turn heads of even more new users to the protocol and to the Optimism network itself.

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