| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-206 | THALES as supported collateral | Draft | Cvija (@scvija) | Add THALES as a supported collateral for V2 | https://discord.gg/thales | 2024-05-21 |
Add THALES as a supported collateral for Overtime v2
This TIP proposes the addition of THALES as a supported collateral for Overtime.
Since its deployment in 2021, THALES has mostly been a governance token. You could stake it, and vote in the Thales governance election, where the Thales council is chosen, and on top of that, get staking rewards. Staking has also been used as a gating mechanism to provide to the very successful liquidity pools for Thales Markets and Overtime, before they were ungated. The newest utility of the THALES token is once again related to staking - a couple of month ago, the Council has voted in the fee share mechanism, where the safebox fee and a part of the LP winnings are distributed to Thales stakers each week.
With Overtime v2 on its way, there is also a completely new architecture that alows Overtime to support multiple collateral pools (see tips TIP-204, TIP-205), and there is an opportunity present to give another utillity to THALES, namely creating a THALES collateral pool.
The THALES collateral pool will be slighty different from other ones,as it will give its users some extra perks in form of potential payouts. What does this mean for users? Users placing trades with THALES will essentially get 1% of extra payouts for each game they have in their parlay. For example, if a user has picked just a single game, he will have just the extra 1% increase in the potential payout. Likewise, if the user has created a 10-leg parlay, for each of these games, he will get an extra 1%, so 10% in total.
So lets say the user has created a 10 game parlay for 50 USD using THALES, with a total quote of 20. His potential payout would be a 1000 USD before, but because he is using THALES he will be getting 1100 USD if he is correct.
Additionaly, when placing a trade with Thales, both the Safebox fee and Performance fee are immediatelly burned forever, reducing the total supply of THALES
Create a new collateral pool for Overtime v2 this is using exclusively THALES. Add 1% of extra payout for each game in a parlay the user creates using THALES as collateral. Burn both Safebox and performance fee when a trade is placed using THALES
https://github.com/thales-markets/contracts-v2
Copyright and related rights waived via CC0.