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Decentralized Betting Protocol Thales’ Staking Model Deploys to Arbitrum
By expanding to the largest layer 2 scaling solution, Thales aims to become more resilient and encourage protocol usage.
Updated May 9, 2023, 4:09 a.m. Published Mar 1, 2023, 10:05 p.m.
Thales, a peer-to-peer parimutuel markets protocol, has deployed its staking model to Arbitrum, allowing for multi-chain DAO governance.
THALES is a standard ERC-20 token that grants governance rights over the Thales decentralized autonomous organization (DAO) to users who stake the token. Some 20,000 THALES tokens will be distributed proportionally every week to users who stake THALES on Arbitrum, according to a Thales blog post. Each staker can acquire an additional 50% of their staking rewards as a bonus, depending on the user’s activity across the protocol.
Already deployed on Optimism, Polygon and BNB Chain, the Thales expansion of its staking approach to Arbitrum is not only intended to make ThalesDAO governance more resilient by having governance voters or THALES stakers on several chains, but it also encourages protocol usage.
The Thales treasury will seed $100,000 in protocol-owned liquidity for the THALES/ETH pool on Camelot, a rising decentralized exchange on Arbitrum. Camelot decided to match THALES rewards with GRAIL, Camelot’s native token, allowing users to earn dual liquidity mining rewards on their THALES/ETH positions. Farming rewards in the form of GRAIL and THALES went live today.
According to Thales’ technical documents, a parimutuel market is defined as one where “collateral is placed in a single shared pool, and that pool is awarded to winning participants after a market-settling event has occurred.” The payoff is determined by the total pool minus the protocol fee shared across all winning positions.
A glance at the Thales-built Overtime platform shows a variety of "spot markets" in sports from European football to MMA.
Thales parimutuel markets’ on-chain data feeds mostly come from Chainlink, and “are used as immutable sources of truth for market settlement,” as said in Thales’ whitepaper.
The protocol reached an aggregated volume of nearly $21.87 million among all its products built, according to an analytics dashboard generated by pseudonymous Dune wizard, Leifu.
Increasing almost 5% since Monday, the price of THALES currently sits at $0.59, making its market capitalization stand at $21 million, per CoinGecko.
Sage D. Young
Sage D. Young was a tech protocol reporter at CoinDesk. He cares for the Solarpunk Movement and is a recent graduate from Claremont McKenna College, who dual-majored in Economics and Philosophy with a Sequence in Data Science. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.
