Thales Protocol & Overtime Markets Overview

The Thales Protocol was created in 2021 as a peer-to-peer Positional Markets platform that was permissionless, order book-based, running on L1 Ethereum and driven by Chainlink price feeds. Months later, Thales will launch its marketplace, the Thales AMM contract, on the Optimism L2 network in late 2021 in order to dramatically enhance the user experience of trading on those markets and to address the issue of on-demand liquidity. This unique AMM contract, which was first seeded by collateral from the Thales Treasury and provided on-demand liquidity of the UP and DOWN tokens, replaced the principal market maker on the Thales marketplace. Following integration with Chainlink to deliver sports scores and pre-game odds on-chain, it was possible to leverage the same AMM technology to create the first liquid permissionless Sports Markets AMM solution in the world: The Overtime Markets.

Findings & Approach

The Sports AMM's process is separated into three sections:

• Market creation. This is the starting phase when markets are created from games offered by the ChainLink end point. Each game market has it’s specific smart contract. Moreover, each game have an identification called SportID, this identification allows to identify the sport and the league. i.e MLS nd EPL are both the same sport (football) but have a different SportID.
• AMM trading - Once a market is created and open for AMM trading, users can take advantage of multi-collateral trading and purchase positions using sUSD, DAI, USDC, USDT. Basically, the contracts starts offering on-demand liquidity and the trading is open until the game starts. The contract offers buy and sell of the following tokenized ERC20 positions to support each market:
  • Tokens for two-outcome positional markets called HOME and AWAY (e.g. NBA)
  • Tokens for three-outcome positional markets: HOME, AWAY, and DRAW (e.g. football)
• Market resolution - Each game/market finishes and allow users to redeem. The possible Sports Markets resolutions are:
  • HOME WIN - Each holder of HOME WIN tokens can redeem their tokens for $1.00 per token.
  • AWAY WIN - Each holder of AWAY WIN tokens can redeem their tokens for $1.00 per token.
  • DRAW - Each holder of DRAW tokens can redeem their tokens for $1.00 per token.

In this dashboard I am going to have a view about volume generated in Overtime markets for the different markets/games and the participation of the users and their bids. In order to filter the data I used contract address linked to overtime markets. More specifically I will have a look at several:

• Daily and cumulative transactions volume over the last two weeks.

• Daily and cumulative amount bid over the last two weeks. Categorised by collateral token (sUSD, DAI, USDC, USDT).

• Games/Markets that received most user activity and those who received more amount bid volume.

• Sports recieving more bets.

  
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  Analysis

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First of all let’s check into the transaction and amount bid volume.

In the charts above the transaction volume is represented.

• Two important peaks happen on August 13th and 14th. However, the day with more transactions was registered on August 20th with 331 transactions. As can bee seen on the charts the vast majority of tx are done in a sUSD basis. The daily rate goes from [79% - 100%] of sUSD transactions.
• Although is a 15 day analysis we can say that Overtime markets are having a postive trend with more adoption day by day. More than 3700 tx have been done in 15 Agust days

In the charts above the amount bid volume is represented.

• Two important peaks also happen on August 13th and 14th meeting the two peaks of transactions. As can bee seen on the charts the vast majority of bid are done in a sUSD basis. The daily rate goes from [74% - 95%]

• +$500k have been bid in just 15 days. Having important peaks of more than $130k.

Once this is done we are going to have a look with markets/games interaction in both users activty and amount bid terms. It is woth mentioning that each event/game is represented by a contract addres. However, flipside does not have available the labels for each contract address.

• In the first chart all the addresses(games) are represented with their specific number of users participating.

• In the second chart the TOP 5 games are represented being:

  1. Manchester United Manchester United vs Brighton (34 users)
  2. Baltimore Orioles vs Boston Red Sox (26 users)
  3. Liverpool vs Crystal Palace (21 users)
  4. Getafe vs Atletico de Marid (21 users)
  5. Newcastle United vs Manchester City (21 users)

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• To check other contracts copy the contract address and check it on :

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In the first chart all the addresses(games) are represented with their specific number of amount bet.

In the second chart the TOP 5 games are represented being:

1. Boston Red Sox vs New York Yankees ($16,7k)
2. Leon Edwards vs Kamaru Usman ($14k)
3. Philadelphia Phillies vs Miami Marlins ($12,3k)
4. Nottingham Forest vs West Ham United ($11,2k)
5. Buffalo Bills vs Indianapolis Colts ($10,6k)

If we focus on users instead of amount bet we can see how the most popular sport is football with a 4/5 events in the TOP 5. However, if we take a look into the events that had more amount bet we can say that baseball have the 2/5 events into the TOP 5 while the other are about football, UFC and american football. Again, to check any address/game just check it on