Overtime Market Statistics in past 2 Weeks

In this dashboard you'll get to know how Thales protocol works and how Overtime Market (built on top of Thales) is performing in past couple of weeks in terms of volume, number of users, popular games, etc.

📜Introduction to Thales and Overtime Market protocols

Thales as the founding block of a new market module is built on Ethereum Blockchain; It essentially is one of the best solutions to build parimutuel markets. Thales enables and implements sUSD as an overcollateralized dollar-pegged stablecoin to power smart contracts that get their settlement feed from chainlink. Building block of Thales is created on Ethereum but the DApps are built on Optimism network to benefit from speed and low gas fee compared to Ethereum. Thales DApp provides different Ready-to-go market positions like Buying a long position on certain assets, leveraging on sideway (Range/crab) market, Etc.

🤓🧠Methodology - Overtime Contract Architecture

This is a bit technical, so if you are not interested in how contracts work and how I’ve done this analysis feel free to go to Data & Analysis section.

You have 4 Options to use as currency: ==sUSD, USDC, DAI and USDT.== But as said earlier sUSD is the power of this protocol and regardless of what asset you chose as currency to bet, they will all swap into sUSD eventually. Let’s assume you Bet on Usman win against Edwards (a popular MMA fight) using USDC as currency:

Your USDC will be send to main contract: 0x170a5714112daEfF20E798B6e92e25B86Ea603C1
Main contract initiate an interaction with Curve 3CRV pool consisting of USDC/USDT/DAI and receives Swap your collateral to sUSD
There will be NFTs minted respective to the number of options that the game has. For example, There will be 3 NFTs minted for Home win, Away win and Draw for a Soccer match. and 2 NFTs for Usman and Edwards win in our case.
You get the NFT of The option you bet on.
Your collateral will be sent to the game contract which was preciously created by another main contract.
You also pay a small fee for protocol and referrer if any.

After match ended, based on the feed from the oracles, If you are a winner you get to:

Burn NFT of the winning option and claim your win amount which was tied to your bet amount.

This dashboard was run on August 23rd to investigate past 14 days performance. I am using FlipsideCrypto database for optimism to query data and there might be some deficits since it is in light mode and some information are missing.

⚽️🏈⚾️🥊Top Games

Each game on Overtime is a contract or a market you might say. In charts below, you can find a range of different categories in top games.

It is interesting that There is no Soccer game among higher half of Top 10 games by volume, While all game in lower half are soccer games! This suggests that the impact of fandom or importance of games truly affects users behavior.

Soccer as a sport category has the second volume in past two weeks, but we can easily imagine this will totally change getting into some hot matches like Elclassico or final stages of Champions league.

For example, Edwards and Usman match singlehandedly brought up MMA as a close rival to NFL (The NFL volume itself benefits mostly from a single game.

⚽️🏈⚾️🥊Sports Statistics

In the following charts I separated sports by different metrics. No need to say additional words as charts are speaking for themselves. Two note though:

August 11th and 19th were the only days when MMA and NFL bars exceeded other sports and that relates to game days of Edwards-Usman fight and Buffalo Bills - Indianapolis Colts match.
Average bet volume on Baseball games are more than other sports since there are more share of total volume with lower share of total bets

🔍Key notes & Takeaways

sUSD is the most popular collateral followed by USDC and DAI at the 2nd and 3rd place.
Boston Red Sox - New York Yankees game had the most volume in past 2 weeks among all games
Baltimore Oliores - Boston Red Sox had the most unique bettors among all games
Buffalo Bills - Indianapolis Colts had the most volume between NFL games
Edwards and Usman Fight had the most volume in MMA games
Bayern Munich - Wolfsburg had the most volume in Soccer games
==Popular games in Soccer and Baseball are more balanced than Popular games of NFL and MMA==
England Premier league is the most popular Soccer league in volume, followed by Bundesliga and france League 1.
With more the 60% of Total volume, and 47% of total bets and unique bettors, Baseball is the most popular sport in Overtime market.
While competition for 3rd and 4th seat is close between MMA and NFL, Soccer is the 2nd popular sport in every criterion.
Number of bets are more than number of bettors which suggests some people either doing hedges to secure their position, trading their positions freely, adding or lowering their positions.

📝Data & Analysis

📌Things you’ll learn in this dashboard:

Daily and Total volume of the collaterals
Top games in Volume and unique number of Bettors
Top games in volume for each sport
Popular Soccer Leagues by volume
Popular Sports by Volume, Number of bet and Bettors
Daily volume of Sports

💵💴💶💷

Let’s start our analysis with the collaterals. As mentioned earlier there are 4 different collateral as option to pay for your bet.

sUSD as the native optimism stablecoin and powering engine of Thales Protocol has the most volume, followed by USDC which is usually the most popular stablecoin in DEFI space.
On August 11th and 14th, USDC managed to get past sUSD as the collateral with the most volume.

🤔Why Betting In crypto protocols❔

You may say, so What? It’s not like we didn’t have gambling platforms already, why bother?

Decentralized gambling has many features that you might consider:

There is no restriction; You only need a loaded wallet.
You don’t need to trust centralized authorities with your money.
You almost always get better odds.
You don’t need to ramp and un-ramp your already present funds in crypto, etc.
You can trade your position when the odds changed. It’s basically YOUR position and you can do whatever you want with it.
There are lots of possibilities like providing liquidity for a market which wasn’t available before crypto gambling.

Because of its unique structure, Thales could be the perfect ledger for positional markets like gambling which needs further settlement feed. There are currently two gambling markets built upon Thales; ==Exotic Market and Overtime Market==. We are going to investigate into what is Overtime Market and how it works and performs.

Overtime Market is a sport gambling DApp build on top of Thales. You get to bet on games that are created as contracts by the team. Games are from different sports (American Football, Soccer, AKA Real Football, Baseball, MMA and some more to come soon).

✍🏼 Acknowledgement

Special Thanks To elmiaON#8082 on flipside discord who finally taught me how to decode transaction data using substr and hextoint functions.

Thanks to CarlOwOs#4288 for letting us know how to find sports on-chain. Although he made it very difficult for me as I was manually proceeding and had entered more than 400 tags!

I also benefit from Yousefi_1994#7190 codes to correct some intriguing parts of my queries.