Sports fans hold onto your seats -the excitement of sports trading is coming to the blockchain
Thales introduces DeFi’s first Sport AMM, Overtime
It’s been one year since Thales launched its first sports market for the July 2021 Tokyo Olympics, deploying a sports orderbook on Ethereum mainnet with the power of Chainlink oracles. The parimutuel market structure allowed Thales to create markets for the competition’s biggest sporting events including soccer, basketball and volleyball, as well as total medal counts.
A year on, this Thursday 14 July 2022 Thales will launch Overtime — DeFi’s first sport AMM offering a complete sports trading experience for users — a realisation of its 2021 Olympic vision.
Overtime is one of the most anticipated products built on Thales, a Parimutuel Markets protocol integral to the Synthetix ecosystem. Built fully on-chain with multiple sport markets and solidified by Thales Automated Market Maker (AMM), Chainlink oracles and the Optimism layer 2 network, Overtime is a fully decentralised on-chain sports platform.
Kain Warwick, Founder of Synthetix says, “A long time ago the Synthetix community set out to develop binary options. While we got decent early traction there were a number of UX issues, so we slowly wound them down. Thales is the extension and realisation of that initial vision. Today’s news is really exciting for Thales — Overtime allows them to showcase blockchain technology to one of the biggest industries in the world. ”
Overtime will first launch on Optimism mainnet to help support the growth of the network. During the days of Thales on Ethereum mainnet it was clear that the cost of transactions would be one of the main barriers to making this idea viable. Today with significantly lower gas fees on Optimism and accelerated transaction response time, the sports positioning experience is optimised for the user.
With the power of Chainlink oracles we are able to request live odds and end results of multiple games. Initially, the APIs supported allows integration of the following leagues:
- NCAA Men’s Football: 1 (American football)
- NFL: 2 (American football)
- MLB: 3 (Baseball)
- NBA: 4 (Basketball)
- NCAA Men’s Basketball: 5 (Basketball)
- NHL: 6 (Hockey)
- WNBA: 8 (Basketball)
- MLS: 10 (Soccer)
- EPL: 11 (Soccer)
- Ligue 1: 12 (Soccer)
- Bundesliga: 13 (Soccer)
- La Liga: 14 (Soccer)
- Serie A: 15 (Soccer)
- UEFA Champions League: 16 (Soccer)
The Sport AMM will first focus on the MLB & MLS as these two leagues are ongoing and align to our release schedule. As the other leagues start their season over the next few months they will be featured with new markets. The current list of leagues is also likely to evolve as Thales integrates major tournaments as they approach their start date. Overtime will expand their product offering by including more sports, and deliver from more APIs. Talks have already begun to include sports such as UFC, Formula 1, Moto GP and more.
Thales AMM model allows Overtime to create instant liquidity around markets. The idea is that for every sports market there can be up to three results: Home win, Away win, or Draw when possible. The sport AMM will be holding an equal amount of each token. The tokens will initially be priced via odds request from Chainlink and as traders take their positions, the skew impact will affect the price of the positions available since the AMM will be balancing positions accordingly. This enables markets to hold deep liquidity. Markets will initially be launched with $1000 of liquidity per market, allowing for seamless position trading as there is always a buyer or seller.
The Overtime markets work in a similar way as any Thales users can expect. Buy-ins are supported via all your favourite stablecoins (sUSD, USDT, USDC, DAI) with a new Curve integration. Once your position is selected all you have to do is watch the game. Once the event is over, positions bought in favor of the winning team will be available to claim. 1 sUSD ($1) for each position held at maturity (aka the end of the game), no matter the entry price on that position.
Thales is excited to be launching the new Overtime platform. Users can visit the dApp at overtimemarkets.xyz and connect their wallet to start their sporting journey today. For all Thales stakers, Overtime volume will be counted as part of their bonus rewards. We are pretty excited and looking forward to see users share their live positions on Twitter (don’t forget to tag us @overtimemarkets) or on Discord by visiting @Thalesdiscord (which also has bot integrations for overtime!).
About Overtime Markets
Overtime is the first fully decentralized sports platform. Overtime allows users to trade seamlessly with our sports AMM so there is always a position to be taken on your favorite games. Born out of Thales protocol, Overtime keeps pushing the mission of gamifying DeFi one step further and helping close the gap with the inclusion of real-life sport events. .
Follow us, join our community, and start playing now!