I feel inclined to clarify a few things as this post is potentially putting Thales in a bad spotlight.
Why did we apply for a grant in Phase 1?
Because that’s what we perceived the Phase 1 is for, nowhere was it said or even insinuated that Phase 1 is non intended for Phase 0 projects
Do we think the 900k we got in Phase 0 was too little?
We are extremely grateful to Optimism for all technical and logistical support since day 1. Phase 0 allocation to us was generous and fair and we definitely appreciated the 3x multiplier for being Optimism native. We have already worked out a plan via our governance on how to leverage these tokens over next 4 to 6 months to bootstrap our positional markets AMM (former binary options) and THALES token liquidity. We have given a lot of thought and consideration on how to make sure OP tokens are not farmed by swing traders, sybilers and otherwise unaligned farmers and are positive we have established a good plan to achieve that.
So why did we ask for more in Phase 1?
Since Phase 0 snapshot we have released or are about to release two new products and dapps: exoticmarkets.xyz
Those products are in a sense decoupled from our main dapp and were definitely not considered in Phase 0.
Exotic is a product focused on permissionless parimutuel markets, where anyone can create a prediction market of a sorts.
Overtime will be first fully decentralized Sport Markets AMM backed by Chainlink feeds.
Both products are intended to be Optimism native and Optimism alone.
Our ask in Phase 1 is to support these new products that have potential to tap into a billions of dollars industry.
We appreciate everyone’s vote and opinion here. If the consensus is that no Phase 0 DAO can apply for Phase 1 until it burns Phase 0 OP tokens, I can personally understand that sentiment, however, I do fear it might inadvertently send a message to DAOs to burn the tokens asap, which I am sure is in no one’s interest here.
That said, if quantity and diversity of DAOs applying is the desire, both Exotic and Overtime could have easily been decoupled DAOs making their own dedicated proposals, we just choose not to go that route.
For those not across Thales’ history, I would like to restate some of the ways Thales has worked towards helping Optimism vision:
- Unlike most protocols, Thales has moved 100% of its single side staking and governance to Optimism since December 2021
- Optimism is the only chain where Thales is paying LP incentives
- THALES is listed on two centralized exchanges so far MEXC and XT.com. Albeit not tier 1, Thales DAO has worked with these exchanges and managed to get direct Optimism withdrawals and deposits enabled before any other CEXes had this integrated
- Thales is working hard to bridge the gap between web2 and web3 users and has or will soon have direct fiat onramps in its dapps as well as direct bridges between CEXes or other chains onto Optimism
- Thales was the first project to implement TWAP feeds to offer derivatived on Optimism native tokens such as LYRA, PERP and OP
I don’t expect everyone to be across everything we built and what we are about, but it should be fairly easy for delegators to check that we are about integrity, quality and delivering. Our portfolio of products is unique, novel and while there are competitors, none have a comparable level of decentralization.
Frankly, we were poached by a few other chains recognizing the originality in what we are building, but our vision for the foreseeable future is optimistic alone.
Thanks everyone for the support regardless of how you vote,