Recommendation from DeFi committee C
Value-Add
Overtime Market is a unique product implemented on the Optimism chain. Launched 2 months ago and achieved some traction already - partially due to incentives from Thales incl. OP. The proposal can help Overtime & Optimism gain users.
Traction
Until now, Overtime Market has been performing well in attracting early power users & almost 1K total users.
Metrics achieved in 65 days since launch on Optimism:
- 943 unique traders
- 8,609 total trades
- above 200 txns per day
- 15 supported sports leagues and rising
- $1,041,389 Settled Volume
- $2.1M Notional Volume
- above 60 Unique Daily Users on average incl. daily new users
Amount
The requested amount is 300K $OP tokens, which is a reasonable figure. But given that the Overtime team is partly the same Thales team that already received a grant of 900k $OP tokens in phase 0, the requested amount is high.
Thales Phase 0: https://gov.optimism.io/t/gf-phase-0-proposal-thales/1078"
OP Distribution
Distribution of up to 50K for World Cup incentives, rest of targeted events & fee rebates depends on market demand (might last longer than aspired 6 months)
- 70% as incentives in form of Fee Rebates to create an inviting environment to help with the Overtime growth and user increase.
- 30% as targeted events to help user growth of new league and sport integrations.
Co-incentives
The co-incentives will be determined by governance, which is the same as Thales’ governance ( https://docs.overtimemarkets.xyz/decentralized-sports-markets/governance). And if implemented, it will be with the Thales token.
Alignment
As an Optimism native platform. there is no doubt that the Thales team is aligned with the Optimism ecosystem,
Recommendation
NO
Overtime Market is a good product that is getting decent early traction - with OP/Thales incentives. Looking at the analytics & current fee rebates, the fee rebates would largely accrue to current top users and would likely last a lot longer than 6 months. At the same time, the Thales team still has almost 100% of funds for ecosystem projects, and we believe this would justify reducing the fee rebate program & total grant amount at least 1/3. This recommendation should not hinder on-boarding during the world cup as max 50K of OP were suggested and we’d recommend re-submission for the next cycle
Our past recommendation is available on committee recommendation thread.