🔴Staking THALES on Optimism - Guide
Last updated
Last updated
The Thales staking contract allows users to lock THALES tokens to receive voting power in the protocol. THALES staked balances and related voting power can then be used to participate in protocol governance.
Any further utility of THALES staking will be decided and voted on by Thales community governance and their chosen representatives, the Thales Council.
You can reach the staking page using the "Thales Token" menu item or by navigating directly to https://thalesmarket.io/token
Make sure you are connected to the Optimism Network.
Staking rewards are allocated to you once a week, depending on your My Staked Share percentage value at the time of the weekly snapshot. You can claim staking rewards weekly.
Unclaimed weekly rewards are forfeited!
18,183.13 THALES tokens are distributed as base rewards for staking on Optimism. To calculate how many base rewards you’ll receive you’ll need to obtain your staked share % in relation to all the THALES tokens staked on Optimism, and then apply that % to the total of base rewards for that chain.
So, for example, if you stake 58,337.23 THALES on Optimism (like on the screenshot) and there are 16,426,924.16 THALES tokens staked there, then your staked share is 0.36%, so you’ll be able to claim 0.36% of all Base rewards, giving you a total of 213.08 THALES tokens rewards for that weekly period.
Since unclaimed rewards are returned to the protocol, Thales wanted to provide an easy way for Stakers to automate the claiming process. User can now allow a third-party tool, Gelato (see this page for details) to automatically claim their weekly rewards.
The first step is to connect a Web3 wallet holding THALES tokens to the Thales dapp. Click the button on the top right corner, select your wallet of choice and you will be connected.
The THALES Staking tab is a part of the THALES token page. You can navigate to the THALES token page by using the sidebar on the left side of the front page:
Alternatively, you can reach the token page by using this direct link: https://thalesmarket.io/token.
After you open the THALES token page, you can find the Gamified Staking tab, and then the Staking button, as pictured below:
In the lower left corner of the Staking tab you can see the window where you can Stake or Unstake THALES tokens:
This section is used to deposit your THALES into the Staking contract and start staking. Here you can see the amount of THALES tokens you have available for staking next to "Amount to Stake: Balance".
You will also see several metrics related to THALES token staking, including:
APY- Annual Percentage Yield in THALES tokens from staking. The green number is the bonus reward percentage from Gamified Staking
My Staked Share- The percentage of total staked THALES that you've staked using the wallet you are currently connect with
My Staked Balance- The number of THALES tokens you've staked with the currently connected wallet
Total THALES Staked- The total number of THALES Tokens in the staking contract
Estimated Rewards for this Period- The amount of THALES Tokens you will be able to claim at the end of the current staking epoch (estimate)
This estimation shows how much THALES rewards from staking you should be getting by the end of the current period if the total amount of staked THALES does not change until then.
You can also view a list of activities you've initiated from the connected wallet.
Before you can stake, you need to Approve THALES to allow the Thales dapp to lock your THALES tokens. Click on the Approve THALES button and confirm the transaction.
After the Approval transaction is confirmed:
Input the amount of THALES you want to stake into the AMOUNT TO STAKE input field
Select the Gas price (gwei)
Click on the Stake <amount> THALES button
Confirm the transaction
Congratulations! You are now staking THALES!
From the Gamified Staking tab and next to the Staking button, you'll see the Rewards button. Here you can see the base rewards you've earned from staking, as well as the volume you've generated over the last two staking periods for each Thales protocol, including Thales AMM and Ranged Markets and Overtime Sports Markets. These volume totals will display under the Protocol Usage Bucket and display the staking rewards you've earned from this volume.
You'll also see the amount of SNX tokens you've staked, and the related rewards from this total next to the Protocol Usage Bucket.
The Staking rewards section shows the THALES rewards you have available for claiming from the following sources:
Thales staking - Base rewards accrued from THALES Staking (60,000 THALES weekly)
Bonus Rewards - Bonus rewards accrued from having sufficient trading volume on Thales Protocols and providing collateral on Optimism (max +50% on base rewards)
From the Rewards page you'll see the button to claim your staking rewards. Execute the claim transaction to take custody of your rewards.
Click on Claim REWARDS button
Confirm the transaction
Remember, unclaimed weekly rewards are forfeited!
After your transaction is confirmed, your claimed THALES tokens are moved to the Escrow contract with 10-week vesting.
Once THALES staking rewards have been claimed, rewards are then moved to the Escrow contract with 10-week vesting. The escrowed balance is included in the staked balance for governance voting power and staking rewards. Escrowed rewards that are redeemed are no longer included in the staked balance unless they are staked through the staking contract.
Staking contracts and Escrow contracts can be found here:
To Vest your THALES staking rewards means to finally transfer the THALES rewards into your wallet after the 10-week vesting period has expired. Click on the Vesting button to view your Vesting Schedule and claim THALES rewards that are ready to vest.
On the Vesting page you are shown the THALES you have Available to vest. To transfer them to your wallet you just need to click the VEST "X" THALES button and confirm the transaction. After you transaction is confirmed you should be able to see THALES rewards in your wallet.
In the Vesting schedule table you can see when and how much THALES rewards you will have available for vesting.
Unstaking is subject to a 7-day unlock period during which no rewards are distributed for the amount being unstaked. When the unlock period is over, the unlocked THALES amount can be redeemed.
You can find the option to Unstake using the toggle button on the bottom left of the Staking page, as shown in the following screenshot:
If you wish to unstake your staked THALES:
Input the amount of THALES you wish to unstake in the AMOUNT TO UNSTAKE input field
Click on the Start unstaking <amount> THALES button and confirm the transaction
After your transaction is confirmed, a cooldown timer will appear during which you can always cancel the unstaking process by clicking the Cancel unstaking <amount> THALES.
After the cooldown timer reaches zero, the Unstake <amount> THALES button will appear. When you click on it and confirm the transaction, your unstaked THALES will be withdrawn to your wallet, or if you've changed your mind you can click on the Cancel unstaking <amount> THALES button to return your THALES to stake.
Thales Stakers from L1 were auto-migrated to the new staking contract on 🔴 Optimism, as per TIP-20.
