Staking THALES on Optimism - Guide
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.
Thales uses a Gamified Staking model to reward protocol users for certain activities, such as generating volume or staking SNX tokens. To incentivize staking, total THALES staking rewards for L2 Optimism stakers are 90,000 THALES tokens weekly. 60,000 THALES tokens are distributed as base rewards for staking, while an additional 30,000 THALES tokens going out as bonus rewards.
Every THALES staker has the opportunity to acquire an additional 50% of their staking rewards as bonus rewards based on their activity across Thales products and as an SNX staker. Stakers become eligible for these bonus rewards by staking SNX and from Protocol usage by generating volume from Thales AMM markets and Ranged Markets, as well as Overtime AMM Markets.
Bonus rewards are 21,000 THALES weekly for the Protocol Usage bucket. This includes sUSD volume generated from the follow activities on Optimism:
- Thales Directional Market AMM trading
- Thales Ranged Market AMM trading
- Overtime Sports and Parlay AMM trading
- Overtime Vault deposits and Liquidity Provisioning
There is also another 9,000 THALES per week that goes out to SNX stakers.
Staking rewards are allocated to you once a week, depending on your
My Staked Sharepercentage value at the time of the weekly snapshot. You can claim staking rewards weekly.
Unclaimed weekly rewards are forfeited!
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 next page for details) to automatically claim their weekly rewards.
Stakers can now decide where their Protocol Usage volume is applied to maximize bonus rewards by allowing a wallet to delegate the volume it generates to another wallet. This could be helpful to stakers that wish to store their staked and vested THALES on a hardware wallet while trading with a hot wallet.
To delegate protocol volume to another address, navigate to the Thales Token page, and then select the “Account Preferences” button. Here you can enter the wallet you’d like to delegate to.
You can only delegate 100% of a wallet’s volume to another wallet. Delegation can be stopped at any time. Check out TIP-102 for information on delegating volume.
Once a wallet is delegating it's volume, you'll see the option to remove delegation
The first step is to connect an Ethereum wallet holding THALES tokens to the Thales dapp. Click the button on the top right corner, select your Ethereum wallet of choice and you should 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 below, 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 THALESbutton and confirm the transaction.
After the Approval transaction is confirmed:
- 1.Input the amount of THALES you want to stake into the
AMOUNT TO STAKEinput field
- 2.Select the Gas price (gwei)
- 3.Click on the
Stake <amount> THALESbutton
- 4.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 SNX staking on Optimism (max +50% on base rewards)
Scroll further down the Rewards page and you'll see the button to claim your staking rewards. Execute the claim transaction to take custody of your rewards.
- 1.Click on Claim THALES REWARDS button
- 2.Confirm the transaction
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 those 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:
- 1.Input the amount of THALES you wish to unstake in the AMOUNT TO UNSTAKE input field
- 2.Click on the
Start unstaking <amount> THALESbutton 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> THALESbutton 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> THALESbutton to return your THALES to stake.