On Monday September 13th, 2021 at precisely 14:00 UTC, the THALES token was introduced to the public. The initial liquidity offering on DODO's fundraising platform provided investors with 2 full days to lay claim to their desired share of tokens, with the hard cap ultimately exceeded by over 500%. You can read more here. The bidding phase ended on September 15th with the official launch taking place the following day.
THALES is a standard ERC-20 token used by community members to govern the Thales protocol. There is a total supply of 100,000,000 (100 million) THALES tokens which can be acquired and staked to vote on representatives to the Thales Council.
Tokens will be distributed as rewards to SNX and THALES stakers, used as funding to grow and maintain the protocol as well as to compensate Core Contributors.
Total token distribution was broken down as follows:
35% to SNX Stakers
30% to Growth Fund
20% to Thales Core Contributors
15% to THALES stakers
As a thank you for securing the Synthetix ecosystem and sUSD, 35 million THALES tokens will be allocated to SNX stakers
1 million THALES will be provided as retroactive rewards for past SNX staking. These rewards are assigned on pro-rata basis against all historical stakers and will be unlocked on a linear basis over 2 years.
18 million THALES will be provided weekly for 3 years as ongoing staking rewards to continue incentivizing SNX stakers.
SNX Staking rewards have been temporarily paused per TIP-18
THALES stakers will also be rewarded 15 million THALES tokens
See the Staking Guide for more information on these rewards along with instructions for staking and unstaking THALES.
The Thales Band, courtesy of community member Sanguine
30 million THALES tokens will be allocated to fund the growth of the protocol and ensure its long-term success
This portion of the total distribution will be used to keep the protocol functional and provide further incentives to users. Future disbursements will be decided on by community members participating in the governance process.
2 million THALES went towards a crowd pooling event hosted by DODO Exchange in conjunction with the token launch.
1 million THALES were distributed as rewards for the THALES/ETH liquidity pool on DODO Exchange over 20 weeks, along with 300,000 DODO. See the Thales + Dodo LP rewards guide for instructions on claiming.
Protocol Support and Security
9 million THALES were provided to strategic partners in exchange for a seed investment of almost 3,000,000 in USD-based stable coins. These tokens are subject to a 2-year vesting period.
18 million THALES has gone to the Thales DAO treasury to fund further development.
20 million THALES will be allocated to Thales Core Contributors
Thales wants to attract and retain high-quality Core Contributors, so a portion of the total token distribution will be set aside as compensation for CCs. CCs must contribute full-time for at least a year before they become eligible.
Core Contributors with individual allocations will be subject to a 4-years vesting period starting on the day a CC joins the project, with year one remaining fully locked and the following 3 years unlocking in linear fashion.
You can find a more detailed explanation of THALES tokenomics, including a token unlocking schedule, in this Medium article.