Thales

Thales market is both a protocol and a platform where you can participate in different positional markets with easy-to-understand derivatives. You can choose up or down and in or out (of a price range) positions for different crypto assets. Market resolution data comes from Chainlink Price Feeds. Positional markets are based on the Parimutuel structure where participants pool collateral in exchange for positional tokens. When a market resolves the winnings are divided by the holders of the winning positional tokens. Basically, every positional token is priced by Thales’ AMM (Automated market maker) between 0.1 and 0.9 USD, depending on the odds it estimates based on Black-Scholes algorithm. The lower the odds, the cheaper the positional token. When the market resolves, holders of the winning positional tokens can redeem each one for 1 USD. Losing positional tokens aren’t redeemable and hold no value. This simple mechanism makes it easy to understand the risk and reward of a position.