Thales deposits liquidity into marketplaces and receive fees from traders (revenue). The funds collected are used to buyback and burn the THALES governance token.

Thales is a non-custodial exchange for parimutuel contracts built on Optimism, Arbitrum and Polygon. Thales was founded by Danijel Gornjakovic and was launched in December 2021.

THALES tokenholders own and govern the protocol. Thales’ investors include Framework Ventures, Apollo Capital, etc.

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Thales

# Thales Fees Methodology

## 1. Overview

Fees measures the total value paid by users to trade options on Thales. These fees are generated by Thales Market contracts during options trading and are subsequently transferred to SafeBox contracts, which are designated to collect the protocol's trading fees. This metric is used to evaluate the total economic value generated by the protocol's options trading activity.

## 2. Data sources

- **Blockchain events**: ERC-20 token transfers from Thales Market contracts to SafeBox contracts, covering Arbitrum, Base, Optimism, and Polygon
- **External data**: End-of-day price feeds and asset metadata

## 3. Step-by-step calculation

### Component A: Options trading fee extraction

- **Purpose**: Identify and extract options trading fees transferred from Thales Market contracts to SafeBox contracts
- **Logic**: ERC-20 token transfers are filtered where the sender address matches a Thales Market contract and the recipient address matches a SafeBox contract. Specific non-recurring ad-hoc transfers to the Optimism SafeBox contracts are excluded via a denylist as they are classified as manual transfers rather than protocol fees.
- **Key fields**: `block_timestamp` (timing), `amount` (fee quantities), `token_address` (asset identification), `market_address` (originating contract), and `safebox_address` (receiving contract)

### Component B: Decimal normalization and USD conversion

- **Purpose**: Normalize fee amounts to their standard units and convert them to USD
- **Logic**: Fee amounts are normalized by decimal precision using asset metadata. The normalized amounts are then multiplied by end-of-day asset prices to calculate the USD value of the fees.
- **Key fields**: `amount` (fee quantities), `token_address` (asset identification), and `price_usd` (asset price)

### Component C: Daily aggregation and zero-filling

- **Purpose**: Aggregate fees to a daily granularity and ensure continuous data coverage
- **Logic**: Normalized USD fee values are aggregated by day, chain, and product using UTC day boundaries. Days with no trading activity are filled with zeros to ensure a continuous time series is maintained.
- **Key fields**: `timestamp` (daily boundaries), `chain_id` (network identification), and `fees` (aggregated USD value)

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value users pay to use a protocol (gross fees, user-paid fees).

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Fees

Fees

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