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 Revenue Methodology

## 1. Overview

The portion of fees retained by the Thales protocol is measured by the Revenue metric. Because liquidity is provided exclusively by the Thales team, 100% of the options trading fees generated by the protocol are collected as protocol revenue. This metric is utilized to assess the financial performance and fee-generation efficiency of the Thales options trading platform.

## 2. Data sources

- **Blockchain events**: ERC-20 `Transfer` events 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**: The identification and extraction of options trading fees transferred from Thales Market contracts to SafeBox contracts.
- **Logic**: ERC-20 `Transfer` events are filtered to isolate transactions where the sender is a Thales Market contract and the recipient is a designated SafeBox contract. Specific non-recurring, ad-hoc transfer transactions identified as non-fee transfers are excluded from the dataset.
- **Key fields**: `block_timestamp`, `token_address`, `market_address`, `safebox_address`, and `amount`

### Component B: Decimal normalization and USD conversion

- **Purpose**: The normalization of fee amounts by decimal precision and their conversion to USD.
- **Logic**: Collected fee amounts are normalized by the decimal precision of each respective asset using asset metadata. The normalized amounts are then multiplied by the corresponding end-of-day asset prices to determine the USD value.
- **Key fields**: `amount`, `decimals`, and `price_usd`

### Component C: Revenue allocation and aggregation

- **Purpose**: The daily aggregation of fees and their allocation to protocol revenue.
- **Logic**: Because liquidity is provided exclusively by the Thales team, 100% of the collected options trading fees are allocated to protocol revenue. The revenue values are then aggregated daily using UTC boundaries.
- **Key fields**: `fees` and `revenue`

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

fees * take_rate (illustrative — revenue is observed directly per project, not derived from take_rate)

Fee revenue retained after supply-side payouts. Before cost of revenue (e.g. L2 DA fees) and before operating expenses.

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Revenue

Revenue

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