Thales is a binary options trading platform using uncensorable sUSD as collateral for all swaps and contract interactions. The binary options initially launched as a project within the Synthetix ecosystem. My co-founder and myself applied to the synthetixDAO to take on this project full-time, so we both left careers in enterprise software to go full-time DeFi. Binary options are straightforward derivatives that settle market outcomes based on the truth-value of a proposition in a smart contract. The proposition takes the form "The price of BTC will be greater than 40,000 USD on July 31". On July 31, the contract calls the oracle from Chainlink to determine if the price is greater than 40,000 USD or not. If the price is $50,000, then the sLONG options for that market expire in the money to 1 sUSD. If the price is below 40,000.00 the sSHORT options expire in the money. We already have Chainlink price feeds for more than 60 asset price feeds. There's a range of use cases for this type of product the Thales core team is excited to explore.
