<h1 style="text-align: start"><strong>Introduction to Thales Protocol</strong></h1><p>Thales Protocol is a suite of smart contracts on the Ethereum Network that provides an easily integratable Liquidity and Automated Market Making layer for probability based markets (Digital Options, Sports Markets etc.) that are settled by various onchain Oracle Data sources.</p><h3 style="text-align: start"><strong>Purpose of the Thales Protocol</strong></h3><p style="text-align: start">By providing a secure, transparent and decentralized infrastructure for Traders on one side and Liquidity Providers on other side, Thales Protocol revolutionized probability based exclusive-outcome markets on a global scale. It serves as a globally accessible onchain Automated Market Making architecture that allows traders to place positions on Sports, Digital Options etc. against a collateral provided by AMM Liquidity Providers.</p><h3 style="text-align: start"><strong>How Thales solved the Market Making problem of exclusive outcome markets</strong></h3><p style="text-align: start">Market Making in units of token prices has always plagued various Prediction Market products on Ethereum Network. Constant Function Market Making incur significant losses in this scenario, due to the fact that the losing side of the market has to go to zero on maturity. A different Market Making approach had to be invented.</p><p><strong>Thales Protocol solved this problem by building it's Automated Market Making architecture as such that it provides on-demand liquidity around a fixed oracle-based probability reference point.</strong> This also allows the Thales AMMs to offer on-demand liquidity to multiple markets from a single specialized AMM contract that uses a single counterparty collateral pool. Controlling risk management with a risk cap and skew impact allows the AMM to market make in units of risk rather than token prices. This means that the AMM has theoretically unlimited capital efficiency, so long as the risk exposure of a pool remains within the risk cap.</p><h3 style="text-align: start"><strong>Novel onchain solutions bring novel onchain products</strong></h3><p style="text-align: start">Thales Protocols simple yet powerful Smart Contracts allow anyone to participate in various decentralized exotic products as a Trader or as a Liquidity Provider, that leverage the same foundational Thales Protocol collateralization architecture.</p>

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Thales Protocol provides an easily integratable Liquidity and Automated Market Making layer for probability based markets.

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