Thales Implements Token Pledge Service in Arbitrum for Synthetix Ecological Option Agreement

03/02/2023 01:09 • AI & Tech Insights • 70 views

It is reported that Thales under the Synthetix ecological option agreement has deployed token pledge service in Arbitrum. At present, Thales supports the main network of Ethereum, Optimism and Arbitrum. Among them, the basic reward is 20000THALES, which is distributed to all pledgers of weekly epoch on the Arbitrum chain in proportion, and the Bonus reward is 10000THALES, which is distributed to users of products built on Arbitrum in proportion. （Medium）

Thales has deployed token pledge service in Arbitrum

Interpretation of the news:

Thales, a decentralized oracle network that provides real-world data to smart contracts, has recently deployed a token pledge service in Arbitrum under the Synthetix ecological option agreement. The company now supports the main network of Ethereum, Optimism, and Arbitrum, which is a Layer 2 scaling solution for Ethereum.

The implementation of a token pledge service allows users to stake their tokens as collateral for the issuance of synthetic assets, such as stablecoins and cryptocurrency representations of other assets. This process is essential for protocols like Synthetix, which relies on a network of oracles to provide accurate data for price feeds.

Under the agreement, Thales will distribute basic and bonus rewards to users who pledge their tokens in the Arbitrum chain. The basic reward is 20,000 THALES, which will be distributed to all pledgers on a weekly basis. The bonus reward is 10,000 THALES, which will be distributed to users of products built on Arbitrum in proportion to their usage.

This partnership highlights the growing demand for reliable and scalable oracle solutions in the DeFi ecosystem. Synthetix, a decentralized protocol for trading synthetic assets, is one of the most popular applications on the Ethereum blockchain. By leveraging Thales’ oracle services, Synthetix can ensure the accuracy and reliability of price feeds, ultimately making the platform more secure and trustworthy.

Thales’ integration with Arbitrum is also significant as it demonstrates the company’s commitment to providing decentralized oracle solutions for Layer 2 scaling solutions. As Ethereum continues to face scalability challenges, Layer 2 solutions like Arbitrum are becoming more prevalent. By providing oracle services for these solutions, Thales is helping to sustain the growth of the DeFi ecosystem.

Overall, Thales’ deployment of a token pledge service in Arbitrum for the Synthetix ecological option agreement is an important development for the DeFi ecosystem. It highlights the growing demand for reliable and scalable oracle solutions, while also demonstrating the importance of Layer 2 scaling solutions like Arbitrum.

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Thales Implements Token Pledge Service in Arbitrum for Synthetix Ecological Option Agreement

Thales has deployed token pledge service in Arbitrum

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