Overtime Launches Its Native $OVER Token and Integrates Thales Protocol

The onchain sportsbook platform Overtime has announced the launch of its native token, $OVER, and the formal integration of its parent protocol, Thales, under the Overtime brand.

In a move that has been highly anticipated by the crypto community, onchain sportsbook platform Overtime is announcing the launch of its native token, $OVER, and the formal integration of its parent protocol, Thales, into the Overtime brand.

The platform is also unveiling a new primary domain and introducing full Account Abstraction integration to enhance the platform’s user experience.

After four years in development, the platform is finally ready to compete with traditional off-chain platforms, offering functionalities on par with such platforms. Already, the platform has over $200 million in volume, support for over 100 sports and leagues, 50,000 active users, and more than 10,000 unique betting markets.

Developed on the Ethereum network, Overtime operates a fully decentralized, permissionless sportsbook platform. It grants seamless access to anyone with a simple connection, eliminating the barriers of traditional restrictive betting limits, arbitrary bans, or delayed payouts.

Due to its role in the growth of Thales DAO, the community voted for it to be fully merged with it. This introduces a new concept called Overtime Accounts. These are on-chain smart accounts designed to abstract away the complexities of wallets and EVM networks. They use Particle Network to create wallets seamlessly via Social Logins and Biconomy’s SDK to handle the smart-account functionalities. This enables frictionless transactions through its Paymaster, Bundler, and Session Keys infrastructure.

Once an Overtime Account is created, users can easily deposit supported collateral into their designated address to gain access to Overtime’s on-chain sportsbook interface. The platform’s supported features include parlays, system bets, same-game parlays (SGPs), futures, and live betting.

As transactions are executed through an account abstraction framework, there is no need for manual confirmations or the use of ETH to cover gas fees, making it easier and cheaper to use.

With this design, the complexities associated with blockchain technology are reduced to a bare minimum, allowing users to engage with the platform’s sportsbook features without requiring technical knowledge of the underlying blockchain processes.

The $OVER Token

The new token will have a total supply of 69.42M, compared to the original 100M of the THALES token. The remaining 30.58M THALES tokens will be burned in preparation for the migration to $OVER.

However, all THALES token holders will be able to migrate their $THALES to $OVER token at a 1:1 ratio on the new overtime.io domain. This aligns with the new sustainable tokenomics designed to foster growth and focus it entirely on the $OVER token.

The new token will be used as a betting collateral to boost users’ odds. Fees generated through the Overtime platform will be used to buy back and burn $OVER tokens to create inflation and ultimately increase value. It will also be used as a governance token, allowing holders to vote on future changes to be made on the platform.

Built using Chainlink’s CCT token standard for easy and secure cross-network bridging using Chainlink’s CCIP, the token will be live and liquid on Optimism, Arbitrum, and Base across prominent decentralized exchanges such as Uniswap, Velodrome, and Aerodrome.

How Overtime Works

Overtime is designed to offer users an exceptional on-chain sportsbook experience. With its Onchain Parlays, System Bets, and SGPs, it brings advanced sportsbook features on-chain in a way never before seen.

The platform’s Merkle Tree-based design paired with robust Chainlink oracle infrastructure brings Live Betting on-chain without the risks of frontrunning and toxic flow. It also provides permissionless liquidity, with Liquidity Pools allowing anyone to deposit USDC, ETH, and BTC collateral to gain exposure to its performance.

Finally, Overtime provides an onchain free bets infrastructure that allows anyone to wrap their tokens and send them as Overtime Free Bets. Overtime’s open Free Bets solution is a cutting-edge user rewards and onboarding tool.

With this unique design and cutting-edge features, Overtime is set to revolutionize on-chain sportsbook gaming in a way that makes it competitive with traditional off-chain sportsbook platforms. It can be accessed globally where regulations permit and users meet the eligibility criteria.