Key Takeaways
- Overtime is an on-chain sportsbook platform that created a unified identity for the protocol and combined it with the launch of a new token,$OVER
- Overtime managed to establish itself as a full-on-chain sports book that offers functionality compared to traditional off-chain platforms.
- Overtime contains features such as parlays, system bets,same-game parlays(SGPs), futures, and live betting.
- $OVER token will have a total supply of 69.42M compared to the original 100M of the THALES token
- $THALES tokens can be migrated to $OVER at a 1:1 ratio. The conversion option is available on the new overtime.io domain.
Overtime is an on-chain sportsbook platform that integrated its parent protocol Thales under the Overtime brand. This consolidation created a unified identity for the protocol and combined it with the launch of a new token,$OVER.The project also unveiled a new primary domain and implemented full Account Abstraction integration to enhance the user interface of the platform. With more than four years of development, Overtime managed to establish itself as a full-on-chain sports book that offers functionality compared to traditional off-chain platforms. The platform was built on the Ethereum network emphasizing transparency, security, and immutability. The operational history of Overtime is:
- More than $200 million in volumes.
- Support for more than 100 sports and leagues
- 50,000 active users
- More than 10,000 unique betting markets.
A Decentralised Sports Betting Platform
Overtime distinguishes itself from traditional betting platforms by operating a fully decentralized permissionless sportsbook platform. Any user can seamlessly access over time using a simple connection without barriers of traditional restrictive betting limits, arbitrary bans, or withheld payouts.
Since the launch of the platform Overtime has become the primary driver of Thales DAO growth. Recognizing this growth the DAO community unanimously approved the full merger of Thales DAO with the existing brand Overtime.
Comprehensive Onchain User Experience
Overtime introduced a new concept with this launch known as Overtime Accounts- an on-chain smart account designed to abstract wallet and EVM network complexities.
Overtime account utilizes the Particle network for the seamless creation of wallets using Social logins, and Biconomy’s SDK to handle smart account functionalities. It enables frictionless transactions through its Paymaster, Bundler, and Session Keys infrastructure.
After creating an Overtime account users are advised to deposit supported collateral into their designated address for accessing Overtime on-chain sportsbook interface. The platform contains features such as parlays, system bets,same-game parlays(SGPs), futures, and live betting. Transactions are executed using an account abstraction framework, avoiding the requirement of manual confirmation or the use of ETH to cover the gas fees.
Overtime user interface has been designed to minimize blockchain-related complexities. It allows users to engage with the platform’s sports book features without the requirement of technical knowledge of underlying blockchain processes. The interface provides a streamlined experience comparable to traditional web applications. It maintains the transparency and self-custody benefits provided by the Ethereum network.
The New Token: $OVER
The newly launched $OVER token will have a total supply of 69.42M compared to the original 100M of the THALES token. That means 30.58M THALES tokens will be burned in preparation for the migration to $OVER. $THALES tokens can be migrated to $OVER at a 1:1 ratio. The conversion option is available on the new overtime.io domain. This option aligns with the new sustainable tokenomics designed to encourage growth and focus entirely on the $OVER token.
$OVER token serves multiple utilities such as:
- Betting Collateral: $OVER tokens can be used as collateral on the Overtime platform. Users can enjoy improved odds compared to their collaterals. This boosts the usage of $OVER tokens and aligns platform users with token holders.
- Buyback & Burn: Fees from Overtime will be directed towards $OVER token buybacks. It focuses on the entire growth of the project. Deflationary token dynamics get reinforced by burning the buybacks.
- Governance Token: Voting power within Overtime’s decentralized governance structure is granted to $OVER holders.
The $OVER token is created using the Chainlinks CCT token standard for easy and secure cross-network bridging by utilizing Chainlink’s CCIP. The token will be live and liquid in Optimism, Arbitrium, and Base across prominent decentralized exchanges like Uniswap, Velodrome, and Aerodrome.
How Does Overtime Work?
Overtime innovations can be considered evidence of its industry leadership:
- Onchain Parlays, System Bets, and SGP’s: The cutting edge smart contract technology of the platform brings advanced sportsbook features onchain.
- Live Betting: The Merkle Tree-based core architecture combined with its robust Chainlink oracle infrastructure managed to bring live betting on-chain without the risk of tailgating and toxic flow.
- Permissionless liquidity: The liquidity pool allows users to deposit USDC, ETH, and BTC collateral to gain exposure to the platform’s performance. And it acts as a counter-party pool against the traders.
- Onchain free bets: Anyone can enclose the tokens and transfer them as Overtime free bets. Overtimes open Free Bets solution is a tool that rewards users and onboarding.
Global Movement
Overtime is an on-chain revolution that shows how a traditional industry gets improved by shifting to on-chain. It is a fair permissionless and globally accessible powerhouse that is designed to dethrone all classic off-chain platforms.
Unlike traditional sportsbooks that provide restrictions on users based on performance.Overtime functions on a fully transparent and on-chain infrastructure. The platform is designed to ensure that participation is governed by smart contracts. It removes the ability to impose user-specific limitations. The engagement with the platform is determined exclusively by the interaction between users and underlying liquidity smart contracts.
Overtime has distributed cryptocurrency-based incentives, rewards, and competition-based payouts that amounts to several millions in value. Participating in promotional campaigns of the Overtime platform and airdrop is available to all users subjected to eligibility criteria and availability.
About Overtime
Overtime is an on-chain sportsbook that is designed for accessibility. It allows users to connect using social media accounts or EVM-compatible wallets. The platform provides support for multiple cryptocurrencies and allows fiat onramp option using credit card payments. Overtime replicates the major functionalities of traditional sports books while utilizing decentralized infrastructure. The platform does not ban users or provide individualized restrictions. In each season users may be eligible for various forms of incentives like cryptocurrency airdrops, free bet credits, and other rewards. Moreover, participants are provided with options to contribute to the platform’s liquidity pool effectively performing the role of liquidity providers.