Binary options were designed to be relatively simple, intuitive, low-risk financial instruments. However, many centralized platforms offering binary options are susceptible to manipulation. On the other hand, decentralized finance (DeFi) offers trustless, permissionless exposure to binary options through decentralized oracles that securely and reliably supply external market data on-chain.
Thales is a permissionless, non-custodial, uncensorable binary options platform that integrated industry-leading Chainlink Price Feeds on Ethereum in order to accurately and securely resolve the outcomes of binary options markets. Thales co-founder Farmwell told Chainlink Today that “clear, consistent oracle architecture” is “crucial” for DeFi and, without Chainlink’s oracles, Thales’ users would lack essential clarity around market settlement.
“With Chainlink oracles, this problem dissolves,” he said.
Thales is completely non-custodial and all phases of market participation are zero-permission.
The platform supports binary options markets on more than 60 supported Chainlink Price Feeds, including crypto assets, commodities, index products and equities.
“Chainlink’s oracles are the standard for decentralized oracles on Ethereum,” Farmwell said. “Other decentralized oracle solutions do not have the same level of product maturity as what can be seen with Chainlink.”
He said the Thales team was not only eager to integrate Chainlink’s oracles for existing feeds; they’re also excited to expand Thales’ product offerings with Chainlink in the future.
“Building new markets on Thales entails many moving parts,” Farmwell said. “The openness of the people building Chainlink to continue supporting new requests is incredible.”
On the horizon, Thales plans to expand the scope of its binary options platform by leveraging Chainlink’s sports market data to provide the same level of confidence its users have come to expect. “Thales users expect the most performant and reliable markets possible,” Farmwell said. “Providing market settlement via Chainlink oracles assures our users that markets will settle and clear in an orderly fashion.”