| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-151 | Formalize Overtime trading guidelines | Implemented | (@cvija) | Formalize Overtime trading rules and guidelines | 2023-06-30 |
This TIP has the goal to formalize the official trading rules and guidelines for Overtime Markets
Overtime has several differences compared to traditional sportsbooks. The information is stored on-chain, making it transparent, fully collateralized, and decentralized. However, it also involves various elements that the average user may not be familiar with. The purpose of these guidelines is to provide a brief introduction to how Overtime works, explain the underlying mechanism, offer an overview of the protocol's governance, and outline how exceptional situations are handled. Additionally, this document aims to provide an overview of the specific sports trading rules, particularly those related to extra time, defaults, and other sport-specific scenarios.
The following text is the proposed version:
Overtime is a decentralized, trustless, permissionless, blockchain based sport positional market platform. Overtime’s novel Sports Automated Market Maker is built on Thales smart contracts, and it uses reliable data feeds from the industry best data provider - Chainlink.
The smart contract architecture ensures a safe, transparent and reliable way of trading with the Sports AMM. Every trade is fully collateralized, and the funds will always be in respective smart contracts, waiting for you to claim if your trades were correct. The smart contracts themselves are the first and foremost source or truth. Code truly is law with Overtime.
Changes to the contract codebase of Overtime can only be done as a result of a TIP (Thales Improvement Proposal) being voted in by the Thales Council, the elected governing body of the Thales DAO, consisting of reputable Thales community members. Thales DAO also governs all the markets and transactions of the protocol.
Listed below are the Overtime trading rules and guidelines to offer a standardized and familiar way of interacting with the Overtime platform:
- Overtime is composed of markets, which are all created and resolved using Chainlink nodes, managed in cooperation with data providers.
A market can be who will win the game, what number of goals will be scored, the number of points a player will score etc. Each market is its own smart contract.
New data providers can only be added through a Thales Improvement Proposal (TIP), after being voted in by the Thales Council.
Currently we are using the following data providers:
- Rundown
- Enetpulse
- JsonOdds
By leveraging these data providers, Thales can fetch the data from specific Web2 sportsbooks or use an aggregation of multiple sources.
- In an unexpected case that the results are not delivered by the data providers, pDAO (Protocol DAO) has the right to resort to alternative, reliable sources like trusted social media or news outlets to resolve the markets.
- Overtime currently supports 2- and 3-positional markets. In 3-positional sports, such as soccer, only the outcome of the game at the end of regular time is considered when calculating totals and **spread/handicap **markets. However, in 2-positional sports like American football or basketball, the entire duration of the game is taken into account when evaluating these types of markets, including overtime or penalties.
- For 2-positional sports, if the winner cannot be determined from the outcome (for example a draw in UFC, a “push” for spreads and totals markets) the market is canceled and all user deposits are refunded.
- In the absence of a 'Draw' option, should the event result in a draw, positions on both teams become void and the corresponding market is canceled.
- In any fixture involving a **walkover, **all positions will be deemed void and the market will be canceled. If the match has started and a player forfeits after the start, the opposing player will be deemed the winner of the match. If a player forfeits his match after the start, all totals and spread markets will be canceled.
- For combat sports, a technical draw results in the cancellation of all Full-Fight period markets. Similarly, if a fight is declared a 'No Contest,' the market is canceled and all positions are nullified.
- All trades are accepted exactly before the actual start of the event, which is provided by the data providers and stored on the contract.
- In the event of an evident error, such as markets with inverted odds for teams, incorrect match start times, providing incorrect team information for a match, and other similar circumstances, trades placed on that specific market may be invalidated and the market canceled by pDAO. If by any chance a position is accepted after a fixture actually has commenced, trades will be honored unless a significant advantage has been obtained. pDAO retains the right to cancel the market if it determines that an unfair advantage has been acquired. In such cases, all traders will receive a refund for their deposits. This serves to protect the liquidity providers. Delayed and stale odds are not valid reasons for canceling a market.
- Minor discrepancies such as typos or name variations do not invalidate positions, as long as the intended fixture is identifiable.
- Any match delays due to unforeseen circumstances like unfavorable weather conditions, power outages, crowd incidents, etc. are to be handled on the the provider side.
- Some events or lines may have supplementary rules. For more details, refer to the tooltips available on the website. If the rules are unclear, the official **DAO Discord **channel is open for inquiries. Ultimately, smart contracts are the official **source of truth. **
Copyright and related rights waived via CC0.