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. The platform has also unveiled a new primary domain and implemented full Account Abstraction integration to enhance the platform’s user experience.
As a fully on-chain sportsbook with four years of development, Overtime 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.
Overtime, built on the Ethereum network, operates a fully decentralized, permissionless sportsbook platform. It allows anyone seamless access with a simple connection without the barriers of traditional restrictive betting limits, arbitrary bans, or withheld payouts.
Because of its role in the growth of Thales DAO, the community voted for it to be fully merged with it. This introduces a new concept known as Overtime Accounts. This is an on-chain smart account designed to abstract wallet and EVM network complexities.
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 has been created, users can deposit supported collateral into their designated address to access Overtime’s on-chain sportsbook interface. Supported features on the platform include parlays, system bets, same-game parlays (SGPs), futures, and live betting.
Since 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 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 wonderful 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 compete with traditional off-chain sportsbook platforms. It can be accessed globally where regulations allow and users meet the eligibility criteria.