| id | Title | Status | Author | Description | Discussions to | Created |
|---|---|---|---|---|---|---|
| TIP-208 | V2 vouchers | Draft | Danijel | Deploy new voucher system | https://discord.gg/thales | 2024-05-21 |
Deploy a new voucher system with V2 Sports Architecture release
This TIP describes the V2 voucher system (which will in context of Overtime be known as FreeBets system).
V1 vouchers were implented as NFTs which are fully collaterized with sUSD or USDC depending on the chain and can be used by the users to replace the buyin on their behalf. This utility was used successfully for various marketing campaigns.
While definitely a good system, we have identified potential improvements that we want to implement with V2 vouchers.
V2 vouchers (called Free bet in context of Overtime) will no longer be implemented as NFTs, but as a proxy contract that stores voucher balances for various users. This allows us to use multiple collaterals for voucher rewards such as USDC, ETH or even THALES (more on different collaterals in other TIPs).
However, the biggest difference in V2 vouchers is on the payout. In V1, users would use the voucher for the buy-in and, if they win, the winings would go fully to their own wallet. This enabled users who received the vouchers to use them for wash trading or even selling them on secondary markets to obtain the funds from the voucher, without actually using the platform, thus nullifying the original intent of the vouchers.
In V2, the user will only get the net winnings sent to their wallet on exercising a position, while the buyin amount goes back to free bet balance.
This is a usual practice across web2 sportsbook ensuring that the free bet allocation keeps flowing through the platform.
Implement and deploy V2 voucher system that supports multiple collaterals.
For winning trades, the net won amount is sent to the user's wallet, while the buyin goes back to voucher balance for that user.
The V2 voucher system will be deployed on all products eventually, but will start with Overtime V2.
A user is awarded $100 in voucher balance. The user uses $50 to bet on a game with odds 2, so the gross potential winnings are $100.
case1 - the bet wins: $50 is sent to user wallet directly and $50 is sent back to his free bet balance, so he still has $100 in free bets.
case2 - the bet loses: LPs win the $50 that was used to collaterize the bet. User's free bet balance is now $50.
https://github.com/thales-markets/contracts-v2/blob/main/contracts/core/FreeBets/FreeBetsHolder.sol
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