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Market creation guide

A guide for creating a new Binary Options market on the Thales marketplace

Creating a new Binary Options market on Thales

Anyone can create a market on the Thales platform!
All you need to start your own Binary Options market is a wallet with at least 1000 sUSD (minimum market funding amount).

Step 1: Navigate to the "Create market" page

Head to the Thales dapp front page https://thales.market/markets​
From there you can access the market creation page via the Create market button on the main page, the sidebar navigation panel, or using the link https://thales.market/markets/create-market.
Locations of "Create market" buttons on the Thales dapp front page

Step 2: Select asset

While on the market creation page, click on the SELECT ASSET: dropdown menu and select an asset that you wish to create a market for.
Location of the SELECT ASSET dropdown menu

Step 3: Enter a strike price

In the input field STRIKE PRICE: enter a strike price for your Binary options market of the asset you selected in the previous step.
Location of the STRIKE PRICE input field

Step 4: Select a market maturity date and time

In the MARKET MATURITY DATE: and TIME (UTC): input fields you can select the time and date for your market to mature.
You can select a date by using a pop-out calendar that expands after you click on the MARKET MATURITY DATE: or by manually inputting the date in the field using the <name of month> <day number> <year number> format.
Similarly, you can input the exact time of market maturity using the dropdown menu from which you can choose the time in 30min increments or by manually inputting the exact hour and minute using the <HH:MM> format.
DON'T FORGET: TIME(UTC) input field is using the UTC time zone​
Locations of MARKET MATURITY DATE and TIME (UTC) input fields

Step 5: Enter a market funding amount

In the MARKET FUNDING AMOUNT: input field, enter the amount of sUSD you wish to fund your market with. Minimum required amount is 1000 sUSD. Proportionate to the amount of sUSD you deposited, the same amount of sLONG and sSHORT options tokens will be minted.
Location of the MARKET FUNDING AMOUNT input field

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Step 6 (optional): Place sell orders for minted sLONG/sSHORT options tokens

There is an option to immediately place sell orders for your minted sLONG and/or sSHORT options tokens on market creation.
Location of the SELL MINTED LONG/SHORT OPTIONS input fields
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If you want a sell order for your sLONG options tokens to be set on market creation:
  1. 1.
    Check the first box
  2. 2.
    Select a price between $0 and $1 you wish to sell your tokens for by using the green slider or by manually entering the price in the PRICE PER: input field.
  3. 3.
    Enter the amount of sLONG tokens you wish to sell in the AMOUNT TO SELL: input field.
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If you want a sell order for your sSHORT options tokens to be set on market creation:
  1. 1.
    Check the second box.
  2. 2.
    Select a price between $0 and $1 you wish to sell your tokens for by using the red slider or by manually entering the price in the PRICE PER: input field.
  3. 3.
    Enter the amount of sSHORT tokens you wish to sell in the AMOUNT TO SELL: input field.
You can put sell orders for both sLONG and sSHORT tokens at the same time by checking both of the boxes.

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Step 7: Select gas price

On the Gas price(gwei): dropdown menu, select the gas price you wish to be used for creating your Binary option market. You can choose between average, fast and fastest or you can manually input your own custom gas price in the Custom input field.
Location of the Gas price inpuit field
Default gas prices are pulled from gasnow.org

Step 8: Approve sUSD and Create market

One final step for creating your own Thales Binary Option Market is to click the Approve button, after which your Metamask extension will ask you to confirm an approval that says "Allow https://app.thales.market to spend your sUSD". After confirming the approval transaction, the Create market button will become visible in the same place. After clicking on the Create marketbutton, you get another Metamask pop out that, when confirmed, interacts with the contract and creates the market.
Location of the Approve and Create market buttons
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Approve and Create market transactions use the Gas price you set in the previous step
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Last modified 1yr ago