TIP-98: Deprecate Exotic Markets

id	Title	Status	Author	Description	Discussions to	Created
TIP-98	Deprecate Exotic Markets	Draft	Danijel (@danthales)	Pause market creation on Exotic and disform Oracle Council	https://discord.gg/rPpPcMXSeU	2022-10-20

Simple Summary

This TIP proposes a plan to deprecate Exotic Markets

Motivation

While I personally still believe and love the idea of permissionless parimutuel prediction markets, I find that the numbers since Exotic has been released and to date, do not justify further investments into it, especially considering how Overtime fared in comparison.

Exotic:
6 months
128k USD volume
3200 trades
3100 USD in fees

Overtime:
3 months
1.7M USD in volume (13x more volume than Exotics)
16800 trades (5x more trades than Exotic)
34.3k USD in SafeBox fees (11x more than Exotics)

The costs of running Exotic include 15,000 THALES a month for Oracle Council but also resourcing costs for development, marketing, comms, infrastructure, etc...

I fully believe that if we focus all our might on Exotic, we would find ways to make it successful, but unfortunately as resources are limited, it's my inclination to go with more likely winners, which Overtime seems to be.
Exotic contracts and all code still belongs to Thales DAO and can come back in one way or the other, e.g. as part of Overtime's offering. If anyone wants to build something based on these smart contracts they are welcome to reach us on Thales Discord. Documentation will still be supported.

Specification

• Disable creation of new Exotic markets
• Setup Protocol Dao in place of Oracle Council to support markets that mature before the end of 2022
• All markets that are set to mature after 2022 are to be cancelled and participants refunded

Copyright

Copyright and related rights waived via CC0.