Overtime has grown out of the Thales protocol as an outlet for the community's desire to trade sports markets without relying on a centralized entity. This respect for decentralization has been inherited from Thales along with the governance structure that runs the protocol.
The Thales Council consists of 7 community members that have been voted in by THALES stakers and serve a 4 month epoch. Voting is currently only done on the Optimism Network. This process is fully on-chain and transparent, gives everyone the same access to council positions, and encourages rotation among candidates. The community then creates, vets and submits Thales Improvement Proposals (TIPs) which the Thales Council review and vote on.
The Thales DAO deploys any new or updated contracts required by a successful TIP. The following are a few important TIPs that were submitted by community members and reviewed/approved by the Thales Council: