Veil, the peer-to-peer prediction market and derivatives platform built on top of Augur, 0x, and Ethereum, has acquired Predictions.Global, the leading site for exploring data on Augur prediction markets.
As Smartereum reported, Veil launched on the Augur network less than a fortnight ago leading to an unprecedented surge in Augur [REP] price. The platform when it launched earlier this month was heralded as one that would address many concerns in with Augur prediction markets.
What Veil Hopes to gain from the acquisition
By Acquiring Predictions.Global, Veil has shown its resolve to build on its mainnet launch and attract more users to its platform and the Augur network. In a statement on Veil’s blog, Veil co-founder Paul Fletcher-Hill announced the acquisition stating that Predictions.Global is the CoinMarketCap for the Augur ecosystem. According to him, it is front page of Augur for thousands of people, where they go to find new Augur markets and to check on old ones.
The statement read:
“At Veil we’re building the easiest way to create and participate in Augur markets. We offer a peer-to-peer trading platform for prediction markets and derivatives hosted on Augur. With the addition of Predictions.Global, we also want to be the easiest way to discover Augur markets.”
In a response to Crypto News site Coindesk, Fletcher-Hill explained that Predictions.Global is a very much used site which will help Veil drive more users. “It’s certainly been the most used and popular third party-developed Augur product thus far,” he was quoted as saying.
He said that Veil intends to leave the Predictions.Global as it is and add links to Veil supported markets so as to drive users to it. “One change you’ll notice,” he said “is that markets that are supported by Veil will start to include a link to trade on Veil.” The aim he noted is to “make it easy for someone who has discovered a market on Predictions.Global to trade in that market on Veil.”
Benefits of Veil Interface
Veil, which raised seed capital from investor including Sequoia Capital and 1confirmation, allow users to create prediction markets through its interface and not directly on the Augur network. It already supports prediction markets for the upcoming Super Bowl as well as for the 2019 Academy Awards, particularly bets on which film will win Best Picture. Fletcher-Hill explained that the Veil team wants it to support a larger fraction of prediction markets on Augur.
With Veil, users can place bets without having to pay gas fees and they can enjoy instant cashouts—which means they do not have to wait for the Augur market payout. “Veil purchases the shares from users and then redeems those shares from Augur directly,” Fletcher-Hill explained.
Augur [REP] Price Watch
At the time of writing, Augur’s reputation [REP] token has lost the gains it made following the announcement of Veil and flurry of activity that came with it. REP is trading at $13.9 to the USD about 2 percent down from the last 24 hours. Its total market cap is also down to $155 million from around $191 million at the start of the week, its highest point in 2019. Daily transaction volume is just above $4.1 million. It peaked at almost $50 million on the news of Veil’s mainnet launch.