Veil Market: What is it and how can I use it?
What is Veil Market?
Veil Market leverages the Augur, 0x, and Ethereum protocols to provide a peer-to-peer trading platform for prediction markets and derivatives. Augur’s prediction market protocol has been live on the Ethereum mainnet since summer 2018.
Augur is truly impressive technologically, but the project’s native app has struggled to attract users. Recognizing the massive potential of the Augur protocol, Veil built a platform on top of Augur with some user-friendly features. Veil speeds things up with off-chain order creation + cancellation and instant settlement, which lets users sell shares as soon as a market expires instead of having to wait for Augur’s finalization process to play out. Veil’s most interesting feature – at least for user-retention – might be its public leaderboard that ranks users by total return.
Why did the founders start Veil?
We asked Veil co-founder Paul Fletcher-Hill about his inspiration for starting Veil: “We started Veil to help bring Augur and peer-to-peer markets mainstream. We think the ability to create your own markets and trade on anything is one of the few truly new behaviors enabled by blockchains, and we want to help make it a reality.”
Where is Veil going?
Veil launched on the Ethereum mainnet on January 15, 2019. It’s too early to predict (ha) how successful the platform will become, but Veil’s launch has received a lot of positive buzz from the crypto community. And that buzz seems reflected in a huge spike in global trade volume (and price) of Augur’s REP token – just a few days before Veil’s launch, overall REP volume was barely 1 million USD. Compare that to over 20 million USD in volume on January 16, 2019.
How can I use Veil?
You can use Veil here. Veil isn’t yet available in the United States. US users can check out the platform; they just can’t can’t login or trade.
Even if you aren’t ready to use Veil, did you know that Settle offers the most advanced portfolio tracking tool in crypto… for free! If you haven’t experienced a professional portfolio management tool before, you should try it now.
