Bet on the 2020 US presidential election in Dai

2020 US presidential election markets are now on Veil, denominated in Dai.

Paul Fletcher-Hill
May 13 · 4 min read
  • Betting sites routinely charge 5% or more on settlement. Veil charges 1%.
  • Exchanges ask you to send them your money to bet. Veil is non-custodial, meaning you control your money at all times.

How to trade

We’re starting with markets on which candidate will win the 2020 Democratic presidential nomination. Before trading, you’ll need to do two things:

  1. Unlock your Dai. From your Veil wallet, click the “Unlock Dai” button to approve Dai for trading on Veil. This step is needed so 0x, the protocol Veil uses for decentralized exchange, can use your Dai to execute any trades you make.

Under the hood

Veil has used the Augur protocol for defining markets and holding funds and depended on Augur’s decentralized oracle for resolving markets. Augur uses Ether as collateral but plans to support Dai in an upgrade coming later this year. You can read about Augur v2 in this blog post.

About AugurLite

AugurLite includes three main features:

  1. Off-chain trading. Augur’s on-chain order books and trading engine have been removed. All trading should happen via decentralized exchange protocols like 0x and enabled by off-chain relayers like Veil, BlitzPredict, and Flux. AugurLite simply acts as an escrow layer, converting money into transferrable share tokens and back.
  2. Oracle agnostic. Markets on AugurLite aren’t automatically resolved by Augur’s oracle. AugurLite markets can interface with Augur, Chainlink, or something else entirely. Augur’s decentralized oracle is a critical piece of infrastructure because it brings real-world information onto Ethereum. But not every market needs to use it, so market creators can decide how their markets should be resolved. Therefore, there’s no AugurLite token, and it’s free to create markets using the AugurLite protocol.

Veil

Markets on everything, by everyone. Veil is a trading platform for real-world events. Get started now: https://veil.co.

Paul Fletcher-Hill

Written by

Building Veil (https://veil.co). Formerly Hill Street Labs, PatientBank.

Veil

Veil

Markets on everything, by everyone. Veil is a trading platform for real-world events. Get started now: https://veil.co.