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Next steps for Veil

Paul Fletcher-Hill
Jul 11, 2019 · 5 min read

What exactly is happening to Veil?

As of today, no new markets will be added to the platform. You can still trade in existing markets, but trading will be disabled in two weeks, on July 24, 2019. After that date, we will continue to host the Veil product at least until Augur v2 launches.

  1. Withdraw any positions you have in active markets. Nearly all Veil markets are Augur markets under-the-hood, so you can convert your positions on Veil into positions on Augur. You can either sell those positions through Augur, or wait until the markets are finalized and redeem them through Augur then. To withdraw positions, go to your Portfolio page and click the “Withdraw” button next to any active market. You can also navigate to any market, click on the market’s “Portfolio” tab, and click the “Deposit / Withdraw Augur shares” button at the bottom of the list.
  2. Withdraw your Veil Ether and convert it to Ether. Veil uses a custom version of Wrapped Ether called Veil Ether that is pre-approved for trading on 0x. Like Wrapped Ether, Veil Ether can always be converted back to Ether. Log in to Veil and go to your ETH wallet to withdraw your Veil Ether.

Where should I create new Augur markets?

You’ll no longer be able to create markets and list them on Veil, but we’ve decided to open-source our market creation tool so anyone can continue to use it. The new tool is available at create.veil.co.

What should I do about my AugurLite positions?

As soon as Augur v2 is launched, we will deploy a tool to let anyone who holds a position in any AugurLite markets to convert that position into an Augur v2 position. The only market on Veil that uses AugurLite is the 2020 Democratic nomination market. Our team will create copies of the AugurLite markets on Augur v2 when it launches and use 0x to help users migrate their open interest from AugurLite to Augur v2.

What will happen to Predictions.Global?

We will continue to host Predictions.Global. It’s a valuable explorer for the Augur ecosystem, and we’re happy to continue supporting it. Thanks to Ryan Berckmans and Jorge Olivero for creating Predictions.Global.

Why didn’t Veil work?

We’ve spent a lot of time thinking about this question. While our answer is still evolving, we think we faced three main issues:

  1. We didn’t offer a good onboarding experience. Crypto as a user base is still early, and we didn’t make it easy enough for users without crypto or a wallet to get started.
  2. We weren’t decentralized or regulated. Some users want a fully decentralized, unstoppable product and others want a regulated product. It’s hard to offer something in between that people find valuable.

So what are you doing now?

Our short term focus is to make sure that all Veil users successfully withdraw their positions and have their questions answered. In the long term our goal is to help crypto and the decentralized web grow — that’s been our goal since we founded Hill Street Labs. So while we’re sunsetting the Veil product, the Veil team and company will continue as is. We’re lucky enough to have great partners and we have a number of projects we’ve been working on internally that we can’t wait to share with the community.

How can I get involved in what’s next?

We’d love to hear your thoughts and feedback! In fact, we’re looking to do 45 minute user interviews with as many people as possible over the next month. If you regularly use cryptocurrency — or would like to — we’d like to talk to you and get your feedback. See this post about our user interview series and sign up to talk with us.

I still have questions, how can I contact you?

Our team will be available to answer questions in our Discord or on Twitter. You can also always send us an email at hello@veil.co, and we’ll do our best to get back to you promptly.


Veil

Markets on everything, by everyone.

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.

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.

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