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Dapp of the Week: Augur

Posted by
Jon Jordan

Learn more about one of the oldest tracked dapps on DappRadar.

Initially funded way back in 2015 via ICO, Ethereum-based prediction market Augur didn’t actually release its first product until 2018. That wasn’t a success, however, which is why it’s just launched v2. 

Now marketed as a global, decentralized betting platform, Augur v2 is certainly now much easier to use. Requiring just a web browser, an Ethereum wallet, and some DAI stablecoins; no additional downloads and blockchain syncing required. 

Users can place a bet (technically buy a number of shares in an outcome) for any question that’s been created. 

Unsurprisingly perhaps, the most popular current Augur topic is – Who will be the next US president? 

Jon Jordan reviews Augur V2

Advanced users

Alternatively, more advanced users can earn a small slice of trading fees (c.1%) by creating their own markets by adding a question across a range of subjects. Ranging from politics and sports to cryptocurrency, finance, and entertainment. 

This is much more complex to do and you’ll need to stake some DAI and REP (Augur’s Reputation token) in order to create a market. 

Using Augur prediction markets

However, at launch, the main issue for Augur v2 is legal. It’s currently blocking users from the US and UK (and perhaps other countries) from making bets. 

Predicting Augur’s own success

Because Augur is an open-source protocol, over time, it seems likely other people will create frontend clients that allow anyone to interact with the protocol. But in the meantime, it seems like Augur v2 is going to suffer from low volumes. 

And, obviously, it goes without saying that while all dapps are experimental – be careful how much value you invest in them – in this case, for every person who wins a bet, there’s a loser, so be very careful.

As always we will continue to monitor developments as they unfold. For now, make sure to bookmark DappRadar and sign up to our newsletter to receive regular updates directly to your inbox.

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