Blockchain Prediction Platform Augur Launches A Stablecoin DAI-Denominated Markets
Augur, a blockchain-powered event betting platform introduces a major upgrade to its platform, within which the platform launched a token denominated in MakerDAO’s Dai (DAI) stablecoin.
Augur announced the news on an official blog post on April 8. As per the platform, introducing DAI-denominated markets will enable them to make trading less volatile as compared with Ethereum (ETH), that was used for trading on the platform thus far.
This new development comes as a part of a broader scheme of improvements happening to the Augur’s protocol, wherein the company also stated that its two (V2) protocol contracts are “now ready for the first round of audits with integration work in progress with the rest of the Augur platform.” As for DAI support, the blog adds:
“For V1, the usage of ETH was accomplished by using a contract (‘Cash’) that wrapped ETH and was given additional trust by the Augur contracts to take privileged transfers. The V2 contracts will still reference ‘Cash,’ which will instead point to an ERC20 Token with no extensions. At release time, this will be set to the Multi-Collateral DAI token.”
Other notable protocol improvements include resolving the current weak point on the platform, which allowed bad actors to create deliberately invalid markets, as reported by Cointelegraph. In order to do so, Augur is introducing a V2 upgrade that will allow for “Invalid” to be a tradeable outcome.
The V2 will also involve new features that Augur has dubbed as “Use it or Lose It Forking,” this update will introduce a time limit, along with existing token percentage bonus to encourage users to migrate their tokens and participate in a fork, while ensuring security.