Crypto Gambling: STLD to Accommodate Augur Markets with Payment in DAI Stablecoin

Crypto Gambling: STLD to Accommodate Augur Markets with Payment in DAI Stablecoin

The STLD exchange has announced its upcoming service to offer settlement paid in DAI for the outcome of markets on the decentralised crypto gambling platform Augur.

The move to incorporate DAI in the upcoming release (V2) of Augur is designed to remove the additional risk brought to Augur’s predictive markets by the volatility of ETH. DAI itself is a so-called decentralised stablecoin – instead of claiming to be pegged to the US dollar on a one-to-one basis like USDT, DAI is pegged to the value of collateralized debts issued in wrapped ETH constrained by time-lock to guarantee an approximate value of one dollar at any given moment in time.

Growing Ecosystem

By offering a Stablecoin as a payment option on Augur, the team behind what is arguably the world’s most democratic gambling platform – Augur is both open-source and entirely decentralised – hope to encourage its general adoption as a major go-to predictive markets platform.

Launched in a modest $5 million initial coin offering (ICO) in 2015, Augur took time to build its platform but, once unveiled, its decentralised oracle became the world’s first entirely autonomous betting entity.

This paradigm shift in crypto gambling was achieved by removing of a central bookkeeper and allows anyone to both to create markets and participate in them.

In their latest weekly report, the Augur team advised that there were currently 326 open markets for customers to wager on, with 2,245 markets finalised since inception. Current pre-finalised markets are showing an open interest of $279,750.43 (1,247 ETH).

Despite the initial innovative concept and a growing ecosystem through the likes of Setld, Augur is presently only positioned at number 43 on the Ethereum dApp rankings provided by Dappradar, falling short of the usage figures of other gambling sites such as playtowin and who occupy fourth and fifth position on the list respectively.