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Last updated: Aug 14, 2023
Augur is a decentralized prediction market platform. The formal development of Augur began in 2014 by Forecast Foundation, and the first version was launched in 2018, after which the platform has gone through extensive development over the years, including three major releases. Augur v1 was released in 2018 and was later replaced by Augur v2 in 2020. Previously, the platform was based on Ethereum, but the second version and the recently deployed Augur Turbo both run on Polygon.
The Augur platform allows users to participate in prediction markets. The idea of the project is to create a platform where any user can bet on the outcome of any event. This is possible because the margin within the system is significantly lower than bookmakers' commissions.
The latest version of Augur, Augur Turbo is integrated with Balancer and built on Polygon, which provides for transaction fees being as low as $0.01.
There are two ways to add liquidity on the platform: adding liquidity to an existing pool with already set odds or adding initial liquidity to a market, which requires setting the odds.
Augur also offers a second user interface for Turbo contracts. It's called Sportsbook and is designed specifically for sports betting. Sportsbook has a simplified user interface specifically for cryptocurrency and trading. It also includes an Odds Converter to help users convert and compare odds according to their preference.
With Chainlink integration in the Augur app, users are able to participate in betting markets for recurring events — sports, politics, cryptocurrency events, etc. The markets are automatically created and resolved at intervals with the use of Chainlink oracle data such as schedules, post-game scores, and team and player stats.
All bets on the platform are executed in USDC. Upon each bet, Augur fees of 1-2% are paid in USDC by winning traders and are split between market creators and liquidity providers.
Reputation (REP) is an ERC-20 token with a total supply of 11 billion. REP tokens were used by reporters in Augur V2 to clarify disputes or outcomes of the prediction markets on Augur. Token holders had to stake their tokens in favor of a possible outcome. REP migrated to REPv2 in July 2020. The token currently has no use cases on the third version - Augur Turbo.
Augur is being developed by the Forecast Foundation, whose founders and initial Augur team members are Joey Krug (presently Co-Chief Investment Officer at Pantera Capital and also a co-founder of Eco), Jack Peterson, and Jeremy G.
Augur runs a bug bounty program through the HackerOne security platform, announced with the launch of Augur V2 and aimed at encouraging the submission of bugs found in the code of the protocol by its users. The program rewards contributors with $30,000 for finding a Critical bug, $5,000 for a High-level threat, $2,500 for Medium, and $1,000 for low. The program’s scope includes the Augur core Solidity smart contracts and the project’s SDK. The team states the most sought-after bugs are such that include: Manipulating of Open Interest, Forking State, and Loss of Funds.
Augur has no officially announced partnerships.
Forecast Foundation's immediate plans include moving from a "one platform for all" UX model to "separate product verticals for different use cases". The Augur project is also going to integrate with Balancer v2 and plans to integrate numerous Ethereum L2 solutions. The detailed Augur roadmap and its progress can be checked through an internal document shared by the Augur team. It also includes objectives such as launching Augur Turbo - an implementation of the platform using on-chain data sources for near-immediate market and resolution data. The project plans to add limit orders, revamp its website, a Sportsbook UI, and add Liquidity Provider and Bettor Tooling to make liquidity provisioning and programmatic trades via trading bots easier and safer. On top of that, the Augur team is planning to introduce a simplified UI for Augur on Layer 1, while also working on the development of a dispute resolution system on Layer 2, as the current dispute system and forking, used as a backstop for trading activity happening elsewhere is seen as insufficient neither for an L2 deployment of the Augur protocol nor for its Augur Turbo feature.
After five years of development, an important milestone for the platform and Forecast Foundation will be getting Augur into the hands of users by creating AugurDAO. While the organization is expected to be established, users can learn more about it and take part in current proposals and discussions on the AugurDAO Forum.
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