Decentralized Betting & Prediction Exchange Aver Launches on Solana Mainnet

The platform brings a fleshed-out Web3 experience to an industry previously held back by Web2 limitations.

By
Web3Wire
on
July 1, 2022
Category:
DeFi

The Aver Public Beta

Aver, a Web3 betting and prediction exchange, has just launched its public beta on Solana main-net. The public launch follows the project’s $7.5m seed round earlier this year and a successful closed-beta period in June.

The project is backed by some heavyweights in both the sports betting and crypto domains - including Jump Capital, Susquehanna (SIG) and Mirana Ventures - and key investors in the Solana ecosystem.

Why Aver?

Aver claims to be the first project to deliver a Web3 exchange experience that rivals the latency and benefits of Web2 betting platforms such as Betfair and Matchbook. Aver is facilitating a path to address some of the significant shortcomings of Web2 exchanges, and all of the possibilities that decentralization and composability offer. 

Core to the innovation within Aver is the ability to match peer-to-peer bets using an orderbook, rather than exposing traders and liquidity providers to sudden jumps in price - a fundamental feature of speculative betting markets. This is enabled by Serum and Bonfida’s new technology -  the Asset-Agnostic Orderbook (AAOB). Aver is one of the first protocols to launch using the AAOB, and one of the first use cases for the technology outside DeFi.

“Until now, crypto betting and prediction platforms have fallen into one of two categories - a centralized platform which accepts cryptocurrency as a form of funding; or an expensive and inefficient ‘Automated Market Maker’ (AMM) approach - which bleeds liquidity providers and leads to uncompetitive or unsustainable pricing.”

Solana Power

Within the Aver protocol, the entire process occurs on the Solana blockchain. From placing orders to matching trades, resolving events and paying out settlements. For the first time ever, the entire betting process can take place without reliance on any organizations, centralized technologies or third-parties. 

Resolution and settlement of markets can be facilitated trustlessly using an oracle network, enabled by partner project Switchboard.

The exchange is entirely non-custodial - (no concept of funds-at-rest or fund-lock-up), a common feature and pain point of Web2 platforms, where fungibility of capital between platforms and other uses for the capital carries an implicit cost for serious traders and liquidity providers.

Fees captured by the protocol are set to be a fraction of those in the Web2 comparables. On Aver, fees are levied only when participants are winning, at rates ranging from just 0.5-2.0% of a trader’s profits, not on gross transactions.

Aver is built on Solana, where transaction costs and processing times are approximately 1/1000th of that on Ethereum - making it the first on-chain betting platform which is not only viable, but also rivals the user-experience of Web2 platforms, the team states.

How to Get Involved

The platform launched a public beta on July 2022 and is open to anyone with a Solana wallet (outside of a number of prohibited jurisdictions).

Users can trade directly from their Solana wallet, only requiring $USDC and $SOL funds to interact. No further steps are required to get started and place your first trade.

In coming weeks, the project will also offer unrestricted and free access to interact with markets programmatically - using Typescript or Python Software Development Kits (SDKs). This allows builders, developers and traders to develop trading strategies with ease, or use Aver’s protocol to build their own applications and betting platforms.

 

About Aver

Aver is a decentralized, peer-to-peer betting exchange built on the Solana blockchain. It enables trustless trading, settlement and resolution of bets and predictions - without reliance on any individuals or third-parties.

If you’d like to keep up to date on Aver and learn more, you can connect with the project on Twitter or on Discord. Visit the Aver website to get started!

Contact Details: press@aver.exchange

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