Paul Fletcher-Hill, CEO and Co-Founder of Veil announced on 12 July that the crypto-focused prediction market and derivatives platform is shutting down.
Paul informed on the team’s decision to sunset the product adding that it was a tough decision to make. Paul, however, noted that they had failed to find a good fit between what they were building and the market as it exists. Paul expressed confidence that cryptocurrencies and the decentralized web would have a profound effect on the future. Paul emphasized that the community of users is small and there are higher-impact products.
Paul added on the future of the Veil as –
“As of today, no new markets will be added to the platform. You can still trade in existing markets, but trading will be disabled in two weeks, on July 24, 2019. After that date, we will continue to host the Veil product at least until Augur v2 launches.”
The Veil web interface allowed users to place bets on Augur prediction markets, offering an instant settlement application programming interface (API) to pay out on clear outcomes. Paul informed that the company would suspend trading on the non-custodial platform. Additionally, the company would also disable the capability to build new predictions markets. The firm’s code would continue to be available open-source on GitHub.
Paul stated that this development comes four months after the firm announced at the New York Token Summit it would be unveiling an AugurLite fork. Reactions were mixed, terming AugurLite a “centralized” version of the prediction-enabling Augur protocol. Paul explained that the Veil’s lack of success could be attributed to a difficult onboarding experience. Paul also added the down point as its failure to find a mid between decentralization and regulation.
In May, Paul had blogged about AugurLite follow-up. Paul informed that there has been some confusion about exactly what AugurLite is and how it differs from Augur, so it was decided to publish a follow-up piece to clarify. Paul clearly conveyed the distinction without much elaboration but in a way that drives the point home.
Paul concluded in a note to inform users on their next steps. Paul stated that Veil users should successfully withdraw their positions and have their questions answered. Paul expressed that in the long term, the goal is to help crypto and the decentralized web grow. Paul added that while they are sunsetting the product, the Veil team and company would continue. Paul indicated the great partners and projects they have been working on, which cannot be disclosed.