Vitalik Buterin, the founder of Ethereum, used and praised Augur Foundry – a DeFi application developed by Minddeft. The Foundry lets you mint outcome shares in Augur markets, wrap them into ERC20 tokens, and settle back into DAI. You can access the Foundry here, and make sure to have MetaMask installed!
At Minddeft, we are always striving to create the products with our bespoke blockchain development services. Recently, Vitalik used one of our products and gave our team members a good surprise by recognizing the good work.
This is how Augur Foundry works:
– Mint shares: You select a market from the dropdown menu, and plug in how much DAI worth of shares you’d like to obtain. For example, to mint 1,000 YES shares and 1,000 NO shares, enter 1,000 DAI. Then, Click “Mint Shares” and then sign the transaction with MetaMask.
– Shares -> ERC Tokens: Once your shares are minted, you’ll see their balance under “Holdings ERC1155”. Click “WRAP SHARES” to convert them into ERC20 tokens, and again, confirm on MetaMask.
– Utilize the tokens: Now that you have tokenized outcome shares you can do whatever you like with them: put them on Uniswap, Balancer, Loopring. Heck, put them on SushiSwap if you like. YOLO.
– Redeem DAI: There are two ways you can redeem DAI:
- Before a market resolves, you can unwrap tokens and then select “REDEEM DAI.”
- After a market resolves, you can settle winning shares for DAI. In this case, you do not need to unwrap them. Just select “REDEEM DAI.”
And that’s it!
This simplicity, followed by the underlying idea of making finance more inclusive, is what is catching people’s attention. We’re glad to have received good words from the founder of Ethereum itself, and we’re sure this will keep us going for days to come. More power to Yash, the person responsible for Augur Foundry!