Aver

Aver operates as a decentralized, peer-to-peer betting and prediction exchange built on the Solana blockchain. Founded in 2021, the company aims to disrupt the traditional betting industry by eliminating the need for a trusted middleman, such as a bookmaker. This structure is designed to lower costs, increase transparency, and remove counterparty risk for users.

The company secured $7.5 million in a seed funding round in January 2022, led by Jump Crypto with participation from other notable venture firms like Mirana Ventures and Susquehanna International Group. This was followed by an additional $1.5 million in a private equity round in December 2022. These funds were allocated for platform development, legal and regulatory operating costs, and to bring the Web3 betting platform to market. Aver launched its public beta in July 2022 after a successful closed beta period.

The platform leverages the Solana blockchain to offer fast transaction processing times and low costs, making on-chain betting a more viable and user-friendly experience compared to platforms on other blockchains like Ethereum. The business model is centered on a peer-to-peer system where users can set their own odds, and other participants can choose to accept those wagers. Revenue is generated through a small fee, ranging from 0.5% to 2.0%, levied only on a trader's profits from winning bets. The platform is non-custodial, meaning users retain full control of their funds at all times in their own Solana-compatible wallets, with winnings settled directly and immediately.

Aver's product is a protocol that facilitates the trustless trading, settlement, and resolution of bets on a wide variety of events, including sports like football and basketball, as well as political and economic outcomes. The platform provides open-source Software Development Kits (SDKs) to encourage developers to build new applications and tools on top of the Aver protocol, fostering an ecosystem of innovation around decentralized prediction markets. However, some sources have marked the dapp as inactive, indicating a potential lack of on-chain activity for a period.

Keywords: decentralized betting, peer-to-peer exchange, Solana blockchain, prediction market, Web3, crypto betting, sports betting, non-custodial, P2P wagering, blockchain protocol, digital assets, prediction markets, decentralized finance, DeFi, crypto exchange, on-chain betting, smart contracts, liquidity protocol, settlement layer