Augur (REP) has seen increased volume as the user experience has improved and the Midterm Elections brought in quite a few bets. The wisdom of the crowd was correct as 80% predicted the Democrats would flip the house and not win the Senate.
“There’s $700,000 staked on Augur for today’s mid-term election. PredictIt, the leading prediction market, has $550,000. Betfair, the world’s largest betting site, has $3 million. That’s progress,” said Gardner on November 6, adding “Over $900k, excuse me.”
Obviously, this quote was before the close of the Midterms as these numbers kept climbing. The dApp is gaining traction and could see a $15 price-point very soon.
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While the Augur v.2 upgrade is expected to hit some time before the end of the year, no timeline has been set as of yet. However, Augur’s prediction market seems to be drawing customers in real time.
“Augur was one of the oldest ICOs [initial coin offerings] and the platform has been in development for about two to three years now. What’s interesting about this is probably going to be one of the biggest decentralized apps launched on top of Ethereum. If Augur doesn’t slow the system down that could generally be a positive for Ethereum.
Numbers are still coming in, but close to a million dollars was staked on the question of which party will control the House after the 2018 U.S Midterms. Half of that amount has also been staked on whether or not the price of Ethereum will exceed $500 by the end of 2018.
If readers are unfamiliar, REP, known by most for being the decentralized “betting market”, is more than just that – it is a decentralized prediction market and oracle service that wants to use the wisdom of the crowd to create a complete and accurate forecasting platform.