Augur (REP) Markets Approach $3 Million As Users And Volume Spikes On Midterm Election Speculation
The decentralized betting platform built on Ethereum, Augur, is scoring a big rise in volume due to the U.S. Midterm Elections.
Augur, the decentralized prediction market platform built on Ethereum, is scoring a big rise in volume, users and money at stake due to the U.S. Midterm Elections.
For those that never heard of Augur before, it is a blockchain-based prediction platform. Participants can bet on the outcome of any event for which a market exists. Users are also free to create a market of their choice.
U.S. midterm election market see huge volume
The Which party will control the House after the 2018 U.S. Midterm Election? market has been opened on Augur’s betting platform since July 15, but the real expansion started on October 22nd.
It currently has a volume of 6,242 ETH, which means that approximately $1,353,200 has been staked on the winner of the ongoing elections in the U.S.
It seems that bet-makers are going all-in as the elections are reaching their end, as by comparing today’s number to yesterday’s reported volume of 3,517 Ether or nearly $727,000, we get an increase of 86% in a single day.
Spike in users as volume surges
The U.S. election market on Augur has pushed the total dollar amount staked on this betting platform to a new all-time high of $2.8 million and daily volume to nearly $650,000.
With the U.S. election mania heating up on Augur, the platform appears to attract new users as, according to DappRadar, the number of users continues to rise, currently sitting at 142. The all-time high of 256 daily users was hit on the day that Augur was launched in early July.
The U.S. elections market brought diversity
The 2018 mid-term elections market has brought more diversity to the platform, which was previously dominated by a market predicting the price of Ether (ETH), the native token of the Ethereum blockchain.
Until the election market opened and started to surge, the main betting point was the Will price of Ethereum exceed $500 at the end of 2018? market, which dominated the platform with a volume of $523,000 worth of Ether.
It is definitely a positive thing for Augur that users are starting to consider something else to bet on besides the price of Ether at the end of the year. However, once the mentioned market closes down and all gains are paid out, the question will remain if the uptrend of the platform’s volume will continue.
Different currency – different results
Looking at the volume circulating on Augur, we can deduce that financial results of the platform are highly dependable on the currency we use as a denominator.
If we are looking at the total amount of Ether staked, we can understand that this betting platform is constantly rising in volume as towards the mid-July there was a little more than 3,000 ETH staked, compared to more than 9,500 we are witnessing today.
However, the problem with doing business in cryptocurrencies is that it can burden with the exposure to the high volatility of these assets, although not in recent times.
Since the platform’s launch in July, the price of ETH has dropped by 51%, dragging the volume denominated in USD down with it, although the volume in ETH keeps growing.
It was only with the mentioned elections market that USD volume re-emerged to catch and surpass its former glory.
Augur (REP) token stays flat
Despite the ETH volume surge, the rest of the global cryptocurrency market remained unimpressed by the recent events.
The price of Augur’s REP token remained stagnant with the horizontal movement around $14, with only a minor today’s rise of 0.32%, keeping this asset far from its peak of $107 reached in January.