A major cryptocurrency gambling platform, Augur, has recorded more than $2 million in bets placed concerning the 2018 U.S mid-term elections which saw the Republicans win Senate but lose control of the House of Representatives.
The gambling platform’s co-founder Jeremy Gardner identified that at first, Augur recorded about $900,000 worth of transactions but it later increased and finally exceeded $2 million. It has been noted that the worth of gambles made in cryptocurrency was over 60% of the volume of transactions on Betfair, the biggest gambling platform in the world which solely deals on bets with fiat currency. Gardner’s recent post Twitter reads:
“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.” He added; “Over $900k, excuse me.”
Steady Growth of dApps
Augur, which launched on the Ethereum mainnet in July of this year, has been regarded as the most difficult dApp on the Ethereum network to understand, and it has experienced steady growth in users and bets.
BKCM’s CEO, Brian Kelly stated that the Augur start-up epitomizes the steady growth of Ethereum in solidifying itself as the most valuable altcoin in the cryptocurrency market. This is made remarkable by the fact that Ethereum network can handle the large number of transactions it has been receiving from the Augur dApp.
As at July, the complex dApp had several millions of dollars at stake including the massive amount of ETH on the platform, which pushed investors’ visions in the enthusiastic direction of the profitability of the cryptocurrency gambling market. Brian Kelly stated;
“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 [unlike CryptoKitties] that could generally be a positive for Ethereum.”
The growth of Transactions on Augur
Prior to the massive bets placed on Augur, the betting platform experienced an increase in the number of active users earlier this week with multiple users signing up on the platform. This is quite massive for a platform released on the Ethereum mainnet just a few months back.
DappRadar, a platform that provides current, up-to-date data on dApps, stated that Augur had recorded several transactions amounting to over 4,000 ETH in the past 24 hours. This value of Ethereum exceeds about $880,000 in value as reported by CoinMarketCap. The volume of transactions recorded on Augur daily is close to the volume indicated by decentralized exchange giants, Idex and ForkDelta.