Ethereum-Based Betting Platform Augur Records $2 Million In Bets During US Midterms Elections

Augur Records $2 Million USD In Bets During U. S. Midterms

The United States midterm elections were certainly the most important subject of the week for the mainstream media. However, they have also made the news in the crypto-specific media as Augur basically exploded with so many bets that were made on the platform during the elections. A total of $2 million USD, a record number for the platform, were made during the midterm elections.

During the election night, the bets went from an initial mark of $900,000 USD to $2 million USD. This was actually 60 percent of the bets that were placed in Betfair, the biggest betting platform in the world currently. Betfair was able to get $3 million USD in bets, but the platform is considerably older and more mainstream, so the numbers are very impressive for the Ethereum-based betting platform.

Augur was launched back in July and, while the platform has seen its ups and downs so far, it is getting good results for a year in which the bear market and the disappointment after the 2017 bull run made people very wary of anything labeled as cryptocurrency or blockchain-based.

In fact, the CEO of the company, Brian Kelly, has affirmed that Augur is proof of how much the Ethereum network can be scaled, as the app can handle giant transaction outputs. Augur was one of the oldest Initial Coin Offerings (ICOs) in the market and also one of the biggest ones. Its fans believe that it has the potential to be one of the giants in the blockchain industry and it looks like they have a point.

According to information of DappRadar, Augur recorded a volume of over 4,000 ETH (about $880,000 USD) in the last 24 hours and it exceeded most of the other Ethereum-based apps that you can find online now.

The success of this platform, when compared to giants of the industry, has led some people to speculate even if Augur has the potential to be the “killer app” for Ethereum. While Bitcoin is certainly the frontrunner of the blockchain technology, Augur is certainly one of the most capable companies when your objective is to actually showcase ETH-based decentralized apps.

In any case, we will see more of the future of Augur as the platform matures because it is still new and not necessarily a CryptoKitties phenomenon yet but still it is very relevant and has a lot of potential for growth over time.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Deregulating Bitcoin May Increase Speculative Trading Instead of Technical Innovation: Japan’s New Top Financial Regulator

Ryozo Himino, the new top financial regulator of Japan, wants the country to take caution over promoting digital assets, arguing that instead of promoting...

Goldman Sachs New Digital Asset Manager Reveals Plans to Bring A ‘Digital Token' to the Bank

U.S. financial giant Goldman Sachs is pushing forward its plans to launch a digital asset with the appointment of its new digital asset...

Grayscale Ethereum Trust Files with SEC to Halve the ETHE Locking Period Same as GBTC

Grayscale Investments has publicly filed a registration statement on Form 10 with the US Securities and Exchange Commission (SEC) on behalf of its Ethereum...

Florida Teenager Behind the Infamous Crypto Twitter Hack Pleads Not Guilty to 30 Counts of Fraud

Graham Ivan Clark, the 17-year old Florida teenager accused of being the main culprit of the most significant privacy breach in Twitter’s history, has...

Bitmain’s Management Feud Is Finally Affecting Business Operations; AntMiners Shipments Delayed

Bitmain’s top-level struggles cause a three-month delay in Antminer hardware. Two mutually exclusive solutions offered to customers. The constant wrangling within the largest Bitcoin...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today