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.