Augur Price Declines After Mainnet Launch, Vitalik Still Upbeat

News
Wed, 07/11/2018 - 12:21
Yuri Molchan
The beta version has been tested for two years, now token migration finally starts
Augur Price Declines After Mainnet Launch, Vitalik Still Upbeat
Cover image via U.Today

Tuesday Vitalik Buterin congratulated the Augur team on achieving this significant milestone.

So exciting to witness minute by minute how a project so promising as @AugurProject launches mainnet - congratulations on the big milestone! https://t.co/p0ZwCpdcl1

— golem (@golemproject) 9 июля 2018 г.

Market reaction

After the mainnet launch, Binance has announced that deposits and withdrawals in REP are resumed, which is good news for investors and traders. However, due to the overall red crypto market, it is hard to estimate traders’ response.

Along with Bitcoin that drags everything down behind, when it falls, REP has also declined and trading at $31.53. That is roughly eight percent for the last 24 hours.

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Project background

Back in 2015, when ICOs were not such a trend as there are now, Ethereum-based Augur managed to raise $5 mln.

Unlike TRON and EOS, Augur has launched its REP mainnet again on Ethereum but on a different smart contract. The old REP smart contract has been frozen for an indefinite period.

Augur uses an open source code, which can be found on GitHub. On this platform, customers can create and make various bets, such as, elections, sports, etc. Unlike other similar projects, bets on Augur are not controlled by anyone.

Post launch activities

The community has also created a special website for monitoring the current markets and bets on Augur.

As the final move, the project’s team has announced a bounty program of around $200,000 for any developers who will be able to spot any crucial bugs.

The same was implemented by TRON and EOS as well before they launched their new mainnets.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today, can be contacted at yuri.molchan@u.today.