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US Senate Elections Make Augur Bets Rise Exceeding $2 Mln

  • Yuri Molchan
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    The coming US elections seem to be a good revival for Augur as users are betting not only on crypto market behavior but also on politics


US Senate Elections Make Augur Bets Rise Exceeding $2 Mln
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Augur, a decentralized Ethereum-based marketplace for making bets, shot off well enough in mid-summer. However, later it fell into stagnation because of its poor user experience. Besides, back then, the market saw an overall plummet in the use of dApps. However, now that the US elections are drawing closer, crypto is flowing into Augur, giving it a hope for revival.

Investments are pouring in

Users are currently making bets on the results of the elections, trying to guess which House will win when the US Midterm Elections are over. So far, the amount of bets in ETH equals 3,517 — that is around $272,000. This data is available on the Predictions.Global website that enables users to see Augur markets and look for the ones they need.

The aforementioned market has raked in even more bets than the one offering to bet on whether the ETH rate will surpass $500 by the end of the year. This market has been the one with a broad margin, the most open interest, and $523,000 of users’ money staked currently.

The mid-term market shows the highest amount of liquidity on Augur targeting the 250 ETH mark.

Different prediction markets offer different results

If you look at two betting platforms, Augur and FiveThirtyEight, that uses polls, you will see that the former (with the current inflow of bets in ETH) shows a 66-percent chance for the Democrats to win, but the latter raises that chance to 88 percent. Still, the first platform is currently holding funds totaling $2.1 mln.

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However, the open interest of Augur in ETH terms (at the moment it is 10.134 ETH) has been going up all the time. The only reason why the dollar-denominated open interest failed to get bigger than its high in July until late October is the dropping price of ETH.

The weak number of Augur’s daily amount of users has not risen much. DappRadar shows that in October this number has been between 20 and 55 users each day. A historical high regarding an inflow of users has so far been 256.

Large number of markets is good

Ryan Berckmans, a co-founder of Predictions.Global, believes that the diversification that Augur markets are experiencing now is good for the platform — people are betting on many other things apart from just trying to predict how high or low crypto will get. Now users are making bets in the sphere of politics.

Cover image via cryptocomes.com
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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.

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