Betting volumes on Augur neared $1million as cryptonetizans voted Trump’s party out of the White House and gave Democrats a 61% chance to win the 2018 midterm elections in the US.
Augur is a decentralized betting platform, running on Ethereum and was launched in July. The timing of Augur appears to be right since there has been an unprecedented number of cryptoworld users biding on the platform and giving voice to their expectations on mid-term elections. Betting volumes on Monday reached $843,759.97.
The betting results on Augur were: 61% bet that Democrats would win; 36% bet Republicans will sweep the White House while almost no-one expects it to be a tie.
With the elections to be completed on Tuesday, the results shall vindicate crypto voters stand.
Candidates from Cryptoworld
Though Trump will not be a direct candidate, the future of his presidency will be shaped by the results of the mid-term poll.
The line-up thus far has 35 senators for the Congress, 435 House of Representatives and 36 governors of States and legislative officials for local offices by the dozens.
With the Republican Party holding control over both the Houses of the Congress thus far, the results of the midterm elections will change the course of Trump’s Presidency.
The return of Democrats to the Senate or the House would end Trump’s final years on a limpid note.
Analysts are, on the other hand, expecting a mixed bag. Many of the seats now held by the Republicans are expected to change hands.
The issue is that for the Democrats all of their seats will go to the polls. Whereas for the Republicans only 9 seats will go to the polls, in the Senate and Democrats have 24 seats at stake. Only two seats are independent members, and these will also be up for elections.
Thus Augur’s predictive betting offers cryptonetizans an opportunity to present their opinions on a public platform to express their political thinking.
Augur is a dApp and can, therefore, be opened directly on the browser.
Augur REP rises
In the meanwhile Augur (REP) token rose by about 7.35% on Saturday. The REP buys were typically on Binance and did come up against BTC.
The upgrade to v.2 was announced earlier in October and is likely to be completed by the end of the year. There is no date of scheduled for its completion.
Thus far, the focus has been on the betting or prediction market platform.
Augur has been trending user volumes for two key betting markets – the US midterm elections and the price that Ethereum will eventually reach.
While elections betting volumes are around the $1million benchmark, there are very low volumes in the market voting that Ethereum will eventually achieve prices of $500 by close of 2018.
There have been some Ux issues with Augur’s betting market presence as well because it is technically different from the more popular platforms like Brave browser as well as Steemit which also offer such marketplaces. The upgrade is expected to address the user experience aspects. Interestingly there are many candidates in the fray who are cryptonetizans as well.