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Augur beats CryptoKitties with 910 ETH in volume already

Anoushka Shrestha



Augur beats CryptoKitties with 910 ETH in volume already!
Source: Unsplash

The Forecast Foundation has announced the launch of its decentralized platform on 11th July. This platform will be used to bet on the outcome of events. The first prediction markets are already being created and new bets have been placed.

Decentralized applications are powered by blockchains, and operated by no particular entity. Owing to the fact that decentralized apps are still fairly new to the market, whether or not it will be a success cannot be determined yet.

Augur has already become the fifth-most popular dApp in the market, 12 hours after it was launched on the Etherum blockchain. It has already raced ahead of CryptoKitties, one of the most recognized market leaders since December of last year.

Augur has about 300 wallet addresses that are interacting with its smart contracts, and it ranks on the third place in terms of its volume. While CryptoKitties is at 23 ETH [$10,000] in volume, Augur stands at 910 ETH [$400,000] already.

Users already had complaints against Augur owing to the fact that outsized demands from supporters were not met. Augur has, however, addressed the arguments going on and assured the supporters that things are to get better with time.

Augur posted on Twitter | Source: Twitter

Augur posted on Twitter | Source: Twitter

In addressing this, Joey Krug, the Founder of the platformed tweeted:

“Everyone knows that Augur UX is bad right now because of issues that only appeared on mainnet in production, pointing it out on twitter isn’t saying anything useful/productive.”

Ryan Berckmans, co-founder of Predictions said:

“A platform like Augur needs to build a history of reliability before serious money moves in, this is a trend we’ve seen with blockchains in general like Ethereum and Bitcoin.”

Augur is new to the market and has already seen great success so far. This, to some extent, acts as validation to Augur’s team’s “better with time” stance.

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Anoushka is a full-time journalist at AMBCrypto, passionate about writing with a degree in B.A. Combined Humanities. She holds no value in cryptocurrencies currently.


SEC’s harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson




SEC's harsh crypto regulations would drive innovation away from the US to Asia, says Fred Wilson
Source: Pixabay

Circle-acquired Poloniex, one of the leading cryptocurrency exchanges in the world, announced the geofencing of nine assets on its platform recently. The reason revealed by them was the uncertain regulatory climate in the US, leading them to take a cautionary step fearing the Securities and Exchange Commission’s [SEC] retribution.

Fred Wilson, the co-founder of Union Square Ventures, had recently voiced his opinion that the regulatory body’s ruling to delist coins in the US crypto exchanges was very damaging. He believed that hostile policies would eventually drive away innovation from Silicon Valley, which is the “global epicenter of tech” to Asian countries. He tweeted,

“In 5-10 years when we look back and consider why the next big tech sector centered itself in Asia and not in the US, it will be the SEC’s unwillingness to create new rules to regulate new assets that will be the cause”

Citing Coinbase as an example, Wilson stated that the “most trusted/compliant/secure/safe” exchanges were based in the US. So, according to him, driving trading or liquidity to Asia is “detrimental to safety and security”.

Preston Byrne attorney at Byrne & Storm, PC responded to the above tweet stating that “alleged misconduct” in Asia would be harmful to the entire crypto-space. He emphasized that the major threat to Bitcoin adoption was the “bad actors” who need to be identified and eliminated.

Calling for the need to monitor trading regions and markets, Byrne posted,

“95% of trading volume is faked. The Bitfinex/Tether saga is insane and only just getting started. If crypto is going to be adopted, we need to have more trust in our trading venues. That requires close supervision of trading venues and markets.”

Ari David Paul, the founder of BlockTower Capital, also reacted to the post,

“Hopefully we’re not headed toward a world where voluntary commerce can be stamped out globally. So for a global asset, this will always be an issue. Fortunately, you don’t need to care. $1b in CME future volume is real and traceable. Manipulation is temporary by nature.”

Responding to the above tweet, Byrne said that $3 billion of Tether [USDT] was what kept Binance and Finex “afloat” and contributed significant volumes and were currently under the heavy check by State of New York. He also added that the aforementioned platforms were a “hair’s breadth away” from an investigation regarding fraud.

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