Why Did the Augur Price Surge by 38% Yesterday?

augur price ethereum gambling dapp

Augur jumped over 38 percent yesterday, rising a further 12 percent at the start of trading today to complete one of the most eye-catching runs in recent market history. After the huge dip cryptocurrencies took last Thursday, only a few altcoins have shown progress on the market in the last week but  Augur’s huge jump in a little over 18 hours is generating a significant amount of interest.

Why Did the Augur Price Surge by 38% Yesterday? 1
Source: CoinMarketCap

Markets Respond to Veil Mainnet Launch

A lot of this movement can be attributed to the launch of the Veil platform which was designed to run on Augur using the 0x protocol. To understand why Veil’s launch is having such an effect on Augur, it is important to examine what it brings to the table and why the market is so excited about it. Augur, which launched in 2018 promised a decentralised and censorship-free Ethereum-based peer-to-peer prediction market experience.

As with a number of DApps which launched amid great fanfare, Augur turned out to have a few significant flaws that affected its adoption. Apart from the initial furore generated by the appearance of assassination markets for Donald Trump and other predictable embarrassments, the platform has been criticised for its relatively slow speed and delayed payment system, both of which overtime have discouraged users from trading on it.

Veil builds on Augur and offers a solution to the low speed and laggy payout problems In a blogpost announcing the launch of the Veil mainnet, the platform revealed that it will run on the 0x protocol which offers speedy trading and immediate payouts. While this instant settlement feature is optional, it appears to be a great incentive as there has been an increased number of new users since the announcement.

Coinbase 3

An excerpt from the launch announcement reads:

Our goal is to bring Augur and peer-to-peer markets mainstream. We foresee a not-so-distant future where millions of people create and trade in millions of markets. And we’re thrilled to finally launch Veil on mainnet and bring that future just a little closer.

Since the launch of the platform, REP has jumped from $10.60 to  $16 and daily volume grew from $6.8 million to $46.5 million all within 18 hours. Apart from the Veil launch, a newer version of the Augur app has also just been released, which likely has also contributed to the surge in REP’s price. With $175 million in market cap, REP now sits at the 33rd spot after an almost 80 percent surge over the past 18 hours.

Why Did the Augur Price Surge by 38% Yesterday? 2
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews



bitcoin
Bitcoin (BTC) $ 48,097.00
ethereum
Ethereum (ETH) $ 3,620.46
cardano
Cardano (ADA) $ 2.46
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 426.93
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 156.11
polkadot
Polkadot (DOT) $ 35.14
dogecoin
Dogecoin (DOGE) $ 0.241736
usd-coin
USD Coin (USDC) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 48,097.00
ethereumEthereum (ETH)
$ 3,620.46
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 638.19
litecoinLitecoin (LTC)
$ 190.25
bitcoinBitcoin (BTC)
40.678,28
ethereumEthereum (ETH)
3.062,02
tetherTether (USDT)
0,854213
bitcoin-cashBitcoin Cash (BCH)
539,75
litecoinLitecoin (LTC)
160,90
bitcoinBitcoin (BTC)
34,667.12
ethereumEthereum (ETH)
2,609.54
tetherTether (USDT)
0.727983
bitcoin-cashBitcoin Cash (BCH)
459.99
litecoinLitecoin (LTC)
137.13

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Crypto Scams
Crypto Scams Still Persistent In 2021, SEC Warns About Red Flags To Watch
September 9, 2021
Poly Network
Here’s How Hackers Stole Over $600 million in the Poly Network Attack
August 12, 2021
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021

Blockchain/Cryptocurrency Questions and Answers

Beginner’s Guide to Investing in Cryptocurrency
August 9, 2021
Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin48,097 0.92 % 0.55 % 4.37 %
Ethereum3,624.4 1.18 % 3.34 % 3.65 %
Cardano2.450 0.92 % 4.75 % 1.00 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Binance Coin426.84 0.80 % 2.07 % 3.10 %
XRP1.100 0.68 % 1.02 % 0.14 %
Solana155.47 0.53 % 4.05 % 17.89 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2417 0.80 % 1.83 % 5.79 %
USD Coin1.000 0.06 % 0.12 % 0.13 %

bitcoin
Bitcoin (BTC) $ 48,097.00
ethereum
Ethereum (ETH) $ 3,620.46
cardano
Cardano (ADA) $ 2.46
tether
Tether (USDT) $ 1.01
binance-coin
Binance Coin (BNB) $ 426.93
xrp
XRP (XRP) $ 1.11
solana
Solana (SOL) $ 156.11
polkadot
Polkadot (DOT) $ 35.14
dogecoin
Dogecoin (DOGE) $ 0.241736
usd-coin
USD Coin (USDC) $ 1.00