Midterm Elections Fever: Ethereum’s Augur Records Over $2 Million In Bets

In today’s Ethereum news, only hours after the historic election night in the US, the decentralized prediction platform Augur announced to have recorded more than $2 million in bets on the election night itself.

The co-founder Jeremy Gardner noted that bets were placed on the outcome of the midterms and they reached $900,000 initially but later surpassed the $2 million price point. In comparison, this is 60 percent more of the bets placed on Betfair which is one of the biggest betting platforms worldwide.

Gardner explained:

 “There’s $700,000 staked on Augur for today’s mid-term election. PredictIt, the leading prediction market, has $550,000. Betfair, the world’s largest betting site, has $3 million. That’s progress. Over $900k, excuse me.”

Augur is often described as the most complex dApp built on the Ethereum blockchain and it is breaking records in the number of active users and apparently-bets. Some experts even believe that the launch of Augur shows how much progress Ethereum has made over the past year especially in terms of scalability.

In July, Augur already had a huge amount of ETH placed on the platform and millions of dollars at stake and it was one of the oldest ICOs. It is considered that this dApp will likely be the biggest decentralized apps on the Ethereum blockchain.

This week, Augur even demonstrated an increase in the number of active users and a stake of over $2 million on the US midterm elections. In the past 24 hours, Augur recorded more than 4,000 ETH in volume which is about $890,000.