Augur’s Huge Volume Spike This Year Correlated with a Major Sporting EventBy Andy Hao
Augur is a decentralized prediction market platform built on the Ethereum blockchain. It is part of a roster of decentralized finance (DeFi) projects, and allows users to receive a reward in exchange for correctly forecasting an event’s outcome.
When examining Augur’s recent activity, one event in particular stands out. In fact, Augur has only had one significant spike in volume so far this year. Looking at this chart, can you guess what major event correlated with Augur’s popularity spike?
If you guessed the Super Bowl, you were right.
In 2018, over $158 million USD was wagered on the Super Bowl in Nevada's sports books alone. This year, the Super Bowl’s status as a popular event for gambling seems to have benefited Augur in the form of a significant increase in volume. Roughly $500,000 USD was wagered using Augur on Super Bowl Sunday, and no other event has come close all year.
Previously, LongHash reported that recently-launched betting DApps such as Veil are creating new opportunities for arbitrageurs. Veil is built on a combination of Augur, 0x, and Ethereum. At certain points in time, Veil users could bet on the outcome of this year’s Super Bowl at odds that differed from more traditional betting platforms.