The gambling game dApp Augur is suffering due to lack of volume
On 9 January, a popular decentralized gaming platform Augur published their scheduled weekly report. The report stated that the Open Interest metrics in Augur amounted to $ 2,040,934.63 USD (13.451 ETH) and CASH Contract to $ 1.896.284.45 USD (12.498 ETH).
The founding partner of Tetras Capital, Alex Sunnarborg, carried out a detailed analysis of the report and found that the total volume on Augur is less than $ 100,000.
Sunnarborg was quick to note that even if the volume is close to $ 2 million if you include the markets that are already finished, you get only $ 100,000. He added:
In fact, giving a look to the right, Augur is ranked 42th in its ranking with only 27 users and a 24-hour volume of $ 11.4K. The weekly volume is even worse for only $ 56.4K.
Things were improving in November when the US mid-term elections were under way. The platform had posted bets of almost $ 2 million. The use of this platform, at the present time, is seasonal. When there are things to bet on, traction resumes. Although normal betting events such as sports have not been able to gain much popularity, especially because of the high volume of competitors.
Through Augur, users are able to predict markets based on the outcome of virtually any future event, unfortunately on the platform. With a designated journalist, users can create markets for an event and then can buy actions on likely results. The settlement costs are then paid on the basis of the result at the end of the event. The platform has an integral conflict resolution design and rewards the REP token holders to correct any erroneous information available. The whole process runs in peer-to-peer mode without any consolidated part.
Augur it has recently been in the midst of a controversy due to lack of moderation on the platform. You can bet on any problem without being a threat of removal. Of course, this has led people to make bets on the murder of controversial figures such as US President Donald Trump and the world's richest man, Jeff Bezos. This encourages people to commit this act to get economic benefits. People had made bets on the survival of the late American Senator John McCain. Making money with someone's death does not seem to be the most ethical thing to do.