Augur rose more than 38% yesterday, increasing by a further 12% at the start of trading today to complete one of the most captivating races of recent market history. After a huge drop in cryptocurrencies last Thursday, only a few altcoins showed progress on the market in the last week, but Augur's huge jump in just over 18 hours is generating considerable interest.
The markets respond to the launch of Veil Mainnet
Much of this movement can be attributed to the launch of the Veil platform that was designed to run on Augur using the 0x protocol. To understand why the launch of Veil is having such an effect on Augur, it is important to examine what it brings to the table and why the market is so enthusiastic about it. Augur, which launched in 2018, promised a decentralized, non-censorship peer-to-peer prediction experience based on Ethereum.
As with a number of DApps launched in great fanfare, Augur has discovered some significant flaws that have influenced their adoption. Apart from the initial fury generated by the appearance of the Donald Trump assassination markets and other predictable embarrassments, the platform has been criticized for its relatively low speed and delayed payment system, both which overtime has discouraged users from negotiating on it.
Veil is based on Augur and offers a solution to low-speed and laggy payload problems. In a blog post announcing the launch of the Veil main network, the platform has revealed that it will work on the 0x protocol that offers quick exchanges and immediate payments. Although this instant payment feature is optional, it seems to be a great incentive as there has been an increase in the number of new users from the announcement.
An excerpt from the announcement of the launch reads:
Our goal is to bring the Augur markets and peer-to-peer markets. We foresee a not so distant future in which millions of people create and trade in millions of markets. And we're excited to finally launch Veil on the mainnet and bring that future a little closer.
Since the launch of the platform, REP has risen from $ 10.60 to $ 16 and the daily volume has risen from $ 6.8 million to $ 46.5 million in 18 hours. In addition to the launch of Veil, a more recent version of the Augur app has just been released, which probably also contributed to the increase in the price of REP. With a market capitalization of $ 175 million, REP is now at 33rd spot after an increase of 80% in the last 18 hours.