Augur settles first batch of bets with ETH worth $20 K
Augur on Wednesday resolved its first prediction market, reportedly sending payments of Ethereum [ETH] worth $20,000 to the first set of users who placed bets using the platform. Augur allows users to stake native tokens REP ERC-20 on a market, and rewards the users if they rightly predict the outcome of the event. When a user forecasts the wrong outcome, he/she stands to lose the tokens that have been staked.
The first markets have successfully resolved on Augur!
— Augur (@AugurProject) July 19, 2018
Joey Krug, co-founder of the prediction platform, told mediahouse CoinDesk that ETH worth just over $20,000 had been paid out to users, based on data from website Predictions.Global which displays Augur betting markets. He did not mention the value of REP token stakes.
Krug added that the first round of settlements on the platform was small, since it included only the markets where the event happened in the first 17 hours or so after the launch.
At the time of writing, data from Predictions.Global showed that bets with stakes worth close to $1.2 million had been placed in 514 markets.
Seeing as how users are increasingly placing bets on the platform, Krug believes that the next round of settlements will be much bigger.
REP prices so far
Image via Shutterstock
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