The Ethereum Gambling DApp Augur is not doing great
Alex Sunnarborg, the founder and partner of Tetras Capital, disclosed that Augur is ailing from a similar problem of restricted volume which is being faced by decentralization application (dApp) to a considerable extent. In answer to the weekly report of January 9, he confirmed that the total volume of the active market on Augur’s is well below $100,000
The statement, according to the report, opened up that Augur’s total value of bets on the platform was $2,040,934.63 which is 13,451 ETH. 1,724 markets were responsible for reaching this level. Sonnarburg had a different picture to portray altogether, and he revealed on Twitter that this figure was arrived by taking into consideration the bets which were already dealt with and if such bets are excluded from the said figures, would reveal a different picture altogether with regards to the platform’s adoption. He added figures to his statement saying that Augur statistics show $2million at the market which takes into consideration the figures that have already been finalized and finished. Anything less than $100 k is the volume of active markets on Augur if the concluded figures are subtracted from the numbers shown. Emphasizing on his words about less used Augur he went on to post his views again saying that ETH market cap could be exceeding the Bitcoin by the year ending 2019.
Augur metrics showing ~$2m ‘total money at stake’ include markets that have already ended.
If we exclude markets that have ended there is <$100k total money at stake on Augur.@AugurProjecthttps://t.co/Lrxr1GWCqLhttps://t.co/aw2PvBkV7A pic.twitter.com/2AtOA14rj9
— Alex Sunnarborg (@alexsunnarborg) January 10, 2019
He continued the thread with another tweet which said,
The largest market being <$10k on ETH > BTC market cap on 2019 year end. pic.twitter.com/S0TQxv2j7e
— Alex Sunnarborg (@alexsunnarborg) January 10, 2019
This mismatch of the exact low figures compared to its high potential portrayed is not something which is new. Reports by CCN in August 2018 had stated that dApps had 300 active regular users shared between Ethereum and EOS together, but in fact, it had only eight. This number was even after constant progress on the dApp development, more on the Ethereum channel. The betting figures by Augur did cross $2 million in November with regards to US midterm elections, but this proved to be wrong as against the high expectations of dApp developers.
During the inauguration, Augur was showcased as a platform that would be decentralized, and the users would be given the option to open markets for bets of any nature. Such claims led to shameful situations with bets being put on the assassination of US President Donald Trump and Amazon founder Jeff Bezos. The platform also logged bets on the chances of survival of actress Betty White and late US Senator John McCain.
The usage of dApps in an extended period is still debatable not to forget the low moral practice and the problems mainly related to Augur. In August, Martin, founder of Gnosis had said that the number of users is not the only way to measure the progress of dApp. According to him the number of dApp created rather than used is the ultimate method to ascertain its progress.
As prospects look bleak for dApp, the silver lining over the last months is TRON. December had seen 100 million dealings in 100 days among 50 dApps and 1 million accounts and heartened by these numbers TRON founder Justin Sun specified his objective to create a reserve to take over developers from Ethereum and EOS illegally.
