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Highlights
- Developed by Forecast Foundation in 2014, Augur (REP) crypto is primarily a trustless and decentralised oracle that aims to harness the crowd’s ability to predict markets.
- Built on top of the Ethereum blockchain, the Augur crypto empowers the market participant’s ability to trade in prediction markets at a very low cost.
- The 179-ranked token was trading at US$13.07 with a 24-hour trading volume of US $57,01,21,367, according to CoinMarketCap.
Developed by Forecast Foundation in 2014, Augur (REP) crypto is primarily a trustless and decentralised oracle that aims to harness the crowd’s ability to predict markets. Built on top of the Ethereum blockchain and developed by the Forecast Foundation in 2014, the Augur crypto empowers the market participants’ ability to trade in prediction markets at a very low cost. This allows Augur crypto to participate in any prediction market by enabling them to wager on the outcome of events.
On 23 May, Augur token seems to be grabbing the attention of the market participants with a rally of over 48%.
Related read: Anchor Protocol (ANC) just soared over 150%. Here's why
How Does It Work?
Augur works on a collective intelligence system and incentivises the market participants with trade dynamics and blockchain technology. Augur works in four stages: creation, trading, reporting, and settlement. In the creation process, the Augur protocol allows the creators to set outcomes and earn rewards in in the process.
In the market trading process, the users can buy stakes and their prices are dependent on multiple factors. The third stage involves reporting, which is based on the data obtained. And finally, the settlement involves traders settling their investments and collecting payouts.
How is REP crypto faring?
The exact reason for its rally is unknown but conversations on Twitter indicate that it’s a pump. On 23 May, according to CoinMarketCap, REP crypto is one of the top gainers of the day. The 179-ranked token was trading at US$13.07 with a 24-hour trading volume of US $57,01,21,367, according to CoinMarketCap. The REP crypto, at the time of writing, was up by 48.95%, with a live market cap of US$14,37,83,122 and 1,10,00,000 REP coins in circulation.
Related read: What is Wrapped Luna (WLUNA)? Why is it surging today?
The market participants would be buoyed by the rally, but at the same time will do well to be mindful that the prices in the crypto market can fluctuate at any given point in time. Therefore, one must be carefully in the domain and take decisions based on research.
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