Cryptocurrency markets have generally been pretty flat since their latest big dump a week ago today. One or two altcoins are making big moves though and today’s big pump is coming from Augur which has surged 50% over the past 18 hours.
Augur is a prediction market protocol built on Ethereum’s blockchain. In an effort to bring the network to the mainstream a new platform called Veil has just been launched on mainnet which is driving massive trading momentum for its REP token today.
“We foresee a not-so-distant future where millions of people create and trade in millions of markets. And we’re thrilled to finally launch Veil on Mainnet and bring that future just a little closer,” the company blog proclaimed.
According to the Veil blog the new peer-to-peer prediction market and derivatives platform has been built on top of Augur, 0x, and Ethereum. The platform is operated by Veil International Ltd, a Cayman Islands company, but it not available to users in the United States, Cuba, Syria, North Korea or any area with restrictive crypto trading laws.
Veil makes it easy to buy leveraged positions on three trading pairs, BTC/USD, REP/USD, and ZRX/USD. It also makes predictions on a wide range of scenarios, such as Academy award winners, a lot easier. Users can also trade on Ethereum hedging products which provide options for fundamentals such as the GAS price and current network hashrate. In addition to Veil the new Augur app version 1.9.1 has just been released on Github.
As a result REP is flying today and is the top one hundred’s top performer with a gain of almost 50%. According to Coinmarketcap.com REP surged from $10.60 to just above $16 where it is currently trading. Daily volume also jumped from $6.8 million to $46.5 million, the majority of REP trade, over 40%, is currently on Upbit in KRW. Binance also has a big chunk of that volume with around 30% of the total.
Augur’s performance has been that good even Nasdaq ran a piece on it; “Looking at Augur’s REP price action versus the USD, the REP/USD pair is attempting to break above a very important price level, on the upper band of the daily Ichimoku Cloud.”
Over the past week REP has surged an impressive 78% and has been one of the top performing cryptocurrencies. In terms of market cap it has climbed to 33rd place with $175 million.