Augur (REP) Cements Strong Week with 100% Growth and ‘Veil’ Derivatives Launch

Augur (REP) jumped 52% in value early on Thursday, cementing a break-out week in which the ETH-based token doubled in value.

Trade volume for the token increased seven-fold in the last twenty-four hours, and spiked by over 6,433% since the start of the week. The sudden upturn coincides with the launch of Augur’s Veil platform on the Ethereum mainnet.

Augur Unveils Veil

As detailed in the Augur team’s latest weekly report:

“Veil, the peer-to-peer prediction market and derivatives platform built on top of Augur and 0x, has officially launched on the Ethereum Mainnet! Veil’s goal is to bring Augur and peer-to-peer markets mainstream.”

Veil aims to be a more streamlined, easy-to-use version of the Augur platform – which has already been criticized for its lack of approachability. It will offer access to a variety of markets, as detailed in the weekly report:

“Veil allows users to interact with Augur markets in a streamlined, web application format. Right now, one can take leveraged long/short positions in BTC/USD, REP/USD, and ZRX/USD, predict the winner of the Academy Awards, speculate on Ethereum’s gas price and hash rate, and trade Grin futures.”

Veil’s 2019 Academy Awards prediction market.

Also of note is the option to create your own trading bots using Veil’s ready-made API. But ultimately, U.S users join the ranks of Cuba, North Korea and Syria in not being allowed access to Veil right off the bat, owing to legal troubles. No date has been suggested for the rollout of the platform in the U.S.

Augur Price – REP/USD

Binance’s REP/BTC market appeared to be the source of REP’s 38% spike on Monday, however Upbit’s REP/KRW market has since taken over, and dominates over one third of the token’s $50 million daily volume.

Just three and a half days ago REP was being traded at volumes of $750,000. By Thursday morning (UTC) that figure had risen to $50 million – a 6,433% increase, and 600% more than this time yesterday.

All of this carried the coin price up just over 100%, from a price of $8.16 to $16.33 in just over seventy-two hours. This returns REP to a five-month high, and a price point not seen since mid-September of last year.

Growing REP

Augur was the beneficiary of a glowing appraisal by venture fund group 1Confirmation earlier in the week – one which may have helped REP gather momentum over the last few days. Headed by Nick Tomaino and backed by the likes of Peter Thiel and Mark Cuban, the Medium post titled ‘Long Augur’ posits REP as being a strong investment over the long term.

The Augur team retweeted the article not once but twice since Monday, as the post gained traction on crypto-twitter.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.