Less Than $100,000 On Ethereum Gambling dApp

It was recently revealed by Tetras Capital Founding Partner Alex Sunnarborg that the decentralised gambling platform Augur is suffering from the same lack of volume that continues to infect the decentralised application ecosystem on a huge scale. In responding to the platform's weekly report released on 9th January, Sunnarborg stated that the total volume of active markets on Augur is actually less than $100,000.

As it says in the report, Augur placed the total value of bets on the platform at over $2,000,000,00. The value was achieved across more than 1,700 markets. Sunnarborg took to Twitter to express his thoughts on this valuation and said that it includes an already concluded bets which when removed present a different picture of the adoption of the platform.

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 isn’t the first time that the low adoption of dApps has made headlines. Back in August last year, news surfaced that the number of dApps with over 300 active daily users across both Ethereum and EOS came to just eight in total. Despite the continuous growth of the dApp development, this news came out at a weird time, particularly on the Ethereum network which hosts Augur. Augur recorded around $2 million in bets back in Novembers on the US midterm election but this turned out to be a false dawn for the platform which hasn’t taken off as many dApp developers as it would have hoped.

Assassination Markets

Controversy has surrounded the platform about the desirability of its advertised absence of censorship, at its launch, Augur was marketing as a fully decentralised betting platform which would give users the ability to open markets on any kind of bet without the threat of removal.

As reported by CCN, this is “beyond ethical considerations and problems specific to Augur, Sunnarborg’s observations raise more questions about the long term usability of dApps. Some have pointed to such low user figures as proof of the fundamental failure of dApps to deliver on their promise.”

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