Yesterday January 16, the price of Augur’s reputation tokens REP surged dramatically against the trend in the crypto market. According to data from CoinmarketCap, Augur [REP] traded as high as $16.33 which represents an increase of at least 38 percent in less than 24 hours. The run continued in the early hours of today as it added another 10 percent or so growth raising questions of what triggered the sudden spike.
The recent jump in REP price can be attributed to the launch of Veil Platform on the Augur network. The Veil platform is expected to address several concerns of the Augur market which itself attracted notable furore that have now waned. The volume of transactions involving Augur [REP] jumped from about one thousand at the start of the week to almost 50 thousand by yesterday.
The Veil Platform
In a blog post announcing its launch, Veil was described as Veil was described as “a peer-to-peer prediction market and derivatives platform built on top of Augur, 0x, and Ethereum.”
The blog continued:
“Veil makes it easy to buy leveraged long or short positions in BTC/USD, REP/USD, and ZRX/USD. Under the hood, these products are structured as 7 day Augur scalar markets that are settled in ETH.”
In its weekly update, the Augur team explained that Veil’s goal is to bring Augur and peer-to-peer markets mainstream.
Augur itself is a decentralized peer to peer prediction platform that allow anyone to create a prediction market for anything. Though it attracted a lot of attention (and users) when launched, this soon waned as problems of slow transaction and delayed payments became a worry not to mention the not-so-nice assassination markets that began to appear on the platform.
Veil is heralded as the platform to address some of these challenges hence the interest it has attracted since launch.
“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 Veil team explained.
Augur Launches New App Version
Within this period the Augur team also released a new version of its App which features a few changes including an update to the geth client software which supports the postponement of the Constantinople update on the Ethereum mainnet. On its own, this is unlikely to heavily impact the market but coupled with the news of Veil launch, it may have contributed to the price rally.