Repcoin / Augur for a noob........

Hi folks,

New use here. I recently made money on Tesla and i'm now looking at moving some of the profits into Crypto.
I'm really a noob in terms of crypto, so bear with me!

One thing that caught my attention is Augur / Repcoin. Because i think the possible application space is very large.
But one thing i don't understand is how the market cap relates to actual utilization of Augur at this point.

As i understand it, there are 11 mil repcoins in circulation, with a total value of around $250mil
But if i look at the Augur website, there seems to be very little actually happening.

There seem to be only about 50 "bets" or markets active, the biggest of which is Trump v. Biden, with a value of around $60k.
So basically, Augur is hardly being used by anyone, it's really just an idea that is yet to catch on in any real sense.

So am i right in thinking that that market cap of $250mil is just a huge amount of speculation that Augur / Repcoin is going to blow up into something massive?
And how does Repcoin relate to Augur?

I mean, what's to stop someone setting up a similar website, but based on Bitcoin or in fact any other currency (Cryto or not)?

And lastly, i read somewhere that Repcoin holders need to actively verify the results of markets, is that true?

Just to be clear, i'm interesting in making money speculating on the value of Repcoin, because i think it's an interesting idea, i'm not actually interested in participating in Augur markets myself.

Thanks and sorry if i asked any really silly questions!