Augur (REP), a decentralized oracle and prediction market protocol that prides itself as the world’s most accessible, no limit betting exchange, has announced plans to roll out its Augur v2 upgrade on the Ethereum mainnet on July 28, 2020. The team plans to rename Augur’s native token, REP to REPv1, and create a new REPv2 token. Users must manually migrate their REPv1 to REPv2 to be able to participate in ecosystem events, according to a press release on June 29, 2020.
Augur Upgrades Its Protocol
In a bid to offer its users the best betting experience possible, the Augur team has been working on the Augur V2 upgrade for quite some time now and it is now set to officially roll it out on the Ethereum main network come July 28.
As part of the upgrade, Augur says its native REP token which powers its ecosystem will be universally renamed to “REPv1” to make the migration process as frictionless as possible. The upgrade will also come with a new REP token called REPv2.
All existing REP holders (renamed to REPv1), will need to carry out a manual migration of their REPv1 tokens to the new REPv2 token to enable them to take part in ecosystem events including the Augur v2 reporting system.
The team says the token migration will come after the official deployment of Augur v2 and users will be provided with a migration tool within the Augur user interface and a migration tutorial will also be published to make the process easier for users.
REPv1 and REPv2 Holders Must Use It or Lose It
While the Augur network is designed to make forking an extremely rare occurrence, (a fork would cost roughly $9,100,000) the team has made it clear that the upcoming Augur v2 upgrade will reintroduce the concept of “Use It or Lose It.”
The team says the “Use It or Lose It” feature makes it mandatory for all REPv1 and REPv2 holders to participate in a network-wide market fork if one ever takes place.
The team says:
“Forking is the crux of Augur’s security model. This is intended to be an extremely rare event, with no market in Augur v1 ever nearing the forking thresholds.If you do not participate within the 60-day forking period, your REPv1 or REPv2 will be forever unable to participate in any of the forked and future universes of Augur.”
At press time, the price of REP token is up by 2.18 percent, trading at $16.87, with a market capitalization of $185.56 million, as seen on CoinMarketCap.