Augur v2 Is Coming to the Ethereum Mainnet on July 28

Key highlights:

• The Augur v2 mainnet launch date is July 28
• Users will have to manually migrate their REPv1 tokens to REPv2 tokens
• Augur v2 will support DAI as a denomination token, social features, and more

Augur v2 will launch on the Ethereum mainnet on July 28

The team behind the decentralized prediction market Augur has announced that Augur v2 will be coming to the Ethereum mainnet on July 28. 

Notably, the v2 version of the protocol will come with a new token called REPv2. In order to take part in Augur v2’s reporting system, users will have to migrate existing REP tokens, which have been dubbed REPv1, to REPv2 tokens. The Augur team emphasizes that REPv2 token holders will have to participate in any potential forks if they don’t want to lose their tokens:

“Augur v2 reintroduces the concept of "Use It or Lose It", meaning all REPv1 and REPv2 holders will need to participate in a network wide market fork, if one ever occurs. 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.”

However, the team also assures users that a fork would be an “extremely rare event”, and that no Augur v1 market ever came close to the forking thresholds.

Augur v2 improvements

Augur v2 will bring a suite of improvements compared to the existing protocol. For example, users will be able to trade with the DAI stablecoin instead of ETH, resulting a more intuitive experience.

Augur v2 will also introduce a fix designed to mitigate Augur’s invalid market problem that was sometimes exploited by bad actors who were intentionally creating markets that would resolve as invalid. To remedy this issue, users will now be able to bet on “Invalid” as an outcome for all Augur markets.

The new version of the Augur protocol will also feature social features including a chat and comment section, as well as affiliate market support to incentivize users to invite others to Augur.

The REP token powering the Augur protocol is currently 43rd in the cryptocurrency rankings, thanks to its market capitalization of $180.7 million. The token has been performing well lately, gaining 27.6% in the last month.