The Augur team recently announced on Twitter that the long awaited Augur v2 will be launched on the Ethereum mainnet on July 28 and the REP token migration from REPv1 (current platform token) to REPv2 will take place around the same time. The REP token holders don’t need to do anything immediately, however they will need to manually and eventually migrate their current tokens to the new one – REPv2, after the Augur v2 deployment has taken place. The Augur team will make a UI based migration tool available soon, along with detailed instructions.
What Will Augur v2 Bring?
The next iteration of the pioneer in blockchain prediction and betting market – Augur v2 will bring revamped trading and betting user interfaces, fiat on ramps, login options with email, phone number, Google accounts, protocol upgrades, enhanced market making, focus on growth etc. In Augur v1, the fastest time in which a market can be resolved is approx 7 days. The Augur v2 will settle bets and predictions in 24 hours, which will bring efficiency, faster settlement and reduce dispute resolution time. In Augur v1, the fastest time in which a market can be resolved is approx 7 days. The Augur v1 used wrapped ETH accompanied by Augur contracts to take privileged transfers. The v2 will use DAI collaterized stable-coin as the settlement layer. The fee is adjusted based on the total open interest (OI) on the protocol and the price of REP. In order to obtain the price of REP, Augur v2 will utilize Uniswap v2 as a decentralized oracle and price feed. Additionally, Augur v2 will use Uniswap v2 to pay the 0x protocol fee using DAI.
Augur is an Ethereum based decentralized peer to peer (P2P) limitless betting exchange and prediction market, allows users to predict and bet on the outcome of worldwide events. The entire platform is powered by smart contract supported by oracles, for provision of accurate real-world data for determination of event’s outcome and automatic payouts. The platform charges low 1% fees with no withdrawal charges. The platform’s native token is Reputation (REP) with a maximum supply of 11M tokens.