The decentralized predictive marketplace platform Augur (REP) announced the successful start of its V2 update.
The update aims to do this Fix bugs and vulnerabilities identified with the existing platform and its rules around betting markets, Support for stablecoin DAI introduced and other popular DeFi protocols and set up an affiliate program.
On July 29, Augur announced that its V2 protocol contracts were deployed to the Ethereum core network and were reviewed by Etherscan. In a statement, the project stated that “the exchanges, wallet providers, block researchers and additional services will be updated towards the REPV2 contract over the next day.”
Augur updates to keep up with DeFi
Augur’s V2 update comes five years after the project started in 2015. While its first version was widely regarded as a Proof of Concept (PoC), The new version adapts to the developments of the decentralized financial ecosystem (DeFi) and offers support for MakerDAO DAI (MKR), 0x (ZRX) mesh network, Uniswap V2 oracle network and interplanetary system. Archives (IPFS).
The update will also include the word “invalid” as a predictive result of events, The team will try to prevent opportunistic users from playing with the previous protocol resolution system in invalid markets.
The team also encourages users to notify Augur’s native services operators that they have not yet been updated.
REP token migration is optional
For the update, REP holders must manually migrate their tokens to the new REPV2 token via the Augur client in order to be able to participate in the protocol reporting. Augur is also closely monitoring the custody exchange regarding various platform plans for token migration.
However, the announcement states “There is no immediate need to migrate to REPV2.”. “The only case where the migration from REP to REPV2 would be essential would be for an Augur V2 store to enter the bifurcation process,” the company added.
Despite the update REP “remains transferable forever”because the team has no administrative control over the token. However, the old token does not offer any functional use in Augur V2 without it being migrated.