Augur v2 Comes On July 28th, Brings A New Token And REP Rename

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The veteran decentralized betting platform Augur will launch the second model of its venture on the Ethereum mainnet on July 28th, 2020.

The present REP token might be renamed, and upon the launch of Augur v2, the corporate will introduce a brand new coin as nicely.

Augur v2 Arrives In Late July

As CryptoPotato reported in January this 12 months, the veteran blockchain agency deliberate to introduce its second model later in 2020. The assertion outlined a number of notable modifications within the operational course of. These included transitioning right into a betting platform solely for cryptocurrencies, permitting customers to guess on completely different digital asset-related outcomes.

The announcement from Monday signified the info of the Augur v2 launch on the Ethereum mainnet – July 28th.

“Augur v2 is a completely new deployment of the Augur core protocol on Ethereum. Augur v1 will live on as-is independently on the Ethereum blockchain, because it has no upgradeability, escape hatch or methodology of halting buying and selling exercise on the protocol or of the REP token.” –reads the FAQs.

Augur v2. Source: Medium
Augur v2. Supply: Medium

REP Token Adjustments

The announcement knowledgeable of two important modifications for Augur’s native cryptocurrency. The present token referred to as REP might be “universally renamed to REPv1 by the ecosystem as quickly as potential to assist a easy migration.”

The launch of the second model may also introduce a brand new token dubbed “REPv2.” It is going to require all present coin holders to manually migrate their REPv1 to the REPv2 token to take part within the Augur v2 reporting system.

The migration will happen using the “use it or lose it” idea. That means, all token holders “might want to take part in a network-wide market fork if one ever happens.” In the event that they fail to take action inside the preliminary 60-day forking interval, the token holders will not have the ability to “take part in any of the forked and future universes of Augur.”

Following the Augur v2’s deployment, the system will present a migration software and full tutorial inside the Augur UI.

REP Value Efficiency

The REP token, quickly to turn into REPv1, has fluctuated relatively vigorously all through 2020. It entered the 12 months at about $eight,50, and following the Augur v2 announcement in January skyrocketed to its 2020 excessive of over $23. Though it retraced shortly, the asset value managed to face inside the double-digit territory for just a few months.

REPUSD 4h. Source: TradingView
REPUSD 4h. Supply: TradingView

Nonetheless, as monetary markets have been plunging throughout the COVID-19 panic sell-offs in mid-March, REP bottomed at $5,50. The restoration course of has been fairly useful since then, and the token is at the moment buying and selling at $16,60. This represents year-to-date beneficial properties of practically 100% and 200% for the reason that March lows.

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