Blockchain-based Prediction Market, Augur, to Launch V2 In July; Users Urged to Migrate to REPv2 Token
- Augur set to launch its main upgrade on the blockchain on July 28th
- Augur to introduce REPv2 token to replace the original REP (REPv1) token
- REP Holders will need to switch to the new REPv2 token manually
In a blog post on their official website, Augur, the blockchain-based predictions and betting marketplace, announced the launch of its upgrade version – REPv2 – at the end of July. This is a push from the expected ‘early June‘ roll-out to allow users more time to switch their tokens from the REP to REPv2.
REP, Augur’s native token, will also be renamed to REPv1 to avoid any confusion between the two tokens once the switch completes on July 28, 2020. This is the platform’s first major upgrade, and the development team is urging its users to manually migrate their tokens through “a migration tool in Augur’s UI” that will be provided in the coming days.
The statement from Augur project team states:
“No immediate action needs to be taken. However, REPv1 holders will need to eventually migrate their REPv1 to REP v2 after Augur v2's deployment.”
‘Use it or Lose it' Is Forced Forking Participation in the Pipeline?
In a bid to move in the same direction once the upgrade has been deployed, the Augur team introduced the concept of “Use It or Lose It.” This means that any holder of REPv1 and REPv2 will be forced to participate in a network-wide hard fork if one should occur.
Users will have 60 days to be part of the forked chain or else lose all their holdings and power to participate in future Augur prediction markets. While the chances of a potential hard fork remain low, this warning raises a few questions.