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Augur (REP) deploys in a V2 ready for decentralized finance (DeFi) – Cryptocurrencies

Augur (REP) switches to v2 to integrate DeFi

Augur (REP) just announced in a blog post that its update was finally ready to be deployed on the Ethereum Mainnet (ETH). This is intended in particular to put an end to the numerous malfunctions identified in the previous existing version. It will also involve introducing the necessary supports for several popular DeFi protocols but also setting up an affiliation system.


A necessary adaptation with the current evolution of DeFi

It took five years to see this update take place, the Augur project having been launched in 2015. If the first version was perceived as a Proof Of Concept (POC), the current version has adapted to the many changes that are taking place in the ecosystem of Challenge.

The main integrations concern the DAI, MakerDAO’s stablecoin (MKR), the Mesh network of 0x (ZRX), the oracle network v2 Uniswap and the interplanetary filesystem (IPFS).

Another integration has been made to this update and concerns predictable outcomes of events. This includes the addition of the term “Invalid” to the list of possible results.

The technical team thus hopes prevent opportunistic users from messing with the resolving system precedent in invalidated markets. After this announcement was made, users of the native version were invited to update their system.

Logo of Augur (REP), decentralized betting project

Migration from REP to REPv2 optional

To participate in the transfer of the protocol during the update, REP holders will have to manually migrate their tokens to REPv2 using the Augur client. All exchanges concerning the different token migration plans on the platform will be supervised by Augur. However, the migration of REP tokens is not immediately essential As the announcement of the update meant.

Indeed, she specifies that ” The only time when REP to REPv2 migration would become a necessity is if an Augur v2 market enters the forking process “. However, it should be noted that the old token will not offer any functional use in the new version of Augur without having migrated to REPv2. As the technical team has no administrative control over the token, users will be able to transfer their tokens at any time despite the update.

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In addition, the migration process to REPv2 for exchanges will be done through the use of an automatic script which is available on the advertisement. Follow-up content and other additional blog posts will also be made available to the public to support them in the transition.

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