The blockchain prediction platform Augur lately began the second spherical with the token REP on the Ethereum Mainnet. The capital tied up within the DeFi platform has additionally elevated and the native REP token has confirmed itself.
The decentralized protocol Augur was created in 2014, lengthy earlier than the large hype about cryptocurrencies and blockchain broke out. Now the platform goes into the second spherical, as a result of Augur V2 begins on July 28th on the Ethereum Mainnet. With the beginning of the brand new model, the platform additionally receives a brand new token.
In the longer term, REPv2 will probably be used as a substitute of the present REP token. The previous token is renamed to REPv1 to keep away from confusion. Cryptocurrency holders might want to manually migrate their previous tokens to the brand new REPv2 to take part within the new platform.
To make altering the tokens from REPv1 to REPv2 simpler, the staff gives a device and directions throughout the Augur UI.
If there’s a fork with the brand new V2 platform, all cryptocurrency holders are obliged to take part. The precept known as Augur "Use it or lose it ”. If you don’t take part inside a 60 day interval, you will be unable to take part sooner or later variations along with your outdated tokens.
Augur on the hunt for DeFi
The long-awaited improve to model 2 was first introduced final 12 months and heralded plenty of enhancements. It now permits customers to purchase and promote parts of a selected occasion by way of the Dai Stablecoin. The first model of Augur used Ethereum for buying and selling, which precipitated issues as a result of worth volatility. A stablecoin resolution was wanted to control wild worth fluctuations.
With the peg of the DAI to the US greenback, it stays secure when individuals place the guess, then the payout is what they anticipated ultimately. This is mainly the largest change in Augur v2.