- The v2 version of the Augur protocol is now live on the Ethereum mainnet
- Augur is a decentralized prediction market protocol that allows users to bet on all sorts of real-life events
- Augur v2 brings a host of improvements over v1, which was launched in 2018
Augur v2 goes live on the Ethereum mainnet
Ethereum-based prediction markets project Augur has launched the second version of its protocol on the Ethereum mainnet.
The Augur project launched in 2015 after raising around $5.5 million in an ICO, and was one of the first projects to build on the Ethereum blockchain platform. The first iteration of Augur was deployed to the Ethereum mainnet in July of 2018.
Augur v2 seeks to remedy many of the shortcomings of the first iteration of Augur. The new version lets users trade with the DAI stablecoin, which effectively means that bets are denominated in dollars, providing a much more intuitive experience compared to ETH-denominated bets. Augur is now also accessible directly from a web browser, as opposed to the previous version where users had to install a desktop client.
In addition, “Invalid” has been introduced as a bettable outcome in response to a number of Augur V1 users profiting from intentionally creating markets that they knew would resolve as invalid.
Augur has also integrated tools such as the Interplanetary File System (IPFS) to host the Augur interface in a decentralized manner, the 0x Mesh order-sharing network, as well as Uniswap as a price oracle.
REP token holders who want to participate in Augur v2’s reporting system will have to migrate their tokens over to the new REPv2 token. This can either be done through the Augur client, but it’s likely that many centralized exchanges will offer the migration as a service for their clients who hold REP.
Alongside the deployment of Augur v2, the project has also introduced a rebranding, moving away from a purple color scheme to a darker visual identity.
REP holders will be hoping the token recovers from this week’s slump
Augur’s REP token is up 23.7% in the last month, but its performance in the past week has been nothing to write home about – at the time of writing, REP is posting a -14.7% 7-day change. However, this isn’t too uncommon to see when crypto projects reach major fundamental milestones – “buy the rumor, sell the news” is a popular strategy among cryptocurrency traders.