Decentralized predictive betting market platform Augur (REP) has announced the successful deployment of its v2 upgrade.

The upgrade is intended to address bugs and vulnerabilities identified with the existing platform and its rules surrounding betting markets, to introduce support for the Dai stablecoin and other popular DeFi protocols, and to institute an affiliate program.

On July 29, Augur revealed that its v2 protocol contracts had been deployed on the Ethereum Mainnet and verified on Etherscan. In a statement the project noted that “exchanges, wallet providers, block explorers, and additional services will be updating to the REPv2 contract address over the coming day.” 

Augur updates to keep pace with DeFi

Augur’s v2 upgrade comes five years after the project’s launch in 2015. While the first incarnation of Augur was widely seen as a proof-of-concept, the new version has adapted to developments emerging from the decentralized finance (DeFi) ecosystem and supports MakerDAO’s (MKR) Dai stablecoin, 0x’s (ZRX) Mesh network, Uniswap’s v2 oracle network, and the Interplanetary File System (IPFS).

The update will also include ‘invalid’ as a predictable outcome for events, with the team seeking to prevent opportunistic users gaming the protocol’s previous resolution system surrounding invalidated markets.

The team is also urging users to let the operators of Augur-native services that have not yet updated, know about the overhaul.

REP token migration is optional

The update requires REP holders to manually migrate their tokens to the new REPv2 token via the Augur client to participate in the protocol’s reporting. Augur is also keeping a close eye on custodial exchanges regarding the platforms’ various plans for token migration.

However, the announcement notes that “there is no immediate requirement to migrate REP to the new REPv2. “The only time in which migration from REP to REPv2 would become a necessity is if an Augur v2 market entered into the forking process,” added Augur.

Despite the upgrade, REP ‘will remain transferable forever” as the team has no administrative control over the token. However, the old token will not offer any functional use within Augur v2 without being migrated.