In a recent announcement, Augur has announced on its website that it will launch V2 on the Ethereum (ETH) mainnet at the end of next month. The Blockchain-powered event betting company said that users of its REP cryptocurrency need to migrate their tokens once the new platform is available from July 28.
It will mean that the REP token holders need to manually migrate their coins to the new version. Augur said that current tokens will be renamed “REPv1” to reduce any confusion.
REP token holders will have to use it mandatorily
With the release of Augur v2 it would need all REP token holders to participate in forking if it may occur. In case a holder fails, then they will forever be unable to participate in any of the forked and future of the company.
The platform also notified that no immediate action was required. As per Augur, forking is “intended to be an extremely rare event.” It might cost Augur more than $9 million, making the new tokens worthless.
The platform’s native REP toke ranks 44th by market cap and is trading at $16.77.
Augur is a prediction market which uses smart contracts to let users create and bet on the outcome of any event using ETH. The platform came under fire in 2019 from having an apparent design flaw which may have allowed some users to run scams by settling their bets on the outcome of events before they may have concluded.