Decentralized prediction market platform Augur, one of oldest projects building on Ethereum, is nearing in on its much anticipated “v2” upgrade.
Augur, which allows users to permissionlessly bet on the outcome of events using its REP token, first launched on the Ethereum mainnet in July 2019 after being kickstarted by a $5.5 million REP initial coin offering in 2015.
The project’s forward momentum has continued alas, as on Thursday, April 2nd, its builders announced they were eyeing June 2020 as their target launch window for the project’s v2 roll out. The development comes after the Augur team published their v2 whitepaper back in November 2019.
The upgrade will be a significant one, not only because the additions and changes it will bring to the Augur platform but also because of the way it will be facilitated. That’s because Augur’s REP smart contract isn’t pauseable, meaning a new and entirely different contract must be deployed to bring v2 about.
This dynamic requires “a manual opt-in migration of REP … aka, an opt-in hard fork,” the Augur team has previously explained. As such, in their April 2nd v2 announcement post, Augur’s builders noted that they were working to finalize the details around the coming token migration:
“When v2 is deployed, all current token balances must be migrated to a new REP token contract. We will soon be sharing details for exchanges and individuals to manage the migration process, so please hang tight.”
Beyond the token migration, the coming upgrade will also notably change the platform and REP in big ways.
For one, v2 will allow markets to be denominated in the stablecoin Dai, as previously only ETH-denominated markets were possible and thus were subject to the volatility of the ether price. Moreover, in v2 invalid markets will be tradeable, meaning users will be able to bet “Yes,” “No,” or “Invalid” on market outcomes. This wasn’t possible in v1.
Additionally, the major upgrade will see the REP token shift to being an ERC-777 token after having been just a straightforward ERC-20 token in v1. The new token standard will allow REP to have more advanced capabilities while remaining backwards compatible.
Ahead of the transition, Augur has set a cut-off date of May 15 for its v1 markets.
Another major element of Augur v2 is how it will be integrated with the decentralized exchange Uniswap’s own coming v2 upgrade, which is also slated to come out shortly.
Per this integration, Augur will rely on Uniswap “as as a decentralized oracle and price feed,” Augur’s builders have explained before. In their latest announcement, those builders said much of Augur v2’s work was already completed and that they would be tracking Uniswap’s impending upgrade to get the timing right.
“We are in communication with the Uniswap team and will gauge their launch situation to determine the best course forward,” Augur said.
Between Augur’s and Uniswap’s advancements, then, it looks like the DeFi space is definitely doing some big leveling up this year.
Where Does Augur Go From Here?
According to decentralized finance tracker site DeFi Pulse, Augur is the 20th largest DeFi project at the time of this article’s writing.
With v2 arriving, Augur is set to become considerably more useful and practical. It seems likely that this new utility will help attract new users to the platform, which in turn could translate to Augur climbing the DeFi charts some.
Of course, this isn’t to say that v2 will make Augur explode up the charts overnight. But it seems within reason that over time the upgrade might give Augur the momentum it needs to climb a few positions on DeFi Pulse. Only time will tell for now.
Augur, which allows users to permissionlessly bet on the […]