Augur launches V2 on its mainnet, REP/USDT unaffected

Augur (REP), a decentralized prediction markets platform, has recently unveiled its V2 on the mainnet. The long-awaited upgrade allows users to purchase and sell shares of event outcomes using the DAI stablecoin. The first version of Augur used Ethereum for trading, which caused problems due to price volatility. Peter Vecchiarelli, head of operations at Augur, said:

With DAI being pegged to the dollar and if it stays stable when people make the bet, the payout that they get at the end is what they expected to get. So, that’s kind of the biggest change in Augur v2.

Augur is also actively keeping up with the DeFi space. The firm’s integration with decentralized exchange protocol 0x and Uniswap v2 will help Augur reduce trading fees. The new upgrade also includes a scam filter mechanism that identifies and eliminates invalid bets or possibly fraudulent prediction markets. 

Earlier, Augur required customers to use a desktop app to access markets. The V2, however, runs within a browser. Token migration from REP to REPv2 is already initiated. Augur noted that current REP holders should manually migrate their tokens using the Augur Client. However, the firm added that migration was optional.

There is no immediate requirement to migrate REP to the new REPv2 upon deployment. 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.

REP/USDT daily chart

REP/USDT is currently price at 20.145 and sitting on top of the upward trending line. There are two strong resistance levels at 21.472 (SMA 9) and 22.643. Healthy support on the downside lies at 19.50 and 18.75.