Augur, the platform powered by the popular crypto asset REP, is soon to update its software.
This Tuesday, July 28, 2020, Augur will be releasing the second version of its prediction market platform. First announced last April, Augur v2 will allow users to buy and sell shares of event outcomes using the DAI stablecoin, among a host of other much-requested features.
While no immediate action is required by Kraken clients who own REP, this migration has important implications of which they may want to be aware.
- Due to the decentralized nature of the Augur platform, the Augur v1 software will continue to operate alongside Augur v2 indefinitely.
- Further, users of the Augur v2 software will need to manually upgrade their REP tokens to new REPv2 tokens in order to use the new platform
- Manual upgrades cannot be done on Kraken’s exchange, so clients wanting to migrate REP to REPv2 can follow more detailed instructions here.
In line with this update, Kraken will add support for REPv2 starting August 4th, at which time clients will be able to:
- Buy and sell both REP and REPv2
- Trade REP and REPv2 for USD, EUR, XBT and ETH.
- Deposit and withdraw both REP and REPv2 from their accounts.
As this is expected to be a migration between the two Augur software versions, Kraken will discontinue support for the REP cryptocurrency at a later date to be announced.
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Image via Forecast Foundation