Augur Launches v2 Improved Ecosystem, REP Prepares to Rebound

Key Takeaways

  • Augur launches its new improved ecosystem making it easier for traders to use.
  • REP could benefit from the news as buy signals begin to pop up.
  • The predictions market token faces a massive supply barrier ahead that may absorb any upward pressure.

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Predictions market protocol Augur is set to launch a second version of its platform that adds long-requested features, prepping REP prices to rebound.

Augur Gets Faster and Cheaper

Augur is scheduled to undergo a protocol upgrade on July 28. Dubbed Augur v2, the hardfork introduces a new set of features that are directed at improving the user experience.

Traders will have the ability to place dollar-denominated bets on a new platform that is faster and cheaper to use.

“Augur will exist as a fully parallel financial system that lets people bet on anything, with low fees, and at scale. We said that if Bitcoin gave us decentralized currency and Ethereum brought decentralized computation, Augur will enable a decentralized financial system,” reads the announcement.

Following the network-wide upgrade, REP holders will have to migrate their tokens to REPv2 manually. The Augur team affirmed that a migration tool would be provided to make the process easier for those who wish to participate in the new protocol.

Although there is no need for an immediate migration, REP tokens will have no value nor functional use within the new ecosystem.

Upon completion of the hardfork, the development team will shift its focus towards building an “easy to use, fast, performant mobile interface.” It will also improve the liquidity and order book depth by developing a practical Python library to allow users to connect to the platform’s API for algorithmic trading.

Prices Aim to Recover

While the second version of Augur’s prediction market platform has generated a lot of buzz within the crypto community, REP appears to have entered a corrective phase. Its price took a 25% nosedive over the past…

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