Countdown: Augur v2 Launch & REP Migration
3 min read
This post is intended to serve as a reminder and reaffirmation of Augur v2's upcoming deployment on Tuesday, July 28th, 2020 for all community members, users, and ecosystem participants.
REP to REPv2 Migration Overview:
Augur v2 is a new universe. Augur v2 will allow for a manual migration of Augur v1 REP tokens "REP" to Augur v2 REP tokens "REPv2". If you wish to participate as a reporter in the Augur v2 universe, you will need REPv2.
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. If a market forks on Augur v2, all existing REP and REPv2 must participate in the fork. This process is called "Use It or Lose It" and can be read about in more detail on the deployment FAQ and on page 6 of the Augur whitepaper. A potential fork signals itself ahead of time 8 weeks in advance, and the mandatory participation forking period lasts an additional 60 days.
Note: Forking is designed to be an extremely rare, costly and ultimate last resort occurrence, costing millions of dollars to perform for the parties initiating the fork. No market has ever gotten close to a fork in current Augur v1. Triggering a network wide market fork and fulfilling all prior dispute rounds would cost approximately ~$12,500,000 USD at current prices.
Users / REP Holders:
Upon Augur v2's deployment, you will be able to migrate your REP to REPv2 within the Augur Client. Details and the release of the Augur Client will be included in the announcement post, along with on the augur.net website. If you hold your REP on an exchange, wallet or any other service, please look for their statements in the days leading to launch on a timeline and process for they plan to handle the migration.
If an exchange or service does not appear to have disclosed a plan for migrating to REPv2, do not fear, you have nothing to worry about. There is no immediate requirement for migration. If you wish to migrate immediately after launch, you can withdraw your REP tokens to a personal wallet and migrate yourself within the Augur Client. Else, your REP can remain in any wallet or exchange without any risk of loss of funds or accessibility. The REP token will remain freely transferable forever, however retain no functional use within Augur v2 without a migration to REPv2.
Services, Exchanges, Wallets & All Else:
Augur v2 will be deployed on Tuesday, July 28th, 2020. Upon confirmation of successful deployment, we will publicly disclose and notify you of the new REPv2 token contract address. The estimated timeline for this will be late morning / early afternoon on the 28th.
Most exchanges have signaled their intent to handle the migration of REP to REPv2 relatively soon after deployment, depending on their technical processes. General consensus appears to be that exchanges will either migrate users REP to REPv2 for them and convert their current REP trading market into a REPv2 market soon after deployment, inheriting the prior market data, orders, etc - or that they will support a REPv2 wallet immediately after deployment and announce a date in the future in which they will migrate all users REP to REPv2 and convert their REP market to a REPv2 market. The new token should be listed with a ticker of "REPv2".
If you are an exchange that trades the REP token you are highly encouraged to make a public disclosure for your users outlining your intended plans for handling the REPv2 migration prior to Augur v2's deployment on the 28th. Read more on the REP migration details for exchanges here. If you are an exchange or wallet that has questions regarding the migration, please send us an email.
Example Process for Exchanges / Wallets:
Prior to 28th: Public statement on plans for handling the REP to REPv2 migration and any additional relevant details specific to your exchange, wallet or service.
Afternoon of the 28th: Receive the confirmed REPv2 token contract address from the Forecast Foundations public and direct communications.
Afterwards: Proceed with your planned upon process for migrating users REP to REPv2 and converting the current REP trading market to REPv2.