Augur v2 launched on Tuesday, July 28th. After the first hour it became clear that the user onboarding process was too complicated and expensive. The intent was to provide a solution for onboarding new and non-native crypto users, allowing them to trade with only DAI and abstract ETH away from their experience. In practice this “solution” resulted in unexpected consequences in user onboarding causing a difficult and frustrating experience. We heard you, we agreed, and we worked relentlessly over the past 72 hours to fix it.
These design choices were made when gas prices were much cheaper and the cost was ~$5.00. As launch approached, gas started getting more expensive, and thus the cost kept increasing. Eventually at some points it reached as high as $100! That’s an immediate non-starter for most users and not the experience we intended to deliver. Additionally, the onboarding flow presented too many unique paths for users to fall into, resulting in our initial guidance not being relevant for all users, and plainly incorrect for some.
To that end, we realized and acknowledged these shortcomings and worked around the clock to ship what we’re calling the ‘V2 Redo’ release. We’ve removed this onboarding process and replaced it with the traditional, native and familiar ‘click-and-connect’ Web3 account process. You can now use Augur today just as you would any other Ethereum application. Bring your MetaMask or Web3 wallet, select connect, and you’re off to the order books - no fees or activations required.
We know we’re not perfect, and these things aren’t easy either. We went into this with positive and optimistic intentions of being able to onboard and support the traditional non-crypto native bettor or trader, but our solution didn’t work in production. There is no loss of funds with the V2 Redo release for users who’ve used Augur in the past 48 hours. We sincerely appreciate the feedback and input from the community and users over this time - we wouldn’t have been able to debug this situation and come to this conclusion without you.
Thank you to all Augur users, we hope you give Augur v2 another shot. The core development team will follow up early next week with a detailed and full post mortem of these events for the community, in hopes to further explain some of these shortcomings and to prevent ourselves & other teams from making these similar mistakes in the future.
Augur v2 Redo Release: https://augur.net (Start Trading Now button)
Augur v2 Recovery Release: https://augur.net (Recovery v2.0.10 Release link)
Switch to using v2 Redo:
If you haven't tried using Augur v2 yet, this process does not apply and you can simply navigate to the Augur v2 Redo release from augur.net by selecting the "Start Trading Now" button.
The new Augur client no longer uses the trading account and signing account setup. If you want to use the new Augur v2 Redo release, you should withdraw your DAI and additional tokens from your trading account used previously to your signing account which you have access and control over.
Your trading account is the Augur smart contract wallet created during onboarding and your signing account is either Fortmatic, Torus, or MetaMask.
Note: If you've purchase shares, created a market, or posted a REP bond - you must continue to use this Recovery Release for those specific shares and actions. If you wish to exit these positions, you should do so before withdrawing your funds to ensure you have enough ETH to pay for your transaction fees. Alternatively, you can take note of your trades and come back to this Recovery Release when it is time to claim your winnings or sell your shares. You will always be able to use the Recovery Release with your same wallet and perform any necessary actions.
For the best and simplest experience please complete this process from a computer and not on mobile.
Step by step walkthrough:
1. Begin by navigating to augur.net. Select the "Recovery v2.0.10 Release" link below the primary continue button.
2. Login and authenticate with the provider you signed up with, either Fortmatic, Torus, or MetaMask:
3. Once your wallet is connected, head to the Account Summary page in the upper left hand corner of Augur.
4. From the Account Summary page, select the Withdrawal button in the bottom right hand corner.
5. This process will withdraw any DAI, REP, REPv2 or other tokens you may have sent to your trading account. This requires a minimum amount of ETH in your signing account. The withdraw pop-up displays your signing account address and the amount of Ether required to conduct this transaction. If you do not have enough ETH in your signing account, you must send additional ETH to the address displayed.
Once you have the required ETH in your signing account, paste the same signing account address into the recipient address field. This will withdraw your DAI and additional tokens from your trading account into your signing account, allowing you to then use that same signing account with Augur's new release - no additional steps or transactions required. When you're ready, proceed with selecting send.
6. You will be prompted to confirm the transaction. Proceed with the confirmation and your withdraw transaction will be sent.
7. Once complete, you will be sent back to the withdraw screen and see that your available funds is zero. This means your DAI and other tokens have been successfully withdrawn!
8. Now head back to augur.net and instead of selecting the 'Recovery v2.0.10 Release', select the primary "Start Reporting/Trading" button instead. This will send you to the new Augur v2 Redo client.
9. Once you're at the new v2 Redo client, repeat step 2 and sign in with your same signing account (Fortmaic, Torus, or MetaMask). After you sign in, toggle your account details in the upper right hand corner and you will see all your DAI, REPv2 and ETH from your old trading account!
You're now ready to use the new Augur V2 Redo client! No more trading account, just your single signing account with all your balances in one place. No more authentication or initialization fees. Once connected, you're ready to start trading on Augur right away - no additional steps required!
Please come join the Augur Discord #help channel with any questions, the community and core development team is more than happy to assist, and we hope you enjoy the new Augur v2 release!