Augur v2 will be launched on the Ethereum mainnet on July 28th, 2020.
Augur v2 introduces a new REP token called "REPv2". Current REP holders will need to manually migrate their REP to the new REPv2 token to participate in the Augur v2 reporting system.
The current REP token will maintain its naming of "REP". Initial announcement plans called for a rename to "REPv1", which has been rescinded after ecosystem feedback. Read more about REPs naming convention here.
Augur v2 reintroduces the concept of "Use It or Lose It", meaning all REP and REPv2 holders will need to participate in a network wide market fork, if one ever occurs. If you do not participate within the 60-day forking period, your REP or REPv2 will be forever unable to participate in any of the forked and future universes of Augur. More information on "Use It or Lose It" forking can be found in the migration guide and Augur whitepaper.
No immediate action needs to be taken, however REP holders will need to eventually migrate their REP to REP v2 after Augur v2's deployment. A migration tool will be provided within the Augur UI, and a full tutorial on doing so will be published.
Note: Forking is the crux of Augur's security model. This is intended to be an extremely rare event, with no market in Augur v1 ever nearing the forking thresholds. Currently, triggering a fork would cost approximately ~$9,100,000 USD (~550k REP @ $16.50), rendering the "losing" side of the forks REPv2 presumably worthless.
Exchanges, dApps, DEXs, wallets, block explorers, service providers, and any other entities interacting with REP can find more information on how to handle the migration here.
Please read the Augur v2 Deployment & REP Migration FAQ for further details. If you have any questions, comments or concerns, please get in touch via email or Discord, and follow @AugurProject for public communications.