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Polymarket unveils Protocol V2 and plans November 2 transition

Polymarket unveils Protocol V2 and plans November 2 transition
Polymarket unveils Protocol V2 for prediction markets

​Polymarket has unveiled Protocol V2, a complete overhaul of its smart contract infrastructure for prediction markets. New markets are expected to move to the system on November 2, although the company stressed that the date remains tentative.

Polymarket Head of Protocol Rajath Alex announced the upgrade on October 5. Since 2019, the platform has used the Gnosis Conditional Tokens Framework (CTF), which required separate adapter contracts to be created for each new type of market.

According to Alex, this architecture increased the number of required approvals and made integrations more complex. Protocol V2 replaces it with a single ERC-1155 PositionManager contract, where each position ID contains information about the market type, the market itself and its outcome.

Polymarket to unify collateral and settlement

The second major change is pUSD, which will become the sole collateral asset in Protocol V2. It will be backed 1:1 by USDC and USDC.e.

Operations across different market types, including splitting, merging and redeeming positions, will be handled through a single ExchangeV3 contract and router. This should reduce the number of separate approvals and simplify the process for both users and professional market makers.

Polymarket will also introduce OracleAggregator, which allows different data sources to be used to determine market outcomes. Chainlink and UMA will be the first integrations: UMA will support an optimistic resolution mechanism, while Chainlink can provide faster resolution where the necessary data is available.

Protocol V2 test markets are already live and will undergo testing from October 5 through October 30. The old version of the Data API will be discontinued on October 24, meaning developers must migrate to the new Rust-based version by that date.

Existing CTF-based markets, positions and balances will not be migrated. Protocol V2 will operate as a separate system, and users will need to grant new approvals only when they first interact with markets running on the new version.

Polymarket prepares infrastructure for further expansion

The upgrade comes as competition intensifies between the largest prediction markets. According to data cited in the original report, Kalshi's daily volume stands at around $17.6 million, compared with $12.3 million for Polymarket, while V2's simplified infrastructure is designed in part to attract professional market makers.

At the same time, Polymarket is seeking to expand its presence outside the U.S. and is in talks with regulators in Europe and the U.K. about obtaining a financial license. The company aims to operate under regulatory oversight as a financial services provider, although some European regulators continue to view prediction markets primarily through the lens of gambling rules.

Earlier, we reported that Polymarket introduced safeguards against trading addiction for U.S. users. The measures are part of the platform's preparations to expand its operations in the U.S. market. 

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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