Polymarket Unveils Protocol V2 Upgrade, Migration Begins Nov. 2
The prediction market is replacing the 2019 contracts that hold and settle its bets, with a single dollar token as collateral and Chainlink joining UMA to decide outcomes.
· 1 min · 1 min read
Polymarket will start opening every new market on a rebuilt set of smart contracts on Nov. 2, according to Rajath Alex, who leads the company's protocol work.
The switch changes the plumbing behind each bet: where shares are held, what money backs them and who declares the winner. Alex called the date tentative.
Polymarket's migration guide says app and website don't need to complete any technical steps, but they will see new approval prompts in the app.
What Changes for Bettors
Protocol V2 replaces the Gnosis Conditional Tokens Framework, the 2019 contract system under Polymarket's markets.
In his post on X, Alex said each new market type had needed one more add-on contract, one more approval and one more integration cost.
In V2, all shares sit in a single contract called PositionManager, according to Polymarket's contract list. The only collateral is pUSD, a token backed by the USDC stablecoin that Polymarket introduced with its April 28 exchange upgrade.
Results flow through a new OracleAggregator. An oracle is the service that tells the contract what happened. It takes reports from UMA, the dispute-based oracle Polymarket already uses, and from Chainlink.
Existing bets stay where they are. Old markets and positions are not converted, the migration guide says, and a holder can move a position only after Polymarket registers that market for migration.
Testing Runs Until Oct. 30
Small live test markets, known as canary markets, opened Oct. 5 and run through Oct. 30, according to multiple reports.
The V2 code was reviewed by six firms, including Cantina, Certora and Quantstamp, according to Polymarket's audit list. Its bug bounty pays up to $5 million for critical flaws.
The rebuild lands as Polymarket courts investors, after it sought a $20 billion valuation in August.
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