Polymarket’s V2 Overhaul Goes Live Next Week – Here’s Everything To Know
Polymarket will take its trade offline for roughly one hour on April 22. The downtime deploys V2, a full overhaul of its buying and selling contracts, order e book, and collateral system.
The improve replaces V1 completely. Every API integration and SDK shopper should migrate earlier than the cutover or cease working.
What Changes With Polymarket V2
The largest shift is a brand new collateral token referred to as Polymarket USD (pUSD). It replaces USDC.e as the platform’s settlement asset on Polygon. The token is backed 1:1 by USDC, with backing enforced onchain.
“…we’re rolling out a rebuilt buying and selling engine, upgraded sensible contracts, and a brand new collateral token (Polymarket USD) to maneuver off USDC.e,” read an excerpt of their preliminary announcement.
For most customers, the frontend handles the conversion mechanically via a one-time approval immediate. However, API merchants and market makers face a heavier raise.
New CTF Exchange V2 and Neg Risk CTF Exchange V2 contracts change the present buying and selling engine. The order construction drops legacy fields like nonce and feeRateBps.
Fees at the moment are calculated at match time fairly than embedded in particular person orders.
Polymarket builders confirmed all open restrict orders can be wiped throughout the switchover. The window begins round 11 a.m. UTC on April 22. Funds and present positions stay protected and unaffected all through the method.
The SDK’s hot-swap mechanism will auto-refresh related purchasers as soon as V2 goes stay. API customers who signal orders manually should replace the EIP-712 area model from “1” to “2.”
Security and Bug Bounty
The V2 contracts are open-sourced and audited by each Cantina and Quantstamp. A $5 million bug bounty program is now stay on Cantina. Critical vulnerabilities are eligible for the complete reward quantity.
Traders can already take a look at towards V2 via a devoted staging endpoint. On April 22, V2 takes over the principle CLOB URL, so no base-URL change can be wanted after the cutover.
The platform processed record volumes in March, with transactions surpassing 192 million. That development provides urgency to a easy V2 rollout for Polymarket’s increasing consumer base.
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