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Polymarket, widely regarded as the largest fully on-chain prediction market, has announced plans for a comprehensive upgrade of its platform within the next two to three weeks. The revamp will include new smart contracts, a reengineered order book, and the launch of the company’s own stablecoin, Polymarket USD—all designed to enhance user experience and boost operational efficiency.
Upgraded trading infrastructure with CTF Exchange V2
The most significant update centers on the imminent launch of Polymarket’s CTF Exchange V2. This updated smart contract is aimed at enabling faster, more efficient, and cost-effective transactions on the blockchain. By refining the order-matching system, users will benefit from swifter trade execution and lower fees. Additionally, the data structure that defines orders on the platform will undergo streamlining, simplifying user interactions.
Transition to new data standards and user implications
With the release of the V2 version, the Central Limit Order Book (CLOB) functionality will also be overhauled. Improvements drawn from off-chain order book models will be blended into on-chain solutions, extending the platform’s technological capabilities. Developer teams leveraging Polymarket’s software development kits will need to update their integrations to accommodate the revised data structure. For most end users, the upgrade will result in only brief maintenance periods during the transition.
The Polymarket team emphasized that this upgrade stands as the most substantial change since the platform’s inception. They also noted the increased competition and rapidly growing user base as driving factors behind this overhaul. Furthermore, they observed that the number of next-generation prediction market platforms has risen significantly in recent months, with prominent companies like Coinbase and Crypto.com entering the sector.
Introducing the native stablecoin Polymarket USD and enhanced wallet support
In a notable shift for crypto trading habits, Polymarket has introduced Polymarket USD—a new stablecoin designed for its platform. Unlike $USDC.e, which is not Circle’s official version, Polymarket USD will be directly backed one-to-one with $USDC on the Polygon network. This change addresses previous user concerns regarding the nature and backing of $USDC.e, aiming to provide greater transparency and assurance for participants.
According to company statements, the transition to Polymarket USD will occur automatically for the majority of users, with only more active traders required to perform a few minor technical steps. This move is expected to deliver a more secure environment for value transfers and token transactions on the platform.
Another technical enhancement includes the activation of EIP-1271 support, enabling both multisignature and smart contract-based wallets to interact seamlessly with Polymarket. The upgrade is designed to make it easier for wallet solutions like Safe to integrate with the prediction market platform.
Additional company announcements clarified that existing order books would be cleared and the platform would undergo short-term maintenance during the upgrade process. Advance notice of about one week will be provided to users, allowing them to prepare for these operational pauses.
While the company has previously shared updates about its native POLY token, no information regarding POLY was included in the most recent announcement, according to new disclosures from the firm.
Founded in 2020, Polymarket is backed by Intercontinental Exchange. Recent reports indicate that the company is preparing for a new investment round that could value the platform at approximately $20 billion, reflecting heightened interest and confidence in the prediction market sector.