Key Highlights
- Polymarket V2 is scheduled to launch on April 22, with one hour of planned downtime.
- New features include faster trading, improved liquidity, and optimized performance.
- Migration is mandatory for all users and involves switching from USDC.e into pUSD collateral.
Polymarket, a prediction market platform, has revealed details of its long-awaited V2 exchange upgrade, which is set to go live on April 22.
In an announcement from Polymarket Developers’ X account on Friday, the team urged users to complete migration steps before the upgrade. This includes updating SDK/API integrations, switching to new exchange contract addresses, adjusting order structures, and moving collateral to pUSD. Users will need to wrap their USDC.e tokens using the Collateral Onramp.
Planned downtime
According to Polymarket, Version 1 would completely stop working post-migration. A downtime of one hour is scheduled on April 22 at about 11:00 AM UTC. During this period, all active limit orders would automatically be canceled. The platform clarified that user funds and positions would remain safe.
The changelog and migration guide can be found within the official announcement and contain everything required technically from the developers. Improvements expected in the V2 version include higher liquidity, faster execution of orders, and higher performance, issues often highlighted by traders.
The initial announcement for this update was made on April 6, describing it as an updated version of the platform’s core contract.
Details of the upgrade
The CTF Exchange V2 introduces an optimized order structure, better order matching capabilities, supports 1271 signatures, on-chain builder attribution codes, and enhanced fee collection.
A key upgrade in the system will be the transition from using USDC.e to Polymarket USD (pUSD) as its collateral token. While most users would have a seamless transition by simply approving it via the frontend interface, API and power users need to manually wrap their assets using the Collateral Onramp Contract.
Another development is the updated release of the CLOB-Client SDK (TypeScript, Python, and Go). This will be able to transition the protocol from version 1 to version 2 automatically when upgraded.
Post-launch period remains crucial
The Polymarket Exchange V2 is another step forward in terms of the platform’s technical development. Changing the order structure, enhancing the matching engine performance, enabling up to 1271 signatures, and using the new collateral token can be seen as a solution to the previous issues related to scalability and speed.
However, even though the above-listed changes might contribute to the overall improvement of the platform’s capabilities, they are not free from some risks since they will require an adaptation of API users’ applications, trading bots, and other systems. The rollout will likely determine how effectively the platform handles the migration and whether the upgrade improves overall performance as intended.
Polymarket is considered a leading decentralized prediction platform, and the period following April 22 will indicate how successful this upgrade is in practice.
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