Key Takeaways:
Prediction market platform Polymarket is scheduled to undergo a significant infrastructure upgrade on April 28 at 11:00 UTC, introducing a native pUSD stablecoin and deploying new V2 smart contracts. The exchange will be offline for about one hour, during which all open limit orders on the v1 order book will be canceled.
"Exchange upgrades go live on April 28 at 11 a.m. UTC," Polymarket developers said in a post on X. The post confirmed that while the v1 order book will be cleared, user funds and existing positions will remain fully intact during the transition.
The core of the upgrade is the replacement of USDC.e with pUSD as the platform's native collateral asset. The new pUSD token is backed 1:1 by Circle's USDC, aiming to create a more streamlined internal liquidity framework. Users with USDC balances will need to approve the conversion to pUSD to continue trading. The update also introduces CLOB V2, a completely rebuilt central limit order book and matching engine designed for higher throughput.
This technical overhaul aims to improve user experience and platform infrastructure, which could bolster Polymarket's position in the competitive prediction market sector, especially as it navigates a complex global regulatory environment. The platform was recently blocked in Brazil along with two dozen other platforms for allegedly violating federal gambling laws. The new V2 smart contracts have been audited by blockchain security firms Quantstamp and Cantina, a move intended to build user confidence in the upgraded system.
This article is for informational purposes only and does not constitute investment advice.
