Polymarket Unveils Protocol V2, Targets Mainnet Switch on Nov. 2

Decentralized prediction market Polymarket has unveiled Protocol V2, a sweeping overhaul of its infrastructure, and is targeting a mainnet transition on Nov. 2.

Wu Blockchain reported on Oct. 6 that Rajath Alex, Polymarket's head of protocol, announced the rollout plan. The company will test the new system in canary markets through Oct. 30 before migrating the full platform on Nov. 2.

The core of the upgrade is replacing the Gnosis Conditional Token Framework, or CTF, that Polymarket has used since 2019. The new architecture is built around a single ERC-1155 position contract and pUSD collateral to reduce complexity. It is also designed to use one exchange and router across different market types.

Protocol V2 adopts a modular architecture that natively supports binary, negative-risk and combinatorial markets. It also adds a multi-oracle aggregation system supporting UMA and Chainlink, and incorporates cross-chain bridging directly into the protocol.

Polymarket said it has also bolstered security verification. Protocol V2 underwent formal verification by Certora and multiple security audits. The company has set a $5 million bug bounty to help identify vulnerabilities.

Polymarket plans to test the new protocol in limited canary markets through Oct. 30 and, if the rollout proceeds as planned, switch to V2 on Nov. 2. It also plans to launch a Rust-based Data API V2 the same day.