Polymarket Prepares Protocol V2 Switchover for New Markets
Polymarket plans to transition new prediction markets to Protocol V2 on Nov. 2, introducing an ERC-1155 position system, pUSD collateral, and a modular oracle aggregator.
Prediction market platform Polymarket has begun production testing for Protocol V2 ahead of a tentative November 2 switchover for newly created markets, according to CryptoNews. The upgrade replaces the 2019-era Gnosis Conditional Tokens Framework architecture with a single ERC-1155 position system, unified pUSD collateral, and modular resolution layers.
Infrastructure and Collateral Updates
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Protocol V2 removes much of the legacy structure by utilizing a common PositionManager contract and Router, with separate modules handling binary, atomic negative-risk, incremental negative-risk, and combinatorial markets. According to the published Polygon deployment list, these core components are already deployed on the mainnet. Meanwhile, pUSD acts as the common collateral across V2 markets, wrapping USDC and USDC.e at a 1:1 ratio through an external vault.
Resolution receives a redesign through the new OracleAggregator, which sits above pluggable reporter and dispute modules including UMA, Chainlink, and EOA reporters. Polymarket's migration guide notes that existing Gnosis CTF holdings and markets will remain active but will not automatically migrate to the new contracts.
Developer Deadlines and Security
Developers face an earlier deadline of October 24, 2019 [sic: October 24, 2026 as per source text], when Data API V1 retires. The canary period for V2 runs through October 30 before net-new markets begin moving on November 2. Security records list formal verification and audits from firms including Cantina, Certora, Quantstamp, Pashov, Sigma Prime, and Zellic, alongside a bug bounty program offering rewards of up to $5 million for critical vulnerabilities.
Key facts
- Protocol V2 is scheduled to launch for new markets on November 2 following October canary testing.
- The upgrade replaces legacy Gnosis CTF adapters with an ERC-1155 position system and pUSD collateral.
- OracleAggregator supports UMA, Chainlink, and EOA reporter modules.
- Data API V1 is set to retire on October 24.
- Critical vulnerabilities remain eligible for bug bounty rewards of up to $5 million.
Source: crypto.news
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