Polymarket overhauls smart contracts with new Protocol V2 rollout
Polymarket began testing Protocol V2 on a limited set of live markets, with a tentative Nov. 2 target to route new markets through the system. The upgrade replaces older infrastructure with a single exchange and position-token contract, using pUSD—backed 1:1 by USDC—as its only collateral. It is designed to support varied market types and future transfers of positions, collateral and outcome data across blockchains, though no networks or launch date have been announced. Upgradeable contracts and an OracleAggregator connecting to providers such as UMA and Chainlink are intended to simplify new features and market resolution. Polymarket says V2 underwent security audits and formal verification and has a bug bounty of up to $5 million. Existing positions will remain on the old system; users may need to approve new contracts when trading.
