Polymarket Unveils Protocol V2 With Full Migration Set for November 2
Polymarket is upgrading its core architecture to a modular, audited system, moving away from the Gnosis framework to improve efficiency and oracle flexibility.
Polymarket has introduced Protocol V2, a new core architecture that will serve as the foundation for all new markets beginning November 2. This upgrade marks the end of the platform's reliance on the Gnosis Conditional Tokens Framework, which has been in use since 2019.
The transition, which began on October 5, is being led by protocol head Rajath Alex and the development team. The new system is designed to be modular and unified, utilizing a single ERC-1155 positions token contract to manage various token types.
A key change in the V2 model is the requirement for pUSD as the sole form of collateral for all positions. The protocol also implements market-specific exchanges managed by a router, a setup intended to streamline order routing and improve operational efficiency.
The platform is also introducing an OracleAggregator, allowing for pluggable oracle support. This enables Polymarket to select resolution sources like UMA or Chainlink on a per-market basis rather than being restricted to a single provider.
A staged rollout is currently underway, with canary markets running through October 30. Existing markets built on the previous framework will remain active until completion, meaning current positions will not be forcibly migrated.
For developers, the update includes Data API v2, which utilizes an in-house on-chain indexer to organize data. This new API features standardized data formats and cursor-based pagination to simplify the creation of trading tools and analytics.
Security for the new protocol has been verified by six auditing firms, including Certora. Additionally, the platform has launched a bug bounty program offering up to $5 million for the discovery of critical vulnerabilities.
