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Polymarket announces Protocol V2 with tentative November 2 rollout for new markets

Polymarket has unveiled Protocol V2, rebuilding its smart contract infrastructure around a unified ERC-1155 position system, single exchange, and multi-oracle aggregator ahead of a planned November 2 transition for new markets.

Polymarket logo and wordmark displayed in white against a bright blue background.
Image: @TheBlockCo

Polymarket is overhauling the smart contract architecture that has powered the prediction platform since its launch. Head of Protocol Rajath Alex announced Protocol V2, describing it as a ground-up rebuild to replace the Conditional Tokens Framework released by Gnosis in 2019. To prepare for the transition, Polymarket deployed live canary test markets on October 5 that will trade through October 30, with new markets tentatively scheduled to migrate to the new architecture on November 2.[1][2][4]

The overhaul consolidates what had become a fragmented system of adapters and separate exchanges into a single ERC-1155 position contract, pUSD collateral, one exchange, and one router. Position identifiers directly encode the market type, market, and outcome to avoid extra on-chain lookups. V2 launches with support for binary, atomic neg-risk, incremental neg-risk, and combinatorial markets, alongside an OracleAggregator module designed to support resolution via UMA, Chainlink, and future providers. Cross-chain bridging capabilities for positions, collateral, and resolutions are also integrated for future activation.[1][2][5]

According to Alex, the V2 code was audited by Cantina, Quantstamp, Sigma Prime, Zellic, and Pashov Audit Group, and it underwent formal verification by Certora. The protocol is supported by a bug bounty offering up to $5 million for critical findings. Polymarket noted that website and app users will not undergo a technical migration beyond approving standard contract prompts. Existing bets will not be automatically converted and will stay on legacy contracts, requiring trading integrations to support both the older framework and the new PositionManager ledger simultaneously.[1][3][4]

Key facts

  • Polymarket Head of Protocol Rajath Alex announced Protocol V2 to replace the platform's legacy 2019 Gnosis Conditional Tokens Framework.
  • Canary testing markets run from October 5 to October 30 ahead of a tentative November 2 switchover date for new markets.
  • Protocol V2 unifies market infrastructure under a single ERC-1155 positions contract, pUSD collateral, one exchange, and one router.
  • The release ships with four market modules—binary, atomic neg-risk, incremental neg-risk, and combinatorial—and an OracleAggregator supporting UMA and Chainlink.
  • Existing bets will not automatically convert to Protocol V2, requiring developers to support legacy contracts alongside the new PositionManager contract.
  • Protocol V2 was formally verified by Certora, audited by multiple firms including Quantstamp and Zellic, and carries a bug bounty of up to $5 million.

Sources · 5 sources

  1. UN

    UnchainedArticle ·

    Polymarket Rebuilds Its Core Smart Contracts With Protocol V2, Targets Nov. 2 Switchover Polymarket is replacing the smart contracts its prediction markets have run on since launch. Head of Protocol Rajath Alex introduced Polymarket Protocol V2 on X on Monday, describing it as a rebuild “from the position token up.” A small set of canary markets started trading on V2 in production that day and will keep running through Oct. 30 , Alex wrote. Polymarket has tentatively scheduled new markets to move to the system on Nov. 2 . Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Why Polymarket Rebuilt “Polymarket currently runs on smart contracts that were never designed for what it became,” Alex wrote. The platform was built on the Conditional Tokens Framework , general-purpose code Gnosis released in 2019. According to Alex, each market type Polymarket added later needed its own contract stacked in front of that framework: an adapter for its pUSD collateral, a wrapped-collateral token for neg-risk markets, a second exchange and a separate UMA adapter per market type. “It worked, and it carried Polymarket this far,” he wrote. “But every new feature meant another layer, another approval for you, another contract for integrators, and another thing that can’t be changed once it’s deployed.” What V2 Changes V2 consolidates that setup into a single ERC-1155 contract for positions, pUSD as the only collateral, one exchange for all market types and one router. Position IDs now carry the market type, market and outcome inside them, letting the protocol identify a position without extra lookups. Four market modules ship at launch: binary, atomic neg-risk, incremental neg-risk and combinatorial. A new OracleAggregator handles resolution and can connect to UMA, Chainlink and future oracles. The contracts are also designed to bridge positions, collateral and resolutions to other chains, which Polymarket plans to switch on when it expands beyond one network. The system can be upgraded through a governance process, and Alex listed scalar resolution and directional collateral return as follow-on features in development. Audits and Migration Alex wrote that Cantina , Certora , Quantstamp , Sigma Prime , Zellic and Pashov Audit Group audited the code and that Certora also formally verified it. A bug bounty pays up to $5 million for critical findings. For people using the app or website, “No technical migration is required,” Polymarket’s migration guide says, beyond accepting approval prompts. The guide adds that positions already held under the old framework will not be converted. Developers and market makers get the four-week canary period, with weekly office hours, to integrate. Polymarket also released Data API V2 , a Rust service running on its in-house onchain indexer. The rebuild follows Polymarket’s April overhaul , when it swapped the bridged USDC.e it had used on Polygon for pUSD, its own collateral token redeemable 1:1 for Circle’s USDC. “It’s been a labor of love for the team, and it’s the base we’ll be building on for a long time,” Alex wrote. Related Listen: CME vs. Kalshi. Is Washington Picking a Winner in Prediction Markets? The post Polymarket Rebuilds Its Core Smart Contracts With Protocol V2, Targets Nov. 2 Switchover appeared first on Unchained .

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  2. WB

    Wu Blockchain@WuBlockchainPost on X ·

    Polymarket Unveils Protocol V2, Targeting Full Mainnet Switchover on Nov 2 Polymarket Head of Protocol Rajath Alex announced Polymarket Protocol V2, replacing its legacy 2019 Gnosis CTF foundation to eliminate architectural bloat. Protocol V2 unifies the system around a single ERC-1155 position contract, pUSD collateral, and a consolidated exchange and router across all market types. The modular design natively supports binary, neg-risk, and combinatorial markets, integrates a multi-oracle aggregator (supporting UMA and Chainlink), and embeds cross-chain bridging. Formally verified by Certora, heavily audited, and backed by a $5M bug bounty, V2 will test canary markets from October 5 to 30 ahead of a planned November 2 rollout alongside a new Rust-based Data API V2.

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  3. TB

    The Block@TheBlockCoPost on X ·

    THE BLOCK: Polymarket unveils Protocol V2, with net-new markets tentatively set to switch to the new system on Nov. 2. The upgrade replaces its 2019 Gnosis CTF architecture with a single ERC-1155 positions contract and pUSD collateral, with Certora formal verification and a $5M bug bounty.

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  4. CR

    CryptoSlateArticle ·

    Polymarket’s upgrade won’t automatically move existing bets to new contracts Polymarket’s Protocol V2 rollout does not automatically move existing bets held under its older Conditional Tokens Framework, or CTF, onto new contracts. Its migration guidance tells trading integrations to retain support for those holdings while adding a separate system for V2 positions and new trading permissions. In his Oct. 5 announcement , Rajath Alex said Polymarket would run a few live test markets, known as canary markets, from Oct. 5 through Oct. 30. He described Nov. 2 as a tentative switch for newly created markets, rather than a deadline for converting every existing bet. For people using Polymarket’s app or website, no technical migration is required. Users should complete any approval prompts shown in the app. The guides address Polygon-based onchain trading; Polymarket’s main documentation directs users of Polymarket US to separate documentation. Related Reading France blocked Polymarket after its transaction controls failed to stop 578,751 new French visitors A separate mechanism does allow holders to move CTF positions into V2. Polymarket’s contract registry says the relevant condition or event must be registered by Polymarket first. Its indexing reference describes events connecting the old CTF balance to the new PositionManager balance. That is a distinct operation from updating trading software. Integrations must support both systems For developers, the change starts with where shares are recorded. Legacy CTF positions remain on the older ledger, while V2 balances sit in a separate contract called PositionManager. The contract migration guide requires integrations to handle the appropriate balances and retain CTF identifiers for older markets. Permissions also stay separate. Under the API migration guide , the account holding a V2 buyer’s assets must authorize ExchangeV3, the new trading contract, to spend enough pUSD, Polymarket’s trading collateral, to cover purchases and fees. Selling requires permission for ExchangeV3 to operate on the seller’s PositionManager shares. Existing CTF permissions do not grant either approval. Trading software must select the correct share identifier from each market’s version, even if both generations’ identifier fields appear in the response. V2 orders use position IDs and signing-domain version 3; CTF orders retain their exchange and signing-domain version 2. Those signing versions distinguish the two trading paths. Balance requests also distinguish V2 shares from CTF shares. For integrations that create, combine or redeem positions directly through contracts, V2 uses Router. Creating positions requires approval for Router to spend pUSD; combining or redeeming them requires Router operator permission on PositionManager. Integrations also need to update balance handling and payout reads. Related Reading Hyperliquid challenges Polymarket with $32 million opening for prediction-market builders The similar version labels refer to different upgrades. Polymarket’s changelog records CLOB V2 going live on April 28 and Data API v2 launching on Sept. 4, both in 2026. The October Protocol V2 rollout adds the separate position system. Related Reading Polymarket’s stablecoin launch looks bearish for USDC, but the real shift runs deeper For integrations already using pUSD and the CTFExchangeV2 order format, collateral, wallets, order-book credentials and endpoints stay the same. Polymarket nevertheless tells developers to verify purchases, sales and balances on both a V2 market and a CTF market. The post Polymarket’s upgrade won’t automatically move existing bets to new contracts appeared first on CryptoSlate .

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  5. LS

    Laura Shin@laurashinPost on X ·

    Polymarket's Protocol V2 puts every market type on one positions contract, one collateral token, one exchange and one router, with a new OracleAggregator that can plug in UMA and Chainlink. Bug bounties go up to $5 million. https://t.co/lw6cpS68Xw

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