Prediction market platform Polymarket has announced its most significant technical upgrade to date. The changes, to be rolled out over several weeks, include a rebuilt trading engine, upgraded smart contracts, and a new proprietary stablecoin called Polymarket USD. This stablecoin will replace the bridged USDC.e token currently used for collateral. The upgrade will require a brief cancellation of all open orders, with advanced notice provided to traders.
Prominent on-chain prediction market platform Polymarket is deploying a major upgrade to its technical foundations. The firm calls this its “biggest change to date.”
The upgrade includes implementing a new order book and its own stablecoin for use as collateral. The platform stated on X it is “rolling out a rebuilt trading engine, upgraded smart contracts, and a new collateral token, Polymarket USD.”
The changes are expected over the coming weeks, requiring the cancellation of all open orders. Traders will receive at least a few days of advanced notice before this occurs.
Builders and API users will be more affected, needing to update their software. Users running trading bots must update their software development kits for the new order book.
Advanced users may need to wrap their existing USDC or USDC.e into the new Polymarket USD token. The new stablecoin will be backed 1:1 with Circle’s USDC, replacing the previous bridged version.
The move to a proprietary stablecoin has led to user speculation about improved yields. Some users speculated it could provide a sizable revenue bump for the firm.
The upgrade has also sparked discussion about the platform’s planned native token, POLY. While confirmed in the works, predictors on Myriad—a prediction market—give just 11% odds it will launch before May.
