Polymarket is considered the largest among fully on-chain prediction markets. The company announced that it will be carrying out a comprehensive revamp of its entire platform in the next two to three weeks. This process focuses on important innovations such as new smart contracts, an improved transaction ledger and its own stablecoin, Polymarket USD.
Renewed transaction infrastructure and CTF Exchange V2
The biggest announced change of the platform will be available with Polymarket CTF Exchange V2. This renewed smart contract will enable transactions in the prediction market to be carried out more efficiently on-chain. With the improved transaction matching infrastructure, the process of creating and matching orders will accelerate and less transaction costs will occur. Additionally, the data structure that defines orders will be simplified.
With the V2 version, the Central Border Order Book (CLOB) will be renewed. Here, some improvements from off-chain order books are combined with on-chain applications. Teams using the platform’s software development kit will need to update their integrations to migrate to the new data structure. General users will only be affected by a short-term maintenance period during the transition.
The Polymarket team stated that this upgrade stands out as the biggest change since the platform was founded. In this process, emphasis was placed on the increasing competition and the rapidly growing user base of the platform. Additionally, it is observed that the number of new generation prediction markets is increasing as big names such as Coinbase and Crypto.com step into the sector.
Native stablecoin Polymarket USD and new wallet support
In a step that will change habits in the cryptocurrency market, Polymarket introduced a new stablecoin for the platform called Polymarket USD. This stablecoin is designed to be backed one-to-one by USDC, diverging from USDC.e on the Polygon network. Some users were expressing reservations because USDC.e was not the official Circle-issued version.
Thanks to the new stablecoin, users will be able to transfer to the platform and make token transactions in a more secure infrastructure. In the statement made by the company, it was stated that the transition to Polymarket USD will be automatic for most users, only active investors will need to follow a few technical steps.
It was stated that the platform will also activate EIP-1271 support. With this standard, multi-signature wallets and smart contract-based wallets will be able to perform transactions on the platform. Thus, it is aimed to easily integrate wallet solutions such as Safe.
In other statements made by the company, it was noted that during the upgrade, existing order books will be cleared and short-term maintenance will be carried out. It was reported that users will be informed one week in advance in this regard.
Although the company has previously made various statements about POLY, a local token, no information about this token was shared in the last announcement.
Intercontinental Exchange is behind Polymarket, which was founded in 2020. It is stated that the company has recently been preparing for a new investment round with a valuation of approximately 20 billion dollars.
