CoinTelegraph • October 6th 2026, 12:54 PM
Polymarket overhauls smart contracts with new Protocol V2 rollout
Key Summary
Polymarket is rolling out its new Protocol V2, a smart contract overhaul designed to support different market types through a single exchange, ahead of a planned November transition for new prediction markets. The new system is being tested on a limited number of live markets until October 30, with a tentative November 2 target for switching new markets to V2.
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Key Takeaways
- Polymarket is rolling out its new Protocol V2, a smart contract overhaul designed to support different market types through a single exchange.
- The new system is being tested on a limited number of live markets until October 30, with a tentative November 2 target for switching new markets to V2.
- Existing positions will not be converted to V2, and app and website users will not need to take technical steps to migrate.
- The new protocol introduces upgradeable smart contracts, allowing Polymarket to modify contracts through a secure governance process.
- It also introduces OracleAggregator, a system designed to connect to different oracles to determine market outcomes.
Market & Token Impact
- The rollout of Protocol V2 is expected to support new market features and potential expansion beyond Polygon.
- The new system is designed to support transferring positions, collateral, and market outcome data between blockchains.
- Polymarket has not announced when cross-chain functionality will launch or which networks it will support.
- The company is offering bug bounty rewards of up to $5 million for critical vulnerabilities.
Broader Context & What's Next
- The rollout of Protocol V2 is part of an exchange upgrade in April 2026, which introduced Polymarket USD (pUSD) as its sole collateral token.
- pUSD is backed 1:1 by Circle’s dollar-pegged stablecoin, USDC.
- Polymarket currently operates its prediction markets on Polygon, an Ethereum scaling network, where pUSD is also issued.
- The company is rebuilding its smart contract infrastructure to support different market types through a single exchange.
- The new protocol is designed to support transferring positions, collateral, and market outcome data between blockchains.
- Polymarket has not announced when cross-chain functionality will launch or which networks it will support.
- The company is committed to providing independent, high-quality journalism across the crypto, blockchain, AI, and fintech industries.
#Polymarket#ProtocolV2#PredictionMarkets