Polymarket announces a significant upgrade including a new stablecoin, Polymarket USD, and enhanced trading infrastructure.
Polymarket, the prediction market platform, is set to enhance its technical framework by launching its own stablecoin, Polymarket USD, alongside a new order book system.
Responding to user feedback, Polymarket is undergoing a comprehensive upgrade, which includes a revamped trading engine and improved smart contracts. "In the coming weeks, we will launch an updated trading engine, enhanced smart contracts, and a new collateral token (Polymarket USD) to phase out the use of USDC.e," the platform announced on Twitter.
This upgrade is touted as the most substantial infrastructure change since Polymarket's inception, aiming to deliver quicker trade execution and reduced fees, which will set the stage for further advancements.
During the transition, all open orders will be temporarily canceled to facilitate the maintenance process.
CTF Exchange V2 Features
The updated CTF Exchange V2 will enhance order management with several key features:
- Simplified and optimized order structure and matching;
- Support for 1271 signatures;
- Incorporation of developer codes for on-chain order tracking;
- Improved fee collection and distribution processes.
Transition to Polymarket USD
Polymarket's shift from USDC.e to the new Polymarket USD, which is pegged 1:1 to USDC, is designed to be seamless for most users, as the token swap will occur automatically following a single confirmation.
However, advanced users utilizing the API will need to manually convert USDC or USDC.e into Polymarket USD.
Developer Toolkit Update
The platform will also introduce a new software development kit (SDK) for clients utilizing the Central Limit Order Book (CLOB). The transition from version V1 to V2 will be automatic, although developers must ensure they are using the latest version of the client software.
Additionally, Polymarket is collaborating with analytics firm Palantir Technologies to develop a comprehensive monitoring system for sports betting activities.
