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Bonus TL;DR
- Polymarket is preparing to fully transition its prediction market platform to a new infrastructure called Protocol V2 on November 2, completely replacing its original 2019 Gnosis CTF foundation.
- The sweeping underlying overhaul is designed to streamline operations by consolidating various market types into a single ERC-1155 position contract, transitioning to pUSD as the sole collateral, and introducing a multi-oracle aggregator that supports both Chainlink and UMA. Before the official mainnet switchover, Polymarket is stress-testing the heavily audited smart contracts through live “canary markets” running from October 5 through October 30.
Polymarket says it will fully switch its platform to Protocol V2 on Nov. 2, replacing the prediction market operator’s 2019 Gnosis CTF foundation.
The upgrade matters because it changes the core market infrastructure behind Polymarket, including how positions are represented, what collateral is used, and how oracle inputs are handled. According to the company’s announcement as summarized by Coinfomania, the rollout will be tested through canary markets running from Oct. 5 to Oct. 30 before the full mainnet switchover.
Protocol V2 consolidates market structure and collateral
Polymarket said Protocol V2 is designed to streamline operations by consolidating different market types under a single framework. The new version includes a single ERC-1155 position contract, a shift to pUSD as collateral, and support for a multi-oracle aggregator that includes UMA and Chainlink.
Those changes are significant for users because they affect the mechanics underneath market creation, settlement, and position handling, even if the front-end experience remains similar. The source did not specify additional user-facing features beyond the listed protocol changes.
Coinfomania also reported that Protocol V2 has been formally verified by Certora and has been heavily audited ahead of the rollout.
Canary testing runs through Oct. 30 before full launch
Before the Nov. 2 switchover, Polymarket plans to run canary markets from Oct. 5 through Oct. 30. That testing window is the key near-term date to watch because it is the last stated checkpoint before the protocol goes live across mainnet.
The source did not say whether the Nov. 2 date could change based on testing results, and it did not detail any jurisdiction-specific impact from the upgrade.
One additional data point in the source was that Polymarket was experiencing low trading activity, with a reported 24-hour volume of $0 at the time of publication. That figure provides context for the launch, though the source did not attribute a reason for the volume reading or say whether Protocol V2 is expected to change activity levels after launch.
For now, the clearest takeaway is the timeline: October canary-market testing, followed by a planned Nov. 2 mainnet switchover to Protocol V2.
Source: As reported by coinfomania.com.
