Polymarket will take its exchange offline for roughly one hour on April 22. The downtime deploys V2, a full overhaul of its trading contracts, order book, and collateral system.
The upgrade replaces V1 permanently. Every API integration and SDK client must migrate before the cutover or stop working.
What Changes With Polymarket V2
The biggest shift is a new collateral token called Polymarket USD (pUSD). It replaces USDC.e as the platform’s settlement asset on Polygon. The token is backed 1:1 by USDC, with backing enforced onchain.
“…we’re rolling out a rebuilt trading engine, upgraded smart contracts, and a new collateral token (Polymarket USD) to move off USDC.e,” read an excerpt in their initial announcement.
For most users, the frontend handles the conversion automatically through a one-time approval prompt. However, API traders and market makers face a heavier lift.
New CTF Exchange V2 and Neg Risk CTF Exchange V2 contracts replace the current trading engine. The order structure drops legacy fields like nonce and feeRateBps.
Fees are now calculated at match time rather than embedded in individual orders.
Polymarket developers confirmed all open limit orders will be wiped during the switchover. The window begins around 11 a.m. UTC on April 22. Funds and existing positions remain safe and unaffected throughout the process.
The SDK’s hot-swap mechanism will auto-refresh connected clients once V2 goes live. API users who sign orders manually must update the EIP-712 domain version from “1” to “2.”
Security and Bug Bounty
The V2 contracts are open-sourced and audited by both Cantina and Quantstamp. A $5 million bug bounty program is now live on Cantina. Critical vulnerabilities are eligible for the full reward amount.
Traders can already test against V2 through a dedicated staging endpoint. On April 22, V2 takes over the main CLOB URL, so no base-URL change will be needed after the cutover.
The platform processed record volumes in March, with transactions surpassing 192 million. That growth adds urgency to a smooth V2 rollout for Polymarket’s expanding user base.
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Source: https://beincrypto.com/polymarket-v2-upgrade-details/