Polymarket unveils Protocol V2, moves all new markets to it on November 2
In brief
- Protocol V2 replaces the Gnosis Conditional Tokens Framework, which Polymarket has used since 2019.
- All outcome shares move into a single ERC-1155 positions token contract.
- pUSD becomes the only accepted collateral; oracles such as UMA and Chainlink become pluggable.
- Canary markets run October 5 to 30; all new markets switch to V2 on November 2.
- Six firms audited the protocol; a bug bounty pays up to $5 million.
What changes under V2
Polymarket describes the new system as unified, modular and audited, according to Crypto Briefing. The biggest structural change is consolidation. Every outcome share will now live in a single ERC-1155 positions token contract (ERC-1155 is a token standard that lets one smart contract manage many different token types at once).
Collateral gets narrower too. Under V2, pUSD becomes the only accepted form of collateral backing positions on the platform.
The protocol also introduces market-specific exchanges paired with a router that sits in front and directs orders, and Polymarket says that setup improves user experience and operational efficiency. A component called the OracleAggregator makes oracles pluggable, supporting providers such as UMA and Chainlink. In practice, that means Polymarket can pick the resolution source that fits each market.
Rollout timeline
It's a staged switchover. Canary markets (a limited set of live test markets) run from October 5 through October 30, and all new markets move to V2 on November 2.
Existing markets stay put.
Markets built on the Conditional Tokens Framework remain intact, and open positions won't be forcibly migrated, per the report. For traders, that's the practical takeaway: positions opened under the old framework don't have to move anywhere.
Developers, audits and the bug bounty
Developers get their own upgrade in Data API v2. It runs on an in-house on-chain indexer and offers standardized data formats and cursor-based pagination.
On security, six firms audited the protocol, Certora among them, according to Polymarket's announcement as reported by Crypto Briefing. Polymarket is also running a bug bounty that pays up to $5 million for critical vulnerabilities, which puts a sizable price on finding problems before the November 2 cutover rather than after it.
Frequently asked questions
What is Polymarket Protocol V2?
Protocol V2 is Polymarket's new core architecture. It will power every new market starting November 2 and replaces the Gnosis Conditional Tokens Framework, which Polymarket had used since 2019. Polymarket describes the system as unified, modular and audited.
What happens to existing Polymarket positions after the V2 switch?
Existing markets built on the Conditional Tokens Framework stay intact. Open positions won't be forcibly migrated. Only new markets move to V2 on November 2.
Which oracles does Polymarket V2 support?
A component called the OracleAggregator makes oracles pluggable, supporting providers such as UMA and Chainlink. That lets Polymarket choose the resolution source for each market individually.
How was Polymarket Protocol V2 security-tested?
According to Polymarket's announcement as reported by Crypto Briefing, six firms audited the protocol, including Certora. Polymarket is also running a bug bounty that pays up to $5 million for critical vulnerabilities, and canary markets run live from October 5 through October 30.
