Polymarket · Bloomberg · The Block
Polymarket introduces V2 upgrade with single ERC-1155 positions contract, pUSD collateral
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P olymarket has begun running production canary markets on a rebuilt smart-contract system that will replace the Conditional Tokens Framework for new markets, protocol lead Rajath Alex announced on Monday.
Key facts
- The company is also in talks to raise $1 billion at a $21 billion post-money valuation, with venture firm 1789 Capital set to contribute about $300 million, Bloomberg reported
- Dubbed Protocol V2, the upgrade replaces the 2019 Gnosis-based framework with a single ERC-1155 positions contract, pUSD as collateral, one exchange for each market type, and a router
- Alex said the canary markets will run through Oct. 30, with a tentative switch to Protocol V2 for net-new markets on Nov. 2
- According to the post, V2 will initially cover four market types, including Binary, Atomic Neg-risk, Incremental Neg-risk, and Combinatorial
Summary
Dubbed Protocol V2, the upgrade replaces the 2019 Gnosis-based framework with a single ERC-1155 positions contract, pUSD as collateral, one exchange for each market type, and a router. According to the post, V2 will initially cover four market types, including Binary, Atomic Neg-risk, Incremental Neg-risk, and Combinatorial. The upgraded protocol also has provisions for moving positions, collateral, and resolutions across chains, a feature Polymarket says it will activate when it expands beyond its current network. Alex said the canary markets will run through Oct. 30, with a tentative switch to Protocol V2 for net-new markets on Nov. 2.