Polymarket to Launch Stablecoin, Order Book Overhaul in Prediction Market Upgrade - Decrypt

Polymarket also plans to launch its own native token, POLY, though no ETA has been announced.

Prominent on-chain prediction market platform Polymarket is deploying a major upgrade to its technical foundations, including implementing a new order book and its own stablecoin for use as collateral on the platform.

The firm is calling the upgrade its "biggest change to date."

"We've heard your feedback, and we're excited to announce Polymarket is getting a full exchange upgrade," the prediction market posted on X. "Over the next few weeks, we're rolling out a rebuilt trading engine, upgraded smart contracts, and a new collateral token, Polymarket USD."

The changes are expected to be implemented over the coming weeks, with a brief period requiring the cancellation of all open orders on the platform. However, the firm says it will give traders at least "a few days" of advanced notice prior to cancelling unfilled orders.

"Our biggest infrastructure change since launch... faster execution, lower gas, and a cleaner foundation going forward," it said.

While the firm doesn't expect a difficult transition for most prediction market users, builders, API-only traders, and power users may be more affected by the changes. For example, users running bots to trade on the markets will need to update their software development kits to enable trading with the new order book structure.

Additionally, more advanced users may need to use a smart contract wrap function to move their USDC or USDC.e into the firm's new stablecoin and collateral token -- Polymarket USD.