Polymarket began testing its Protocol V2 with planned implementation for new markets as early as November 2. Protocol lead Rajath Alex said that canary markets will be available until October 30.
Existing applications will not seamlessly transition to the new version. Production canaries are meant to help evaluate the V2 protocol. Old Gnosis Conditional Tokens Framework-based jobs will continue to be supported. Integrations with the old and new versions will be needed.
Polymarket V2 Rebuilds Positions Around ERC-1155 and pUSD
The Protocol V2 upgrade removes interface and adapter code added to the original CTF implementation from 2019. According to Polymarket, Protocol V2 is a single smart contract that provides functionality for ERC-1155 wager assets, trade execution, and other features, including interoperability with other chains.
Under V2, addresses for positions include information about the token, price, and position in the token ID. A shared PositionManager and Router provide other functions. Other modules offer binary, atomic negative-exposure, incremental negative-exposure, and other types of market functions.
BREAKING: Polymarket launches Protocol V2 on mainnet November 2, unifying all markets on a single ERC-1155 contract with multi-oracle support from UMA and Chainlink.@Polymarket pic.twitter.com/g9Qe9lJozz
— MSB Intel (@MSBIntel) October 6, 2026
The upgrade differs from the CLOB V2 upgrade. Protocol V2 redesigns the infrastructure through which users can open and manage positions in markets.
pUSD is a shared form of collateral used in various V2 markets. The ERC-20 pUSD asset pegs to USDC and USDC.e in an external vault on a 1:1 basis, with reserved assets equal to or greater than the circulating supply of pUSD. V2 uses the same asset in all its market types.
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Developers will need to add new approval steps since CTF allowances will not carry over to PositionManager. Creating and redeeming split or combined V2 positions will require use of the Router, but existing CTF positions will be unaffected.
Modular Oracles Expand How Polymarket Markets Can Resolve
Resolution has been updated to use an OracleAggregator contract with multiple reporting and appeal mechanisms. Deployed contracts have additional contract modules for UMA’s Optimistic Oracle and Chainlink, and EOA reporting. Contract modules can be implemented using multiple different resolution methods.
The platform has cross-chain architecture and currently uses Chainlink CCIP in a transport implementation. For resolution services, Polygon is the primary chain, and Polymarket has not provided an expected launch date for other networks.
Polymarket Unveils Protocol V2, Targeting Full Mainnet Switchover on Nov 2
— Wu Blockchain (@WuBlockchain) October 6, 2026
Polymarket Head of Protocol Rajath Alex announced Polymarket Protocol V2, replacing its legacy 2019 Gnosis CTF foundation to eliminate architectural bloat. Protocol V2 unifies the system around a single… pic.twitter.com/PYgTQM9RdK
A different date to migrate applies to Data API users. V1 will be discontinued on Oct. 24, and you will need to update integrations to use V2 routes and responses and cursor-based pagination.
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Regular users do not need to take any technical steps, but they may see additional approval requirements when interacting with version V2 markets. Protocol developers will need to take steps to accommodate new and existing CTF positions. If current plans go as expected, canary testing will conclude Oct. 30, and existing markets will transition to Protocol V2 starting Nov. 2.
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