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FollowingPolymarket restructures its smart contract infrastructure to lay the foundation for multiple market types and cross-chain expansion
Prediction market platform Polymarket is undergoing a complete reconstruction of its smart contract infrastructure in a move aimed at paving the way for the launch of new market features and preparing for potential future expansion beyond the Polygon network.
According to news released on the X platform by Rajath Alex, Polymarket protocol director, the company began deploying Protocol V2 on Monday. This new smart contract system aims to support multiple different types of markets through a single exchange.
Currently, the platform is testing the system in a limited number of real-time markets, with the testing period lasting until October 30. The official tentative goal is to switch the new market to the V2 version by November 2. This upgrade replaces the old infrastructure developed in 2019, which required additional contracts to support new market types, while the new protocol enabled more efficient integration.
pUSD becomes the only mortgage token
Protocol V2 introduces Polymarket USD (pUSD) as the only mortgage token, uses a single contract to manage position tokens, and one exchange supports different market types uniformly. Officially launched in April 2026 as part of the exchange upgrade, pUSD is a mortgage token that is fully endorsed in a 1:1 ratio with Circle's U.S. dollar stablecoin USDC.
The new agreement was originally designed to support the transfer of positions, collateral and market results data between different blockchains. However, Polymarket has not announced the specific launch time for cross-chain features or the list of networks it plans to support. Currently, Polymarket's forecast market is mainly operated on the Ethereum expansion network Polygon, and pUSD is also released on this network.
Cointelegraph has contacted Polymarket for details of the blockchain network it plans to support and an expansion timetable, but has not received further response so far.
Upgradable contracts and new oracle mechanism
Protocol V2 introduces scalable smart contracts that allow Polymarket to modify contract code through a "security governance process." This mechanism reduces the need for new contracts and makes the deployment of new functions more flexible and efficient.
In addition, the new protocol also introduces the Oracle Aggregator system. The system is designed to connect multiple oracle services, including UMA and Chainlink, to accurately determine market results.
Polymarket stated that the new system has been audited by blockchain security platforms such as Cantina, Quantstamp and Zellic, and has been formally verified by Certora. To encourage the community to identify potential risks, the company has provided a vulnerability bounty of up to $5 million to solicit critical vulnerability reports.
Migration Guide: No need for existing users
According to the Protocol V2 migration guidelines, existing positions will not be automatically converted to the V2 version. For app and website users, migration can be seamless without taking any technical steps, but may be required to approve new smart contracts when conducting transactions.
