Polymarket unveils Protocol V2, sets November 2 migration for new markets
Polymarket has unveiled Protocol V2, a complete rebuild of the smart-contract layer its prediction markets have run on since launch. Head of Protocol Rajath Alex introduced the upgrade, which targets a mainnet switchover on November 2 for all new markets. Existing positions will remain on the current system during the transition. The overhaul replaces the Gnosis Conditional Token Framework architecture with a single-position system, consolidating outcome shares into one structure and adding pUSD collateral plus modular oracles.
The switch from Gnosis CTF to a native single-position system gives Polymarket direct control over its core architecture for the first time. That matters for gas costs and contract flexibility, but the deeper stake is competitive positioning against Kalshi and other CFTC-regulated venues. Kalshi has built momentum through brokerage integrations with Robinhood, Coinbase, Webull, and Moomoo, and has filed for margin trading.
Polymarket's V2 upgrade with single ERC-1155 positions contract, pUSD collateral tightens its technical profile, yet the November 2 cutoff means developers and market makers must migrate now or risk being stranded on deprecated infrastructure. The platform's QCEX regulatory license only converts to volume if institutional desks trust the stack; a clean contract migration is prerequisite to Mantil's Goldman-honed outreach. A botched switchover or lingering Gnosis dependency would hand Kalshi a clear window to lock in product partnerships before year-end.