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

Outstanding on-chain prediction market platform Polymarket is deploying a significant improve to its technical foundations, together with implementing a brand new order guide and its personal stablecoin to be used as collateral on the platform. 

The agency is looking the improve its “greatest change to this point.” 

“We have heard your suggestions, and we’re excited to announce Polymarket is getting a full alternate improve,” the prediction market posted on X. “Over the following few weeks, we’re rolling out a rebuilt buying and selling engine, upgraded good contracts, and a brand new collateral token, Polymarket USD.”

The modifications are anticipated to be applied over the approaching weeks, with a quick interval requiring the cancellation of all open orders on the platform. Nevertheless, the agency says it can give merchants not less than “a few days” of superior discover previous to cancelling unfilled orders. 

“Our greatest infrastructure change since launch… sooner execution, decrease fuel, and a cleaner basis going ahead,” it mentioned. 

Whereas the agency doesn’t count on a tough transition for many prediction market customers, builders, API-only merchants, and energy customers could also be extra affected by the modifications. For instance, customers operating bots to commerce on the markets might want to replace their software program growth kits to allow buying and selling with the brand new order guide construction. 

Moreover, extra superior customers might have to make use of a sensible contract wrap perform to maneuver their USDC or USDC.e into the agency’s new stablecoin and collateral token—Polymarket USD. 

The agency has traditionally utilized USDC.e on Ethereum scaling network, Polygon, which represents a bridged model of Circle’s dollar-backed stablecoin USDC. However the transfer to its personal token, which might be backed 1:1 with Circle’s USDC, created hypothesis amongst customers about improved yields for those holding funds on the platform and the potential for a sizable revenue bump for the agency. 

In the meantime, different customers speculated that the launch of its personal stablecoin may additionally spur the rollout of the platform’s deliberate native token, POLY. But, while the token was confirmed to be in the works, predictors on Myriad—a prediction market from Decrypt‘s mum or dad firm, Dastan—do not believe it will launch by May, placing odds of the token launch earlier than that point simply 11%.