According to an official announcement published on X by Polymarket developers on April 27, Polymarket will launch a full platform infrastructure upgrade on April 28 at 11:00 UTC, with trading paused for about 1 hour. This upgrade includes a new generation of trading contracts, a redesigned order book, and the introduction of a new collateral token, pUSD; the platform’s existing collateral assets will migrate from USDC.e to pUSD.
Upgrade Timeline and User Action Plan
According to Polymarket developers’ announcement on April 27, the exchange will begin a shutdown for about 1 hour starting at 11:00 UTC on April 28. During the upgrade, all open limit orders on the V1 order book will be canceled; after the upgrade is completed, users will need to rebuild their positions.
Polymarket confirmed in its announcement that users’ funds and existing holdings will remain fully intact during the upgrade, and account balances will automatically carry over; most users won’t need to take any additional action. The frontend will complete the migration automatically, and only a one-time approval confirmation is needed.
pUSD Collateral Token: Mechanism and Migration Plan
According to Polymarket developers’ announcement, pUSD (Polymarket USD) is an ERC-20 asset on the Polygon network, supported on-chain by USDC at a 1:1 ratio and maintained at parity with the U.S. dollar. After the upgrade, the platform will replace USDC.e with pUSD as the collateral token; the protocol will still use native USDC for final settlement to improve capital efficiency and scalability.
Users holding USDC must complete a one-time conversion approval before the upgrade is completed.
CLOB V2 Technical Update
According to Polymarket’s official announcement, CLOB V2 makes the following technical enhancements to the V1 architecture: order matching, fee calculation, and order lifecycle management are comprehensively restructured, lowering Gas costs, and fixing previously encountered transaction failures caused by nonce and balance validation.
Polymarket confirmed in its announcement that the new contracts have undergone security audits by two organizations, Cantina and Quantstamp, and the source code has been made available along with the establishment of a bug bounty program.
Impact on API Developers
According to Polymarket developers’ announcement, API users must update to the latest version of the Polymarket SDK before 11:00 UTC on April 28; V1 version API clients will stop functioning completely after the upgrade switch. Any systems that continue to run V1 client code after the upgrade will lose their connection to the exchange.
Frequently Asked Questions
What is the specific timing of Polymarket’s April 28 upgrade and what is the impact on the order book?
According to Polymarket developers’ announcement on April 27, the upgrade will start at 11:00 UTC on April 28, with trading paused for about 1 hour; all open limit orders on the V1 order book will be canceled, and users will need to rebuild their positions after the upgrade; account balances and existing holdings will be fully preserved.
What is the relationship between pUSD and USDC, and what actions does the user need to take?
According to Polymarket’s official announcement, pUSD is supported on-chain by USDC at a 1:1 ratio and is an ERC-20 asset on Polygon; users holding USDC need to complete a one-time approval confirmation before the upgrade, and the frontend will automatically complete most of the migration process.
By when do API developers need to complete the SDK update?
According to Polymarket developers’ announcement, API users must update to the latest version of the Polymarket SDK before 11:00 UTC on April 28; V1 version API clients will stop functioning completely after the upgrade.
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