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- Polymarket is updating its order book and smart contracts as part of its “biggest change yet.”
- The platform is also unveiling its own stablecoin – Polymarket USD – to replace its current token.
- Polymarket is also planning to launch its native token, POLY, although an ETA has not been announced.
Prominent on-chain prediction market platform Polymarket is deploying a major upgrade to its technical foundations, including implementing a new order book and its own stablecoin to use as collateral on the platform.
The company describes the upgrade as “the biggest change yet.”
“We’ve heard your feedback, and we’re excited to announce that Polymarket has received a full exchange upgrade,” Prediction market published on X. “Over the next few weeks, we will be rolling out a rebuilt trading engine, updated smart contracts, and a new token, Polymarket USD.”
The changes are expected to be implemented over the coming weeks, with a short period requiring the cancellation of all open orders on the platform. However, the company says it will give traders at least… “a few days” Advance notice before canceling incomplete orders.
“The biggest change to our infrastructure since launch…faster implementation, less gas, and a cleaner foundation going forward,” she said.
Although the company does not anticipate a difficult transition for most prediction market users, builders, API-only traders, and power users may be more affected by the changes. For example, users who use bots to trade the markets will need to update their software development kits to enable trading using the new order book structure.
In addition, more advanced users may need to use the smart contract wrapping function to transfer USDC or USDC.e to the company’s new stablecoin and token – Polymarket USD.
The company has historically used USDC.e Ethereum Grid sizing, ribbedwhich represents a shortened version of the dollar-backed Circle coin Stable coin US dollars. But moving to its own code, which will be supported at a 1:1 ratio USDC circlecreating speculation among users about improved returns Those who keep funds on the platform And the possibility of a Big bump in revenue For the company.
Meanwhile, other users speculated that the launch of their own stablecoin could also spur the launch of the platform’s planned native token, POLY. yet, While it has been confirmed that the token is in the works,Forecasters on Myriad – prediction market from DecryptionParent company, Dastan—I don’t think it will be released by Maywhich puts the odds of the token being launched before then at just 11%.
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