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

Prominent on-chain prediction marketplace level Polymarket is deploying a large upgrade to its method foundations, including implementing a caller bid publication and its ain stablecoin for usage arsenic collateral connected the platform. 

The steadfast is calling the upgrade its “biggest alteration to date.” 

“We've heard your feedback, and we're excited to denote Polymarket is getting a afloat speech upgrade,” the prediction marketplace posted connected X. “Over the adjacent fewer weeks, we're rolling retired a rebuilt trading engine, upgraded astute contracts, and a caller collateral token, Polymarket USD.”

The changes are expected to beryllium implemented implicit the coming weeks, with a little play requiring the cancellation of each unfastened orders connected the platform. However, the steadfast says it volition springiness traders astatine slightest “a fewer days” of precocious announcement anterior to cancelling unfilled orders. 

“Our biggest infrastructure alteration since launch… faster execution, little gas, and a cleaner instauration going forward,” it said. 

While the steadfast doesn’t expect a hard modulation for astir prediction marketplace users, builders, API-only traders, and powerfulness users whitethorn beryllium much affected by the changes. For example, users moving bots to commercialized connected the markets volition request to update their bundle improvement kits to alteration trading with the caller bid publication structure. 

Additionally, much precocious users whitethorn request to usage a astute declaration wrapper relation to determination their USDC oregon USDC.e into the firm’s caller stablecoin and collateral token—Polymarket USD. 

The steadfast has historically utilized USDC.e connected Ethereum scaling network, Polygon, which represents a bridged mentation of Circle’s dollar-backed stablecoin USDC. But the determination to its ain token, which volition beryllium backed 1:1 with Circle’s USDC, created speculation among users astir improved yields for those holding funds connected the platform and the imaginable for a sizable gross bump for the firm. 

Meanwhile, different users speculated that the motorboat of its ain stablecoin could besides spur the rollout of the platform’s planned autochthonal token, POLY. Yet, while the token was confirmed to beryllium successful the works, predictors connected Myriad—a prediction marketplace from Decrypt's genitor company, Dastan—do not judge it volition motorboat by May, putting likelihood of the token motorboat earlier that clip conscionable 11%.