Polymarket has announced the launch of a new network and native stablecoin. To facilitate the trade, the prediction platform will provide $1 million in additional liquidity.
Polymarket completed a network upgrade on Tuesday and resumed trading about an hour after the update. As a cryptopolitan reported Prior to this, Polymarket plans to upgrade its platform and transform it from a prediction market into a professional trading venue that includes market makers and upcoming perpetual futures trading.
Registered users with balances on the platform can log on and convert stablecoins from bridged coins. $USDC For new pUSD assets, announced Run Polymarket through the X handle.
The transition to a new trading and payment system follows a period of rapid growth for Polymarket, which has outgrown its current betting and payment system.
The transaction will now take place Occurs in Polymarket’s CLOB (Central Limit Order Book). Decentralized payments with off-chain order matching. All transactions remain decentralized and uncontrolled.
The final transaction will still be settled on Polygon. Polymarket also abandoned the bridge. $USDC The stablecoin has moved to its own asset, pUSD. Token is still backed $USDCfor front-end users, balances are automatically converted.
Polymarket has launched an API for power users that wraps: $USDC Convert to pUSD for API-based trading.
What’s new in Polymarket’s order matching and payment system?
According to the platform, Polymarket has completely rebuilt its exchange using the new version of Solidity, 0.8.30. document.
Polymarket has rebuilt the Order Manager, Ledger, Executor, Balance Checker, and Tracker as an entirely new service. Orders are not tracked by on-chain nonces, but by millisecond-accurate timestamps.
The predictive platform will also overhaul its teams and add observability to monitor for errors and unusual events, DeFi VP of Engineering Josh Stevens said in a recent X post.
Users reacted to the new trading system with unexpected fees. Prior to the upgrade, Polymarket announced that the geopolitical and global events market will remain free. However, other eligible markets incur fees when matching orders.
Traders found that fees were being charged unexpectedly in each market. Polymarket is Fee To fund a market rebate program that compensates market makers. Market takers supply commissions. With the recent addition of rebates, Polymarket is also open to bot-driven market-making activities.
So far, Polymarket has not prevented bots from trading and has become a testing ground for AI agents with autonomous wallets.
Polymarket launches upgrade as sales volumes remain near peak levels
Polymarket’s upgrade comes after its most successful few months to date. After a peak of $10.6 billion in March, the platform’s trading volume reached $8.1 billion in April.
However, in April, Polymarket achieved peak fees of over $28 million, based on Dune Analytics data.
The platform has reached 2.49 million unique users and has generated $81 billion in cumulative sales to date. Kalsi still competes with this platform and is the industry leader so far. taker volumemore than $13 billion per month compared to Polymarket’s $8 billion.
