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.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Prediction market theory founder Robin Hanson: insider information is one of the value propositions of prediction markets
Polymarket and Kalshi have rolled out restrictions on insider trading under regulatory pressure; however, Robin Hanson, the founder of the prediction market theory, believes that inside information is a core mechanism for market value and for quickly reflecting the truth. He used the metaphor of a poker table to warn about the risks of information asymmetry, and argued that if insiders were completely excluded, the market might just become a riddle dressed up as a financial product. The article says he views prediction markets as democracy rather than elite monopolization, and questions whether, if officials’ trading were banned, reporters’ leaks should also be restricted. This view comes from ABMedia’s chain-news report.
ChainNewsAbmedia1h ago
CLARITY Bill enters a critical 28-day window! Polymarket: Probability of passing drops to 38%
According to data from Polymarket prediction markets on April 27, the probability that the “Digital Asset Market Clarity Act” (CLARITY Act) will be completed into law in 2026 has fallen from a previous peak of 70% to 38-50%. As of April 27, there are only 28 days left until May 25, 2026, Memorial Day holiday in the United States.
MarketWhisper5h ago
SSRN Research Paper: Polymarket’s Pricing Accuracy Comes From 3.14% Informed Traders
According to academic paper published on SSRN on April 20, a research team from London Business School and Yale University analyzed Polymarket’s complete trading records and concluded that the platform’s pricing accuracy is mainly driven by 3.14% of informed traders, rather than the collective intelligence of all accounts. The study covers 98,906 events, 210,322 markets, involves 1.72 million accounts, and total trading volume reaches $13.76 billion.
MarketWhisper6h ago
Research reveals: Polymarket players take home 30% of profits by winning 3% of the positions—more than 70% of players absorb all losses
A new study analyzes Polymarket’s trading records from 2023–2025 and shows that only 3.14% of experienced winners control more than 30% of the profits. Crowd participation alone is not enough to explain overall accuracy; at the same time, it tracks 1,950 highly suspicious insider trading accounts that, while not driving predictions, amplified price volatility. The case shows that large bets were placed and profits were made before the U.S. announced developments regarding Venezuela. The research questions “wisdom of crowds” and emphasizes the need for increasingly strict regulation.
ChainNewsAbmedia8h ago
Polymarket Analysis: Crypto Events Account for 40% of Top 10 Most Volatile Markets
Gate News message, April 27 — Polysights, a third-party prediction market data platform, analyzed over 20,000 Polymarket markets from the past six months and released a volatility ranking. The analysis revealed that cryptocurrency-related markets account for four of the top ten most volatile markets
GateNews9h ago
Polymarket Non-Sports Volume Reaches $7.5B vs. Kalshi's $1.6B, Says Blockchain Capital Partner
Gate News message, April 27 — According to Spencer Bogart, a partner at Blockchain Capital, Kalshi and Polymarket have nearly identical total trading volumes of approximately $12.2 billion each (Kalshi at $12.29 billion, Polymarket at $12.22 billion). However, when sports-related trades are
GateNews9h ago
