Polymarket has begun running production canary markets on Protocol V2, a rebuilt smart-contract system intended to replace the Gnosis-based Conditional Tokens Framework for newly created markets.
The new architecture uses one ERC-1155 positions contract, pUSD collateral, separate exchanges for four market types, and a router. The supported designs are binary, atomic negative-risk, incremental negative-risk, and combinatorial markets, The Block reported.
An OracleAggregator is designed to accept resolution data from UMA, Chainlink, and other providers. The system also contains provisions for moving positions, collateral, and resolutions across chains, although those cross-chain functions are not yet active.
Canary markets are scheduled to run through 30 October, with a tentative switch to V2 for net-new markets on 2 November. Existing positions therefore do not automatically migrate on the announcement. Polymarket says the code has been reviewed by six security firms, formally verified by Certora, and covered by a bug bounty offering up to $5 million for critical findings.
TOKEN RECON ASSESSMENT
V2 replaces an accumulated contract stack with a more unified system at a time when Polymarket’s scale makes migration risk material. The 2 November target should be treated as conditional until the canary period ends. Failed resolutions, collateral mismatches, oracle disagreements, or a delay in the cutover would be more informative than promotional volume claims. A clean canary run would establish that the redesign can support new market types without inheriting the full complexity of the old framework.
Source
The Block, Polymarket Protocol V2 canary rollout: https://www.theblock.co/news/business/2026-10-06-polymarket-rolls-out-v2-upgrade-with-single-erc-1155-positions-contract-pusd-collateral-417804
