Polymarket sets tentative Nov 2 switchover to Protocol V2 for new markets
Polymarket began canary testing of Protocol V2 on Oct. 5 and set a tentative Nov. 2 date to move new markets onto a single ERC-1155 position contract with pUSD collateral.
Why it matters
The rewrite removes the per-market-type adapter contracts that each required a separate approval and could not be changed once deployed, which cuts integration work for market makers; CoinGape frames the change as a move toward institutional territory and notes Kalshi currently leads 24-hour volume. Nothing reported here establishes that the switchover changes Polymarket's competitive position, since it applies only to new markets and existing positions stay on CTF.
Where the sources disagree
Scope of the Nov. 2 cutover
full mainnet switchover on November 2
Crypto News (CryptoNews.net), Crypto News (CryptoNews.net)
newly created markets only, net-new markets tentatively move; existing CTF positions unchanged
Crypto.News, CoinGape, Bitcoin.com News
Crypto News describes Nov. 2 as a full mainnet switchover, while Crypto.News, CoinGape and Bitcoin.com News all limit the move to newly created markets with no migration of existing positions.
Polymarket 24-hour trading volume
$12.3M in 24h volume (Kalshi ~$17.6M)
CoinGape
$0 24-hour volume
Crypto News (CryptoNews.net), Crypto News (CryptoNews.net)
CoinGape reports $12.3M of 24-hour Polymarket volume, while the Crypto News piece reports $0.
Firm credited with auditing or verifying Protocol V2
formally verified by Certora
Crypto News (CryptoNews.net), Crypto News (CryptoNews.net)
auditor Quantstamp described the result
Bitcoin.com News
Crypto News says Protocol V2 is formally verified by Certora and heavily audited, while Bitcoin.com News quotes smart contract auditor Quantstamp describing the result as a single exchange, collateral token and router.
Key facts
Polymarket is running Protocol V2 canary markets in production from Oct. 5 through Oct. 30.
Reported by Crypto News (CryptoNews.net)
Newly created markets are set to move onto Protocol V2 on Nov. 2 on a tentative basis.
Disputed figureReported by Crypto News (CryptoNews.net)
Protocol V2 replaces the Gnosis Conditional Tokens Framework code Polymarket has run on since 2019.
2,019Reported by Crypto News (CryptoNews.net)
V2 collapses the stacked adapter contracts into a single ERC-1155 position contract called PositionManager, where each position ID encodes the market type, market and outcome.
Reported by Crypto.News
An OracleAggregator layer lets markets settle outcomes through UMA and Chainlink.
Reported by Crypto News (CryptoNews.net)
Existing CTF markets and positions will not automatically migrate to the Protocol V2 contracts, and Data API V1 retires on Oct. 24.
Disputed figureReported by Crypto.News
CoinGape put Kalshi at roughly $17.6M and Polymarket at $12.3M in 24-hour volume, while the Crypto News piece reported Polymarket 24-hour volume as $0.
12,300,000 USDDisputed figureReported by CoinGape
What happened
Rajath Alex, Polymarket's head of protocol, announced on Oct. 5 on X that Protocol V2 would run as canary markets in production through Oct. 30, with newly created markets tentatively moving onto the rebuilt contracts on Nov. 2. V2 replaces the 2019 Gnosis Conditional Tokens Framework with a single ERC-1155 contract called PositionManager, pUSD as sole collateral wrapped 1:1 around USDC, and an OracleAggregator that can settle outcomes from UMA and Chainlink. Crypto.News reports that existing CTF markets and positions will not migrate to the new contracts, and that Polymarket's Data API V1 retires on Oct. 24, nine days before the planned cutover. The scope of Nov. 2 is described differently across the set: the Crypto News piece calls it a full mainnet switchover, while Crypto.News, CoinGape and Bitcoin.com News all limit it to newly created markets. Volume figures also conflict, with CoinGape putting Polymarket at $12.3M in 24-hour volume against roughly $17.6M for Kalshi while the Crypto News piece reports Polymarket's 24-hour volume as $0. Verification claims differ too, with Crypto News attributing formal verification to Certora and Bitcoin.com News citing auditor Quantstamp's description of the rewrite.
How the story developed
- Official statement
Rajath Alex announces Protocol V2 and the canary window on Oct. 5
The head of protocol announced the rewrite on X, set canary markets to run in production through Oct. 30 and named Nov. 2 as the tentative date for net-new markets to move.
- First report
First report by Crypto News (CryptoNews.net)
Polymarket Announces Protocol V2 Launch, Targeting Full
- Update
First trade-press report of the V2 announcement
Crypto News published the announcement write-up, sourced to @WuBlockchain, calling Nov. 2 a full mainnet switchover.
- Independent corroboration
Independently corroborated by Crypto.News
Polymarket V2 could change how users bet on events
- Update
Crypto.News details non-migration of existing positions and the Oct. 24 API retirement
Reported that existing CTF markets and positions stay on their contracts and that Data API V1 retires nine days before the planned cutover.
- Update
Data API V1 scheduled to retire before the cutover
Developers lose the V1 API on Oct. 24, nine days ahead of the planned Nov. 2 move.
- Update
CoinGape names PositionManager and reports Kalshi ahead on 24-hour volume
Placed Kalshi at roughly $17.6M against Polymarket's $12.3M over 24 hours and described the switch as a push into institutional territory.
- Official statement
Official statement from Bitcoin.com News
Polymarket Is Rebuilding the Engine Under Every Bet Before November 2
- Update
Bitcoin.com News adds regulated-market volume split and Quantstamp description
Reported $68.18 billion in 30-day volume for regulated U.S. prediction markets, with Kalshi at 73.4% and Polymarket U.S. at 12.2%.
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 6 Oct 2026, 05:12 UTC: Crypto News (CryptoNews.net) — 1 independent source, 1 reports
- 6 Oct 2026, 05:35 UTC: Crypto.News — 2 independent sources, 3 reports
- 6 Oct 2026, 07:23 UTC: CoinGape — 3 independent sources, 4 reports
- 6 Oct 2026, 16:35 UTC: Bitcoin.com News, official — 4 independent sources, 5 reports
Affected entities
Also mentioned: Bitcoin, Base
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | Polymarket Is Rebuilding the Engine Under Every Bet Before November 2 | Independent | |
| Crypto News (CryptoNews.net) Aggregator | Polymarket Announces Protocol V2 Launch, Targeting Full | Original | |
| Crypto.News Crypto media | Polymarket V2 could change how users bet on events | Independent | |
| CoinGape Crypto media | Polymarket Unveils Protocol V2, Targets Nov. 2 Switch to a Single pUSD Market | Independent | |
| Crypto News (CryptoNews.net) Aggregator | Polymarket Announces Protocol V2 Launch, Targeting Full | Syndicated |
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