TLDR:
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- Polymarket will go offline for roughly one hour on April 28 at 11 a.m. UTC for exchange upgrades.
- The new pUSD stablecoin is backed 1:1 by USDC and will replace direct USDC use across the platform.
- All open limit orders on the v1 orderbook will be cancelled at cutover, requiring users to re-place them.
- API developers must update to the latest Polymarket SDK before cutover, as v1 clients will stop working.
Polymarket is set to roll out a sweeping infrastructure upgrade on April 28, introducing its native stablecoin pUSD and a revamped order-matching engine.
The exchange will go offline for roughly one hour starting at 11 a.m. UTC. All open limit orders placed on the v1 orderbook will be cancelled at cutover.
User funds and existing positions, however, will remain fully intact throughout the transition period.
pUSD Launch Marks a New Chapter for Polymarket
On April 27, Polymarket Developers posted on X that exchange upgrades go live on April 28 at 11 a.m. UTC. The announcement confirmed roughly one hour of downtime, with the v1 orderbook cleared and all open limit orders cancelled. Funds and existing positions were noted as safe throughout the process.
Polymarket’s new stablecoin, pUSD, will be backed 1:1 by USDC, keeping it pegged at par with the dollar. The token is designed to serve as the native settlement currency across the platform going forward. Users holding USDC balances will need to approve a conversion to pUSD before the upgrade completes.
The shift to a native stablecoin is part of a broader effort to tighten Polymarket’s internal liquidity framework. By anchoring pUSD to USDC reserves, the platform aims to reduce friction in fund flows between markets. This structure also gives the team more control over how capital moves within the exchange.
CLOB V2 Brings a Rebuilt Orderbook and Matching Engine
The CLOB V2 upgrade replaces the existing central limit orderbook with an entirely new architecture. The v1 orderbook will be cleared at cutover, and all open limit orders will be cancelled at that point. Market participants will need to re-enter their positions after the system comes back online.
The new matching engine is built to handle higher throughput and more efficient order processing. Accordingly, API users must update to the latest Polymarket SDK before April 28 at 11 a.m. UTC. V1 API clients will stop functioning entirely once the cutover takes effect.
Developers integrating with Polymarket should treat this deadline seriously. Any system still running v1 client code after the transition will lose connectivity to the exchange. The team has urged all API-dependent participants to test updated SDK versions ahead of the scheduled maintenance window.
The post Polymarket Launches pUSD and CLOB V2 in Major Exchange Upgrade Scheduled for April 28 appeared first on Blockonomi.
Source: https://blockonomi.com/polymarket-launches-pusd-and-clob-v2-in-major-exchange-upgrade-scheduled-for-april-28/
