Prediction markets Polymarket has unveiled plans to launch its crypto collateral token, the ‘Polymarket USD’, which is able to function the settlement token for all contracts. The Polymarket collateral token will likely be backed by Circle’s USDC and varieties a part of a significant improve by the prediction platform.
Polymarket Collateral Token To Launch Inside The Subsequent Three Weeks
In an X publish, Polymarket revealed that it’s migrating from USDC.e to a brand new collateral token, Polymarket USD, which will likely be backed 1:1 by Circle’s USDC. The prediction markets said that this migration will occur over the subsequent two to 3 weeks.
“For many customers, this transition is seamless. The frontend handles wrapping robotically with a one-time approval immediate,” the prediction markets platform mentioned. It added that Energy customers and API-only merchants might want to wrap their USDC or USDC.e into the Polymarket collateral token through the Collateral Onramp contract’s wrap() operate.
This transfer comes as a part of a “full alternate improve,” whilst prediction markets proceed to realize traction. Polymarket described this transfer as their “Our greatest infrastructure change since launch… sooner execution, decrease gasoline, & a cleaner basis going ahead.”
In the meantime, the Polymarket collateral token launch additionally comes as prediction markets proceed to face crackdown from state regulators over claims that these platforms are working unlicensed sports activities betting platforms. In protection of those prediction markets, the CFTC not too long ago sued 4 U.S. states, reiterating its ‘unique jurisdiction’ over prediction markets.
New Contracts and Order Books
Along with the launch of the Polymarket collateral token, the prediction market can also be launching new contracts and order books. The platform unveiled the CTF Trade V2, an improve to the prevailing Trade contract.
Moreover, the highest prediction market platform famous that this new contract optimizes and simplifies the Order construction, optimizes order matching, contains builder codes for on-chain order attribution, and optimizes charge assortment and distribution. The V2 may even help EIP-1271, enabling safe authentication for good contract wallets.
In the meantime, the brand new order e-book robotically handles the change from model 1 to model 2. Nonetheless, the platform famous that builders will should be on the newest model of every consumer for this auto-migration to work.
This main improve and the launch of the Polymarket collateral token have once more led to speculations that the prediction market may launch its native token sooner or later. It’s value noting that Polymarket filed U.S. logos for POLY and $POLY in February earlier this 12 months. The trademark covers crypto buying and selling and token providers, signaling plans to launch the ‘POLY’ token sooner or later.
