Onchain prediction market Polymarket (Polymarket) has flagged a sweeping platform overhaul, including rebuilding its trading engine and introducing an in-house stablecoin, The Block reported on April 6 local time.

Polymarket said on X (Twitter) it will upgrade its full exchange stack over the next 2 to 3 weeks. It said new smart contracts, a new order book and a new collateral token will be introduced. The company said the changes are its biggest platform overhaul since launch.

The centerpiece is the launch of Polymarket CTF Exchange V2 (Polymarket CTF Exchange V2). V2 focuses on cutting the computation needed for order validation and matching and lowering gas usage to implement a fast, efficient matching engine. Polymarket said it also simplified the number of required fields in its order data structure, the Order Struct (Order Struct).

For retail traders, the biggest change is the added support for EIP-1271. EIP-1271 is an Ethereum standard that allows smart contract wallets to sign orders directly on Polymarket. It is now easier to integrate with multisig wallets such as Safe (Safe).

The collateral token will also be replaced. Polymarket will roll out its in-house stablecoin, Polymarket USD (Polymarket USD), instead of USDC.e, the Polygon bridge version of USDC.

Some users have raised concerns that USDC.e is not an official version directly issued by Circle on Polygon. Polymarket USD is backed 1 to 1 by USDC.