Polymarket’s CLOB v2 upgrade ships new exchange contracts, pUSD collateral, and $1M in liquidity rewards to deepen books and court professional market makers.
Summary
- Polymarket’s Central Limit Order Book (CLOB) v2 went live today, alongside a $1 million liquidity rewards program designed to attract professional market makers and deepen books.
- The upgrade swaps in new exchange contracts, a rewritten matching engine, and a new collateral token, Polymarket USD (pUSD), as the platform chases institutional‑grade performance on what it calls “The World’s Largest Prediction Market.”
- With recent fee changes already driving about $1 million in daily revenue on roughly $9.55 billion in 30‑day volume, the new incentives are aimed at scaling liquidity and tightening spreads across hundreds of event markets.
Polymarket’s CLOB v2 upgrade went live on April 28 at around 11:00 UTC, after a brief maintenance window that cleared existing order books and cut over traffic to a rebuilt exchange stack.
According to the project’s changelog, the coordinated release introduces “new Exchange contracts, a rewritten CLOB backend, and a new collateral token (Polymarket USD, or pUSD),” with no backward compatibility for legacy integrations.
CLOB v2 goes live with fresh contracts and collateral
The platform’s documentation describes Polymarket’s CLOB as a “hybrid‑decentralized trading system — offchain order matching with onchain settlement via the Exchange,” now upgraded to CTF Exchange V2 and Neg Risk CTF Exchange V2 for improved speed and scale.
Developers are required to migrate to the new @polymarket/clob-client-v2 or py-clob-client-v2 SDKs, with LinkedIn engineering notes warning that “no update means no execution” for bots and API integrations after the cutover.
The upgrade also adds support for 1271 signatures and on‑chain attribution codes for builders, making it easier for institutional players and front‑ends to route orders, track flow, and share in fee revenue.
In an earlier summary on X, community contributor Vihan Singh wrote that the team is “upgrading the entire Polymarket exchange stack… new contracts. New order book. New collateral token,” and urged traders to update SDKs before the migration.
$1M liquidity rewards aim at market makers
Alongside CLOB v2, Polymarket announced a $1 million liquidity rewards program meant to draw in market makers and deepen order books across its finance, politics, and culture markets.
The incentives build on a fee overhaul that, according to analyst estimates cited by Phemex, is expected to generate “approximately $800,000 to $1 million daily” on current volumes while funding a Maker Rebates Program that pays USDC rebates to liquidity providers.
On‑chain data referenced by KuCoin shows roughly $9.55 billion in 30‑day trading volume, implying about $25 million in monthly fee revenue, or an annualized run‑rate near $300 million.
Polymarket’s own markets page now promotes hundreds of live “Rewards 100, 4.5, 100” markets with the tagline “The World’s Largest Prediction Market,” underscoring its ambition to be the default venue for event‑driven flow.
With CLOB v2, pUSD collateral, and a seven‑figure liquidity pool aimed squarely at market makers, the platform is pushing closer to institutional‑grade microstructure at the very moment prediction markets are drawing scrutiny from U.S. regulators and a rush of new retail users.
