Polymarket's Central Limit Order Book (CLOB) v2 went live on April 28 at around 11:00 UTC, alongside a $1 million liquidity rewards program aimed at drawing in professional market makers. The upgrade swaps in new exchange contracts, a rewritten matching engine, and a new collateral token, Polymarket USD (pUSD), as the platform pushes toward institutional-grade performance on what it calls "The World's Largest Prediction Market."
CLOB v2 Details: Fresh Contracts and pUSD Collateral
The platform's documentation describes the 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 must migrate to the new @polymarket/clob-client-v2 or py-clob-client-v2 SDKs; LinkedIn engineering notes warn 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. Community contributor Vihan Singh summarized the move on X, noting the team is "upgrading the entire Polymarket exchange stack… new contracts. New order book. New collateral token," urging 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, generates roughly $800,000 to $1 million daily in revenue while funding a Maker Rebates Program that pays USDC rebates to liquidity providers.
On-chain data shows approximately $9.55 billion in 30-day trading volume, implying about $25 million in monthly fee revenue—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.