Polyhype Exchange Upgrade: May 3, 2026

July 5, 2026

On May 3, 2026 at ~11:00 UTC, Polyhype is rolling out a coordinated upgrade of the exchange stack: new smart contracts, a rewritten order book, and a new collateral token. Trading will be paused for approximately 1 hour (until ~12:00 UTC) during the cutover.

Key Details

• When: May 3, 2026, starting around 11:00 UTC
• Downtime: ~1 hour of paused trading
• What you need to do: For most users, nothing. You just need to approve the conversion of your balance to pUSD, and approve trading on the upgraded contracts.
• Your open orders: All existing order books will be cleared during the maintenance window. You'll need to re-place orders after the upgrade.
• Your funds: Your balance carries over. pUSD is backed 1:1 by USDC, with backing enforced onchain by the smart contract.

What's changing

New Exchange contracts (CTF Exchange V2)

The core smart contracts have been rebuilt. Improvements include:

• Simplified order structure
• Optimized order matching
• Improved fee collection and distribution
• Lower gas costs (new contracts use more efficient libraries)

Updated order book

• Reliability: The new architecture reduces the balance-check race conditions and nonce invalidation issues that caused most failed trades. Nonce-related execution failures go away, along with edge cases that caused failed trades.
• Fee handling: Fees are now calculated at match time instead of order placement time, which removes a category of edge-case failures.
• Order management: Better order lifecycle tracking.

A new collateral token: Polyhype USD (pUSD)

Polyhype is migrating from USDC.e to Polyhype USD (pUSD) as the collateral token.

• pUSD is a standard ERC-20 token on Polygon, backed 1:1 by USDC.
• The backing is enforced onchain by the smart contract — no algorithmic peg, no fractional reserve.
• The protocol settles all trading activity in native USDC, providing a more capital efficient and scalable settlement standard.
• Day to day, nothing changes. You load funds, you see a balance, you trade, you withdraw. pUSD is the technical layer underneath.

What to expect on May 3

During the window

Trading will be paused for approximately 1 hour on May 3, starting around 11:00 UTC. All existing order books will be cleared.

After the upgrade

• Open orders from before the upgrade will have been cleared. You'll need to re-place them.
• You'll see a one-time approval prompt the first time you trade to convert your balance to pUSD and approve the new exchange contracts.
• The migration itself is a one-time action.

Security

The CTFv2 contracts have been audited by Cantina and Quantstamp.