Polymarket to Update Settlement Mechanism for Crypto Markets on August 7

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Polymarket announced a crypto market update on July 30, revealing an overhaul of its settlement mechanism scheduled for 8:00 AM on August 7. The new system will use TWAP instead of a single price snapshot, with varying time windows for different market cycles. On-chain data from the Chainlink TWAP testnet is now available, and mainnet data will launch on August 4. Polymarket will also allocate $10 million in liquidity rewards for affected markets in August.

ChainThink reports that on July 30, Polymarket Developers announced that Polymarket will update its cryptocurrency price movement market settlement mechanism starting August 7 at 8:00 AM. Affected markets will no longer be settled based on a single-point price snapshot, but instead will use a time-weighted average price (TWAP) for settlement.

Specifically, the TWAP averaging window will be adjusted according to market cycles: a 30-second TWAP for the 5-minute market, and a 60-second TWAP for both the 15-minute and 4-hour markets.

Polymarket will also add an additional $1 million in liquidity rewards to all affected markets within August to support liquidity during the transition period.

Chainlink TWAP testnet data is now available; mainnet data and the Polymarket real-time data feed service are scheduled to launch on August 4.

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