Polymarket Updates Oracle Mechanism, Introduces Proposal Whitelisting to Improve Market Efficiency

BlockBeats News, August 12th, according to official documentation, Polymarket has announced an update to its oracle mechanism, introducing a new MOOV2 contract to replace the previous OOV2 contract to address issues such as premature proposals, lack of experience leading to frequent disputes, and market delays. The most controversial change in the MOOV2 contract is the establishment of a proposal whitelist.

Under the old OOV2 contract, any user could submit a proposal, leading to many first-time proposers losing their deposits due to lack of experience and causing market settlement delays of up to four days, impacting user experience.

The new MOOV2 contract stipulates that only whitelisted addresses can submit proposals. Users are required to convene whitelisted proposers via Discord for submission, while anyone can still raise objections. This move encourages thorough pre-proposal discussions, reducing disputes and delays in non-controversial markets.

The documentation states that the restrictions of MOOV2 also bring centralization risks, which may undermine widespread community participation and dispute resolution discussions, reducing oracle transparency. Polymarket's action aims to balance proposal quality with user experience, creating a more efficient market environment.