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Polymarket updates Oracle Machine mechanism and introduces Allowlist for proposers
On August 12, according to official documents, Polymarket announced an update to its Oracle Machine mechanism, introducing the new MOOV2 contract to replace the previous OOV2 contract, in order to address frequent disputes and market latency issues caused by premature proposals and lack of experience. The most controversial change in the MOOV2 contract is the establishment of an allowlist for proposers.
Under the old OOV2 contract, any user could submit proposals, resulting in many first-time proposers losing their deposits due to lack of experience, and causing market settlements to be delayed for up to four days, affecting user experience.
The new contract MOOV2 stipulates that only allowlist addresses can submit proposals, and users need to gather allowlist proposers through Discord for submission, while anyone can still raise objections. This move encourages thorough discussion before proposals, reducing disputes and latency in non-controversial markets.
The document states that the limitations of MOOV2 also bring centralization risks, which may weaken community-wide participation and controversial discussions, and reduce the transparency of the Oracle Machine. Polymarket's move aims to balance the quality of proposals with user experience, creating a more efficient market environment.