Polymarket: the plumbing risks (pUSD admin keys, V2 migration, UMA timelines)

Saw the other Polymarket dossier here, so I'm not repeating it. This one is only the plumbing, where I found the most checkable facts.

Token status. Help Center (2026-06-24): no native token, no announced airdrop or TGE. Press in Oct 2025 said a token is planned after the US relaunch, but that's not dated, so I'm going by the official page. No FDV/vesting to model.

pUSD. Since the CLOB V2 cutover (2026-04-28) trading uses pUSD, a 1:1 USDC-backed wrapper on Polygon. The docs say Onramp/Offramp can be paused by admins, but not who holds that key, whether it's a multisig, or how upgrades are governed. Several contracts are upgradeable proxies. My biggest open question.

V2 migration. Old CTF Exchange repo archived 2026-05-11, old Neg Risk Adapter deprecated, redeem grace period ended 2026-07-17. V1 positions needed action, a real user-side risk.

Audits. CTF Exchange V2: Quantstamp and Cantina (Mar 2026), plus a Cantina bug bounty, per the contracts page. I only saw the listing, not the reports, so I can't say what was left open.

UMA resolution. Bond about $750 pUSD, 2h challenge window if undisputed. A dispute means 4-6 days, ending in a UMA token-holder vote (~48h). Question wording can't change after trading starts, so capital in a contested market is locked for days.

Fees. Only takers pay: 0 to 0.07% by category, geopolitical 0%. Makers get 15-25% rebates from taker fees. Revenue is volume-capped and leans on sports/elections, so it's seasonal.

Sources: docs.polymarket.com (pUSD, resolution, fees, contracts, changelog), help.polymarket.com token FAQ, github.com/Polymarket. Happy to be corrected, especially on the pUSD admin point.

Disclosure: I hold no Polymarket-related token or position. Posting as part of a Legion Republic research quest and may receive Republic rewards. Not investment advice.