Polymarket's new VP of DeFi Engineering, Josh Stevens, announced significant technical upgrades to address the platform's infrastructure limitations due to rapid business growth. Key initiatives include migrating to a new blockchain for lower gas fees and faster block times, overhauling the central limit order book, launching perpetual contracts with new contracts and a Rust backend, fixing transaction cancellation issues, and developing new smart contracts with a unified API. Stevens committed to weekly engineering updates starting next Friday to enhance transparency. Polymarket, currently on the Polygon chain, has faced user concerns over transaction delays and cancellations.