How it works

How it works

1. Someone creates a market on a YES/NO question.

2. While it is open, anyone can bet by getting YES or NO tokens, or by trading them.

3. At the deadline, the resolver records the verdict. The winning token is worth 1; the losing token is worth nothing.

YES and NO tokens

Deposit 1 unit of the market's collateral to mint 1 YES and 1 NO. Hand both back at any time before the market resolves to merge them into 1 unit of collateral. Once it resolves, each winning token redeems for 1 unit; the losing token is worth nothing.

Roles

The creator opens the market: the question, the resolution rules, the collateral, the dates and the resolver. By default they offer buy and sell prices, and they earn a fee on every mint. They can never block a merge or a redeem.

The resolver is the creator, unless the creator picks someone who agreed in advance. Their one power is to record the verdict, within 24 hours of the deadline. They are paid up front, at every mint.

Bettors need no account and no permission. They buy or sell at the price the creator shows, or mint, merge and redeem tokens.

We set our fee and the list of allowed collaterals. We cannot touch deposited funds.

Resolution and deadlines

A market closes at its deadline. Its resolver then has 24 hours to record YES, NO or Invalid.

Some markets let the resolver settle early, at a moment they choose. This is shown before you bet.

If the verdict is Invalid, or nobody records one in time, the market is voided and each token redeems for half.

Fees

The fee is taken when you mint, and nowhere else: trading, merging and redeeming are free.

Creating a market can also cost a fixed fee in SOL, paid by the creator. It is 0 by default.

FAQ