A
Asynchronous Trade
A multi-transaction trade execution mode where the trade may be completed across multiple transactions.E
Event
A real-world occurrence or question that prediction markets are based on. Events have a ticker, title, subtitle, and can contain multiple markets. Events are organized into series.I
Increase Position
The act of opening a new order to increase your position in an event outcome. When an increase order is filled, outcome tokens are minted to the trader’s wallet. Stablecoins are transferred to the Settlement Vault, and platform fees are collected.M
Market
A specific binary market within an event that allows traders to bet on a particular outcome. Each market has YES and NO outcome tokens.Market Ledger
An account that stores the outcome determination for a market. The Settlement Authority writes the determined outcome into this account when an event is settled.Market Tokenization
The process of creating outcome tokens (YES and NO tokens) on-chain for a prediction market. When a market is tokenized, it becomes “initialized” and traders can begin trading its outcome tokens. Markets can be tokenized on-demand when the first trade is placed.O
Outcome Token
Tokens that represent positions in a prediction market outcome. Each market has two types of outcome tokens: YES tokens (representing a position that the outcome will occur) and NO tokens (representing a position that the outcome will not occur).R
Reduce Order Escrow
An on-chain account that holds outcome tokens when a trader initiates a reduce position order. The tokens are transferred to this account before the order is filled.Reduce Position
The act of selling existing outcome tokens back for stablecoins to decrease your position in an event outcome.Redemption
The process of exchanging outcome tokens for stablecoins after a market has been settled and the outcome has been determined.Redemption Vault
An on-chain account that holds stablecoins for redeemed outcome tokens. After settlement, the Settlement Authority transfers funds from the Settlement Vault to the Redemption Vault, enabling traders to redeem their winning positions.S
Series
A collection of related events, typically organized around a common theme or category. Events within a series share a series ticker identifier.Settlement
The process of determining the final outcome of an event and making funds available for redemption. The Settlement Authority determines the outcome, writes it to the Market Ledger, and funds the outcome by transferring stablecoins to the Redemption Vault.Settlement Authority
The entity responsible for determining event outcomes, filling orders, and managing the settlement process. The Settlement Authority reads orders from escrow accounts, interacts with offchain liquidity providers, and executes the settlement workflow.Settlement Mint
A stablecoin that serves as the intermediary token in all prediction market trades. All trades flow through the settlement mint, converting from the user’s input token to the settlement mint, then to outcome tokens. When outcome tokens are redeemed, payouts are made in the settlement mint. The settlement mint is used as the key in theaccounts object within market data.