Glossary
The terms used on a market page.
- YES / NO token
- One side of a market's final outcome. A winning token pays 1 USDC before the disclosed redemption fee. A losing token pays nothing.
- Price
- What one token costs in its Raydium pool, set by the buying and selling there. YES and NO are priced separately, and the AI estimate plays no part in either.
- Spot observation
- A pool price saved at a moment in time. It leaves out swap fees and price impact, so it is not a quote you can execute. The pool may have moved since.
- AI estimate
- The weekly average of three models reading the same evidence. It helps you weigh the evidence. It is not proof, not a market price and not a payout.
- Complete pair
- One YES token plus one NO token, backed by 1 USDC locked when the pair is created.
- Mint
- Depositing 1 USDC to create one YES and one NO together, plus the market's mint fee. The 1 USDC goes into the reserve. You do not need a pair to buy one token; a swap in the pool does that.
- Merge
- Handing back one YES and one NO before settlement to release 1 USDC from the reserve, less the redemption fee.
- Settlement
- The process that fixes a final contractual outcome under the market's written criteria. Three models must return one matched explicit YES or NO, and that result finalizes on chain. No appeal.
- Redemption
- Burning a winning token for its collateral after final settlement. It pays 1 USDC less the disclosed fee.
- Price impact
- The difference your swap size makes to the price available in a pool.