Core Concepts

Market Lifecycle

The states that control when a Market can accept orders, resolve, settle, or refund.

States

The Market exists but is not officially open for trading.

The Market is open for Orders and Trade Execution.

Trading has ended and the protocol is waiting for Resolution.

A Resolution has been recorded for the Market.

The protocol-level Settlement process is finalized.

The Market is invalidated or stopped and returns collateral through Refunds.

Every MVP Market starts as Preliminary and requires explicit LIME/Admin activation before Orders or Trade Execution are allowed.

Settled does not mean every user has claimed. It means the Market is finalized at the protocol level; individual Claims can still be pending.