Prediction market guides (Onix)
Explainer articles for participants — not a specification, but "how this works for you". Every role is explained from the participant's point of view: a short model → step by step → what matters to understand → links to neighbouring articles. Formal mechanics and parameters are in the Specification, operations are in Operations.
By role — "you are the participant"
| Role | What it covers |
|---|---|
| Bettor | I place a bet. Floating odds, payout proportional to shares, automatic payout on resolution. |
| Market creator | I open a question. Starting liquidity, fee, choice of oracle and dispute mode. |
| Oracle | I announce the outcome. Insurance and risk floor, penalties for getting it wrong, reliability_score reputation. |
| Active LP | I provide depth for the market curve. Income from fees, principal-protected, price-neutral withdrawal. |
| Passive LP (lazy pool) | I deposit VIZ passively. Income from leverage and fees, shares by equity, FIFO withdrawal. |
| Leverage trader | I bet on the price with a loan from the pool. Markup + funding, liquidation, force-close when betting closes. |
By feature — "how the mechanism is built"
| Feature | What it covers |
|---|---|
| Why a pool and not odds | A floating price along a curve (CPMM/LMSR) instead of fixed odds. |
| Oracle and resolution | The resolution timeline: deadlines, early resolution, missed resolution, no-contest. |
| Disputes | How to challenge an outcome: the grace window, the bond, voting modes, reward/penalty. |
| Multi-outcome markets | One market for many outcomes, LMSR vs binary CPMM. |
| Cancelling a bet | Curve-priced exit, cap on the stake, the difference in forfeit_pool. |
| The lazy pool in detail | Shares at the equity price, sources of income, FIFO withdrawal, the free ≥ 0 invariant. |
| Early exit and deferred claim | The profit of an early exit is a deferred claim, paid out of the pot at settlement. |
| Hidden bets (commit-reveal) | Privacy until the reveal, the reveal window, forfeit for not revealing. |
| Events and metadata | How markets are assembled into a match card: event / event_title / child, the parent and the child lines, what the node indexes. |
| Coupon | Several bets in one transaction: atomicity on write, why this is not a parlay, what breaks the submission. |
Where to go next
- Specification — formal rules, parameters, object model.
- Whitepaper — the thesis: why liquidity without risk, two types of markets, the flywheel.
pm_*operations — signed consensus operations.- Workflows — a single market carried through all the roles.