Markets
Every trade on Conviction happens within a market. A market is a "question about a specific future event", and the possible answers to that question are its outcomes.
#What makes up a market
- Question — e.g. "Will BTC break $100,000 by December 31?"
- Category — Crypto / Sports / Politics / Entertainment / Science / Finance / Other
- Outcomes — usually YES and NO. Each outcome carries a current price (the market's estimated probability).
- Schedule — trading start date, close date, and expected resolution date
#Market types
| Type | Description | Outcomes |
|---|---|---|
| Binary | The most common. Exactly one of YES / NO is correct. | 2 |
| Categorical | One of several candidates (e.g. "Who wins the next election?"). | 3 ~ N |
| Price (Up/Down) | A recurring market on a crypto price over a fixed window (e.g. 15 minutes). See Price markets. | 2 |
#Trading states
A market passes through the following states in order. You can't change them yourself — they transition automatically on schedule.
| State | Meaning |
|---|---|
| Pending | Just created, before trading starts |
| Active | Buying and selling are open |
| Locked | Close time reached, awaiting outcome — the trade button reads "Trading closed" |
| Resolved | The outcome is finalized — redemption is now possible |
| Cancelled | The outcome is voided; holders are paid at the probability split at cancellation, collected with Redeem |
Markets are registered by the operations team, proposed by users through AI market proposals (the daily number depends on the fee tier), or created automatically by the protocol (price markets).
#Next concepts
- Orders — what Limit / Market, BUY / SELL, and FAK mean
- Outcomes — what outcomes (shares) are
- Resolution — how an outcome is finalized
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