Market Lifecycle

Every Strike market transitions through these states:

Open → Closed → Resolving → Resolved
                          ↘ Cancelled

States

Open

• Orderbook accepts orders (place, cancel)

• Batch clearing runs at configured intervals (~3s)

• Traders can mint/merge outcome token pairs

• Transition: automatically enters Closed when block.timestamp + batchInterval >= expiryTime

Closed

• No new orders accepted — the final batch has cleared

• Existing orders can still be cancelled (to free collateral)

• Traders can still claim unclaimed fills from previous batches

• Outcome token pair minting/merging still available

• Transition: anyone submits a valid Pyth resolution → enters Resolving

Resolving

• Resolution has been submitted with signed Pyth price data

• Finality gate: the protocol waits for economic finality (n+2 blocks on BSC) before finalizing

• Challenge window: during this period, anyone can submit an alternative Pyth update; the contract deterministically picks the earliest valid publishTime within the settlement window

• Transition: finalizeResolution() called after finality window → enters Resolved

Resolved

• Outcome is final (YES or NO)

• Winning outcome tokens redeem 1:1 for collateral

• Losing tokens are worthless

• Resolver receives bounty from market creation bond

Cancelled

• Triggered if no valid Pyth update is submitted within the maximum resolution window (24h)

• Also triggered if confidence interval exceeds threshold at resolution time

• All outcome tokens can be burned for collateral refund (1 YES + 1 NO → 1 collateral)

• Market creation bond returned minus gas costs

Timeline (5-minute market, 3s batch interval)

0:00    Market created, strike price captured from Pyth
0:00    Orderbook open — batches clear every ~3s
        ...
4:57    Last batch clears (< 3s remaining → trading halts)
5:00    Expiry timestamp reached — market enters Closed
5:00+   Resolver submits Pyth update for [T, T+60s] window
        Finality gate (n+2 blocks, ~1.1s)
        Challenge window open during finality period
~5:02   finalizeResolution() → market Resolved
5:02+   Traders redeem winning tokens