Towards Mainnet #2 — Life Cycle & Stages For Markets

PlotX
PlotX
Sep 23 · 4 min read
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As PlotX nears the mainnet launch, the team is excited to throw light on the new features which will be part of the upcoming release. Since the launch of the public alpha on August ’20, the PLOT Head community has been instrumental in providing valuable feedback. Thus, in line with the mission of creating a community-first protocol, this feedback has served as the foundation for the mainnet release version.

New Market Lifecycle Stages

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In the PlotX Alpha, users only have the option to predict on one pair — BTC-USDT. However, with the new UI, users will be able to predict on BTC-USDT as well as ETH-USDT. And as you can see, each pair will offer three market cycles (hourly, daily, & weekly) within it.

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Moreover, in order to make it easier for the users to navigate through the platform, the updated UI will also allow the user to see the markets in various stages of their lifecycle.

These stages will be:

  • Live
  • In Settlement
  • In Cooling
  • In Dispute
  • Settled

The aim is to allow the player to have better visibility on their predictions and results.

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So, for example- if you’re in an hourly market of ETH-USDT that is accepting predictions, then you can say that you’re in the live hourly market of ETH-USDT. (Live < Hourly < ETH-USDT).

Mentioned below are all the stages of each market for more clarity.

The very first stage for a market after creation is the “Live” stage. This is when the market is accepting predictions from the participants.

After the timer in the “Live” stage runs out, the market enters the “In Settlement” stage. This is when the market has stopped accepting predictions and is waiting for the results.

After the timer in the “In Settlement” stage runs out, the market enters the “In Cooling” stage. This is when the results have arrived and the winners are decided. But, to ensure that everyone is on the same page and there’s no disagreement on the results, the market enters this stage for 1/4th the duration of the market cycle you’re in. So, for hourly markets, the “In Cooling” stage lasts for 15 minutes, for daily markets — 6 hours, and for weekly markets — 1 day and 18 hours.

During this time period, anyone who disagrees with the results can raise a dispute and that’ll push the market into the “In Dispute” stage. More on raising disputes later.

If someone raises a dispute during the “In Cooling” time period, the market enters the “In Dispute” stage. When the market is in this stage, the Dispute Resolution Governance Mechanism kicks in; the Dispute is reviewed and after following the due procedure of reviewing and voting, the dispute is resolved.

(More on governance in upcoming articles)

The final destination of every market is the “Settled” stage. If any disputes are raised while the market is cooling then the extra step of “In Dispute” is added between the “In Cooling” stage and the “Settled” stage, otherwise, the market is settled right after the cooling period. The “Settled” stage is when the rewards are distributed to the market winners.

And that’s it! Those are all the market stages that you can view and toggle between on PlotX when it launches on the mainnet! But…

Hold On. There’s more to come!

While as exciting as these features are, PlotX is stacked with such mouth-watering features. As the PlotX mainnet launch nears fruition, the community can expect the unveiling of more such features.

So, stay tuned to the announcement channels on Telegram and Discord to get regular updates about new feature additions and feel free to give suggestions or ask any questions.

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Written by

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Gamified DeFi Prediction Markets | Join the tribe https://discord.gg/gN5dvCh | Telegram community: t.me/plotx_official

PlotX

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Non-Custodial Prediction Markets for Crypto Traders | Join the tribe https://discord.gg/gN5dvCh | Telegram community: t.me/plotx_official

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