> ## Documentation Index
> Fetch the complete documentation index at: https://docs.orica.markets/llms.txt
> Use this file to discover all available pages before exploring further.

# Market Lifecycle

> Understanding how markets progress from creation to resolution.

Every market on Orica follows a defined lifecycle. Understanding these stages helps you trade effectively and know when to take action.

***

## Lifecycle Stages

```mermaid theme={"dark"}
stateDiagram-v2
    [*] --> Open: Market Created
    Open --> Closed: Close Time Reached
    Closed --> Resolved: AI Reports Outcome
    Resolved --> Disputed: Dispute Initiated
    Disputed --> Resolved: Dispute Resolved
    Resolved --> [*]: Redemption Complete
```

> [!NOTE]
>
> Markets are resolved by a **multi-agent AI system** powered by [Claude 4.5 Sonnet](https://openrouter.ai/anthropic/claude-sonnet-4.5). The orchestrator spawns sub-AI workers for intelligent scraping, with specialized crawlers for JSON extraction, screenshots, and link discovery—all backed by [Firecrawl](https://www.firecrawl.dev/). Human oversight is provided through the dispute mechanism.

***

## Stage Details

**1. Open**

The market is actively accepting trades.

**Duration**: From creation until `close_time`

**What you can do**:

* Buy shares of any outcome
* Sell shares you own
* View prices and market cap

**What happens automatically**:

* Prices update based on supply/demand
* Fees are collected on each trade
* Position accounts are created as needed

**2. Closed**

Trading has ended. The event should have occurred.

**Duration**: From `close_time` until AI resolution

**What you can do**:

* View your positions
* Wait for AI resolution

**What happens automatically**:

* No new trades accepted
* Auto-resolver daemon detects market closure
* Primary orchestrator (Claude 4.5 Sonnet) begins agentic research loop
* Sub-AI workers dispatch intelligent scrape agents to gather evidence
* Specialized crawlers extract data via markdown, JSON schemas, or screenshots
* Orchestrator synthesizes findings and submits resolution proof to IPFS
* On-chain transaction records the outcome

**3. Resolved**

The AI has reported an outcome. Redemption may begin.

**Duration**: Until all positions are redeemed (indefinite)

**What you can do**:

* Redeem winning shares for USDC
* Initiate a dispute (if within window)
* View resolution evidence

**What happens automatically**:

* Winning outcome is recorded
* Dispute window opens (if configured)

**4. Disputed (Optional)**

The resolution is being challenged.

**Duration**: Until dispute is resolved or expires

**What you can do**:

* Vote on the dispute
* Post messages with evidence
* Boost compelling arguments

**What happens automatically**:

* Votes are tallied
* Resolution may be overturned

***

## Status Determination

The API dynamically computes market status based on blockchain time:

| Stored Status | Current Time | API Returns |
| - | - | - |
| `open` | Before `close_time` | `open` |
| `open` | After `close_time` | `closed` |
| `resolved` | Any | `resolved` |
| `disputed` | Any | `disputed` |

> [!NOTE]
>
> Blockchain time is used for status computation, not server time. This ensures consistency across all clients.

***

## Time Considerations

### Close Time

* Set at market creation
* Cannot be modified
* Should allow sufficient time for the event to occur

### Dispute Window

* Opens immediately after resolution
* Duration is configured by protocol parameters
* Expires if threshold is not met

### Redemption

* Available immediately after resolution (if no dispute)
* Available after dispute resolution (if disputed)
* No expiration—redeem whenever convenient

***

## Handling Edge Cases

> [accordion] Market closes before event occurs
>
> If a market closes before the underlying event can be determined, resolvers should wait until the event occurs before submitting an outcome. There is no deadline for resolution.

> [accordion] Event is cancelled
>
> If the event is cancelled or cannot occur, the market should be resolved as "Unresolvable" (outcome 255). All participants receive proportional refunds.

> [accordion] Multiple valid interpretations
>
> Resolution criteria should be unambiguous. If multiple interpretations exist, resolvers should use the most literal interpretation of the market question and resolution method.


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