Glossary

A

Assertion

A claim submitted to UMA's Optimistic Oracle stating a market's outcome. The asserter posts a bond and proposes a resolution. If no one disputes it within the liveness period, the assertion is accepted.

B

Basis Point

One hundredth of one percent (0.01%). Used to express fee rates. 100 bps = 1%. Venue fees range from 1–200 bps.

Bond

The USDC amount an asserter must deposit when proposing a market resolution via UMA. If the assertion is correct and undisputed, the bond is returned. If disputed and found incorrect, the bond is forfeited.

C

CLOB

Central Limit Order Book. OddMaki's fully on-chain order matching system. Every order, fill, and cancellation happens transparently on Base.

CTF

Conditional Token Framework (by Gnosis). The token standard used to represent market outcomes. Each market creates ERC-1155 tokens for YES and NO positions.

D

Diamond Proxy

The EIP-2535 smart contract architecture used by OddMaki. A single proxy contract delegates calls to multiple facet contracts, enabling modular upgrades without changing the contract address.

F

FAK

Fill-and-Kill. An order type that fills as much as possible at the specified price and cancels the remainder. No partial orders left on the book.

FOK

Fill-or-Kill. An order type that must be filled entirely at the specified price or not at all. Used when you need the full size or nothing.

L

Liveness Period

The time window (in seconds) after an assertion is made during which anyone can dispute the proposed outcome. Minimum 7200 seconds (2 hours). Configured per venue.

M

Market

A single prediction question with defined outcomes. Binary markets have YES/NO outcomes. Market groups have multiple mutually exclusive outcomes.

Market Group

A set of related markets where outcomes are mutually exclusive — when one resolves YES, all others resolve NO automatically. Uses the NegRisk adapter. Example: "Who wins the election?" with multiple candidate options.

Merge

The process of redeeming a complete set of conditional tokens (one YES + one NO) back into the underlying collateral (USDC). Used in Merge-to-Fill settlement.

Merge-to-Fill

A settlement path where two opposing sellers (one selling YES, one selling NO) have their tokens merged back into collateral. Enables clean exits without needing a direct counterparty.

Mint-to-Fill

A settlement path where two opposing buyers (one buying YES, one buying NO) whose prices sum to ≥ $1 trigger the minting of new conditional tokens from pooled collateral. Creates liquidity from nothing.

N

NegRisk

The adapter used for market groups that ensures mutual exclusivity. When one outcome resolves YES, all other outcomes in the group automatically resolve NO.

Normal Fill

The standard settlement path where a buyer and seller match at a crossing price. The buyer receives tokens and the seller receives USDC.

S

Split

The process of locking collateral (USDC) to mint a complete set of conditional tokens (one YES + one NO). The inverse of merge.

T

Tick

The minimum price increment for orders on the orderbook, measured in cents. A tick size of 1 means prices move in 1¢ increments (1¢, 2¢, 3¢...).

V

Venue

An on-chain configuration registered on the OddMaki protocol. Stores fee structure, oracle settings, and access control rules. Each venue has a unique uint256 ID.

Venue Operator

The person or entity that creates and manages a venue. Sets fees, configures access control, creates markets, and collects revenue.

Venue Starter

The white-label Next.js application that venue operators fork and deploy as their prediction market frontend. Available at github.com/oddmaki/venue-starter.