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Market structure

A market lists two or more outcomes, and exactly one of them wins. “Will X happen?” is a two-outcome market; “Who wins the tournament?” can list every contender.
Prices are set by the protocol’s automated market maker, a bonding-curve style pricing function: buying an outcome raises its price, and selling lowers it. Each outcome shows an implied chance, computed from how the market’s capital is spread across outcomes. Implied chances always sum to 100%.
Every market publishes its resolution rules and a primary source (plus a fallback where needed). Kash’s automated resolution system determines the result from them, so they’re shown on the market page.

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Market lifecycle

1

Creation

A creator connects their X account in the web app and describes the market to Kash AI, which drafts the question, outcomes, timing, rules and sources. The creator pays to create it from their own funds, at least $20, and owns the market. Every market is reviewed automatically before it goes live. See Creating Opportunities.
2

Live

The market is created on the open, permissionless Solana protocol with its initial liquidity in place. Anyone can buy or sell any outcome.
3

Frozen

Trading closes shortly before the resolution time, and the market page shows exactly when.
4

Waiting for resolution

After the resolution time, Kash’s automated resolution system proposes the outcome from the market’s sources and rules, and a dispute window opens.
5

Resolved or cancelled

With no open dispute when the window closes, the market settles to its winning outcome. A market can instead be cancelled, and then every holder is refunded at the snapshot price.
6

Claim

Holders of the winning outcome redeem their shares, and holders of a cancelled market claim their refund, from Portfolio. See Redeeming positions.

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Resolution

Outcomes are determined by Kash’s automated resolution system from each market’s published sources and rules. Once a market reaches its resolution time, the system proposes the outcome. If the evidence isn’t available yet, it waits and checks again.
A proposed outcome opens a short dispute window, shown on the market page. Any signed-in user can tap Dispute outcome and give a written reason, once per proposal. An open dispute holds settlement while the same automated system reviews the dispute against the market’s sources and rules, and the market then settles on the result of that review.
A market can be cancelled when its rules require it, for example when the event doesn’t take place. And if a market can’t be resolved after its resolution time, anyone can cancel it. Either way, every holder is refunded at the price snapshotted at cancellation, so live prices no longer matter once a market is cancelled.
When a market resolves, the winning outcome’s positions can be redeemed. Losing shares are worth nothing. Refunds pay each holder at the cancellation snapshot price.

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Fees

A protocol fee applies to buys and sells, and a small sell fee stays in the market’s pool. Creating a market costs at least $20. This provides the market’s initial liquidity and is not returned to the creator. The Kash web app always shows the exact fees before you confirm.

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Infrastructure

Markets run on the Kash protocol, an open, permissionless protocol on Solana, and every balance, trade and redemption is in USDC. Your USDC and positions are held in your own self-custodial Solana wallet, and the USDC you trade into a market sits in that market’s on-chain pool. ZeroID never holds custody of user funds. ZeroID pays the SOL network fees, so you never need to hold SOL.
Every trade is quoted before you confirm and carries an on-chain minimum-output guard. If the market moves against you before execution, the trade fails instead of filling at a worse price.

The Kash AMM

How prices are calculated

Redeeming positions

Claims and refunds