Overview

A conviction market is a perpetual market on one person's trajectory.

Every profile in the catalogue (a footballer, a basketball player, a creator, a founder) carries at most one market. Opening it deploys a contract that holds a reserve of dollars and sells claims priced by a formula.

Buying a claim is not a bet on an outcome. Nothing settles. Nobody is paid because a player scored. You buy in at a price, the price is public and dated, and you sell when you decide.

What a claim is

A claim is a unit of position in one market. Six decimals, like the dollar it is priced in.

Claims are non-transferable. No transfer, no approve, no allowance, no ERC-20 surface. A claim exists between a wallet and the market that minted it, and the only exit is selling it back to the curve. That buys three things:

• The curve price is the only price. There is no venue to arbitrage it against.
• A dated position cannot be acquired after the fact. The receipt means what it says.
• There is nothing to list, so there is nothing to rug.

What the reserve is

Every dollar paid into a curve stays in the market contract as its reserve. The reserve pays sellers. It is not a treasury, not a pool, not collateral.

No role withdraws the reserve. Not the creator, not the platform, not the admin. The function does not exist in the contract. This is an absence, not a policy.

The only money that leaves a market other than through a sale is fee income, accounted separately. The contract's balance is always at least reserve + fees owed, by construction.

The rules the system enforces

1. The displayed price is not a collective exit. Every market publishes the marginal price (what the next claim costs) and the exit value (what your position pays out, at your exact size, right now). They differ, because selling walks back down the curve. Both are on chain. See Trading and pricing.
2. Accounts are watertight. Profile reserves and the platform treasury are separate contracts with separate balances. Neither lends to the other.
3. No event moves a price. A goal, a release, an award is information placed on the curve. A human reads it and decides. See Events on the curve.
4. The source of a fact is an API, never a user. A fake event posted by a holder would move a real market with real money in it.

What UNPRICED is not

• Not a betting product. No event, score or result settles anything or pays anyone.
• Not a launchpad. No token, no supply cap, no listing, no graduation, no pool.
• Not leveraged. No long/short, margin, funding or liquidation.
• Not custodial. Your wallet signs every trade. No balance is held on your behalf.

Where each number comes from

When the chain and the index disagree about the present, the chain wins.