Price what
you believe.

Prediction markets grew up. The plumbing did not.

The category found its audience, and the venues that carry most of the volume are good products. But nearly all of them keep the part that matters — the book, the vault, the final call on what happened — inside a company. You are trusting an operator to be solvent and fair, and you cannot check either one.

Averea moves each of those pieces into the program. That is the entire bet, and it costs us something: an on-chain book is harder to build and slower to change than a private one. We think a venue you can verify is worth more than a venue you have to trust.

Four ideas carry the whole protocol.

None of them are ours — binary markets have worked this way for a long time. What changes here is where they run.

01A market is one question with two answers

Every market resolves yes or no, on a date fixed when it opens. No ranges, no partial credit. A question that cannot be settled from a public source does not get listed.

02Outcomes are tokens you hold

Taking a side mints an SPL token. It sits in your wallet, it transfers, and other programs can read it. Nothing is an entry in our database, because we do not keep one.

03The price is the probability

A share pays $1 if it is right and nothing if it is wrong, so a share trading at 18¢ is the book saying eighteen percent. Reading the price is reading the crowd's estimate.

04A full set is always worth a dollar

One YES and one NO redeem together for $1 at any time, before or after resolution. That identity is what lets the program mint and burn sides without ever holding a directional position.

Buyers of YES and buyers of NO are the same trade.

There is no house on the other side of your order. When someone paying 18¢ for YES meets someone paying 82¢ for NO, their money adds to a dollar — and a dollar is exactly what one full set is worth. The program takes both payments, mints the set, and hands each side the token it asked for.

A market closes itself.

Five steps run from the day a question is posted to the day it pays. Each one is an instruction in the program, so none of them wait on us to be awake, solvent, or willing.

1. 01

   Open

   Anyone posts a question, a close date and a resolution source, and bonds it. The bond is returned when the market settles cleanly.

2. 02

   Trade

   Orders rest on-chain. Makers quote, takers cross, and the program mints the sets that make each fill balance.

3. 03

   Read

   At the close date the oracle reads the source and writes an outcome to the market account.

4. 04

   Dispute

   For 24 hours anyone can stake against that outcome. A successful challenge takes the reporter's bond; a failed one forfeits the challenger's.

5. 05

   Pay

   The window closes and the winning side redeems at $1 a share. The losing side is worth nothing. No queue, no approval.

The dispute window is the only step with a human in it, and it is deliberately expensive to abuse: a challenge costs a bond, and the bond goes to whichever side turns out to be right.

One rate, and a reason for it.

A venue earns from volume or it earns from its users being confused. We would rather publish the whole schedule in a sentence and compete on the book.

0.20%

taker fee

0%

maker fee

USDC

settlement

24h

dispute window

Everything above is checkable.

These are the venue's own figures, read from the markets it lists. Nothing here is a projection, and nothing depends on a statistic about the wider sector that you would have to take on faith.

$7.27M

Traded to dateacross every market

$455.4K

Resting liquiditylive on the book

8,715

Distinct traderswallets that have filled

5

Open questionsof 6 listed