Multi-hasil hemat modal

Masalah modal

Di pasar empat hasil saat ini, membeli 100 saham setiap hasil di harga 0,25 USDC berharga 100 USDC total — tetapi dijamin membayar tepat 100 USDC saat resolusi, jadi posisi tidak memiliki risiko. Desain CLOB konvensional masih memerlukan 100 USDC agunan tersebut untuk dikunci.

Cara kerja varian hemat modal

Saat posisi pengguna mencakup setiap hasil suatu acara, mesin memperlakukan posisi sebagai bersih di tingkat acara daripada per hasil.

• Agunan yang diperlukan = kerugian maksimum yang mungkin, bukan jumlah pembelian.
• Penyelesaian masih membayar tepat satu hasil — sama seperti hari ini.
• Pengguna yang hanya memegang sebagian acara terus menggunakan model konvensional.
• Single-outcome trades on flagged events still work normally; conversion is opt-in per trade.

Tradeoffs and augmented variants

The conversion mechanism is most useful when every outcome of an event is named and immutable at market launch. Some real-world events have emerging outcomes — a candidate enters the race late, a team qualifies for a bracket after market open. An 'augmented' variant supports these events by reserving placeholder slots that get named later, with an explicit 'Other' bucket as the resolution catch-all. This introduces specific risks traders need to understand.

• Trade only on named outcomes. A placeholder slot has no defined meaning until it is clarified, and resolution to a still-unnamed slot routes to the 'Other' bucket.
• The economic meaning of 'Other' shifts as placeholders are named. A position that was 'bet on Other' early in a market's life may be 'bet on a much narrower Other' by resolution.
• Two API-level flags are planned to identify these markets: a base flag for standard capital-efficient events, plus an additional flag for the augmented variant. Integrators should check both before routing orders.