How it works

Mirror tickets

A mirror market is an on-chain copy of one prediction market: its question, its end date and its sides. It holds USDG as collateral and issues one ticket per side.

• Split — deposit 1 USDG and receive one ticket of every side.
• Merge — hand back one of each and get your USDG out again.
• Redeem — after the market is final, each ticket pays its side's payout: 1 USDG for the winner, zero for the losers, an equal share each if the market is voided.

Each side also has a mirror pool: a constant-product pool of USDG against that ticket, with a 30-minute time-weighted average price. That average is what the whole product calls the probability — a YES ticket trading at 0.63 USDG means the market prices that side at 63 %.

Tickets are plumbing. The interface speaks in dollars, percentages and sides; it only names tickets where the detail matters.

Launching a coin

A creator picks a market, a side, a name and a reward mode. The launch is refused unless the market is open, ends more than seven days out, has a 30-minute price history, and its side pool holds at least 5,000 USDG. Those checks exist so a coin cannot be paired to something that is about to resolve or whose price can be pushed around by a single trade.

The coin has a fixed supply of one billion and no premine. All of it starts on a bonding curve quoted in the side's ticket.

The bonding curve

The curve has the same shape the ecosystem already knows. With a graduation threshold T denominated in tickets, the curve carries a phantom quote reserve of P = 0.4 · T and prices along a constant product. The threshold itself is set in dollars — 8,000 USDG — and converted into tickets at the side's price when the coin launches, which is why the launch screen shows it both ways.

By the time the curve has raised its threshold, exactly five sevenths of the supply has been sold.

A snipe tax starts at 50 % and decays to zero over the first sixty seconds. It applies to everybody, including the creator's own opening buy.

Graduation

Anyone can graduate a coin once its curve is full. The remaining two sevenths of supply are split:

• 10/49 of the supply plus every ticket the curve raised seed the coin's pool. That position is locked forever.
• 4/49 of the supply is locked forever and never circulates.

After that the coin is in its PARI phase: it trades on its own pool against the same ticket. When the market resolves and the cycle settles, the coin moves to BRIDGE — trading is frozen — until somebody re-pairs it.

Fees

Every buy and sell pays 1 % of the ticket leg, on the curve and on the pool alike, split the same way every time.

Side staking

Holders stake their coin on a side for the current cycle: either the coin's own side wins, or it does not. Stakes are locked until the cycle settles, and weight is simply the amount staked.

When the cycle settles and the coin's side won, the pot is redeemed into USDG and shared pro-rata by the stakers who backed it. When the coin's side lost, the pot is worth nothing — so the insurance reserve, built up from a fifth of each compounded pot batch, goes to the stakers who backed the other side instead. Their read was right even though the coin's was not.

Rewards are never pushed to you: they sit as a claim until you take them.

The resolution relay

Polypair does not decide outcomes. It mirrors them, with a bonded relay anyone can drive:

1. After the end date, anyone posts a proposed payout with evidence and a 100 USDG bond.
2. For 24 hours, anyone can challenge it with a bond of their own.
3. Unchallenged, anyone finalizes it and the proposer takes their bond back.
4. Challenged, only the arbiter concludes it — and the loser's bond goes to the winner.

A market can also be voided, in which case every side redeems an equal share and nothing is paid out of the pot.

Rolling onto the next bet

Settling ends a cycle. Re-pairing starts the next one, and anyone can trigger it. The next market is whichever one the stakers voted for; failing a vote, the creator's pick; failing that, the first curated default.

The coin's locked liquidity is unwound and its tickets redeemed. If the side won, the USDG buys the new side's tickets and seeds a fresh pool at the implied price. If it lost — or if too little came back — the recovered coins go onto a new bonding curve instead, and the coin rebuilds.

What this does not do

• No volume, no distribution. The pot, the creator's share and the compounding are funded only by trading fees. A coin nobody trades pays nobody anything.
• These are not Polymarket positions. Mirror tickets are a separate on-chain market that copies a question and, through the relay, its result. Their price can differ from the original.
• The relay can be wrong or slow. If nobody proposes honestly, a market simply stays open past its end date and coins stay frozen in place until it is resolved.
• Everything can go to zero. Tickets, pots and coins. Nothing here is investment advice.

A note on the two reward modes

A coin launches in one of two modes and it cannot change afterwards. Pay stakers distributes the pot in USDG to the people who backed the winning side — a payout that depends on a prediction, which some jurisdictions may treat as a wager or a security. Buy back and burn routes exactly the same value into buying the coin back and burning it instead. The mode is shown on every coin page. Consider which one fits where you and your holders live. This is not legal advice and the wording here is pending legal review.