MARKET RESOLUTION AND DISPUTES (DETAILED)
Here is the detailed, expanded version of the "Market Resolution and Disputes" section.
CRITICAL DISCLAIMER: WHALE PREDICTION DOES NOT DETERMINE MARKET OUTCOMES. By trading on the Platform, you acknowledge that Whale Prediction is solely a user interface. We do not have the power, authority, or technical ability to set, alter, reverse, or influence the outcome of any market.
A. The Oracle Mechanism (Sole Source of Truth)
Third-Party Determination: Market outcomes are determined strictly by the decentralized oracle mechanism utilized by the Underlying Venue (e.g., the UMA Optimistic Oracle for Polymarket-based markets, or the Pyth Network for others).
Binding Nature: The resolution data provided by the Oracle is final, immutable, and binding on the blockchain. Once the Oracle writes the result to the smart contract, it is the Sole Source of Truth for the settlement of funds.
No Discretion: Whale Prediction has no discretion to override the Oracle, even if the result appears factually incorrect, "unfair," or controversial to a human observer.
B. Market Resolution States
You acknowledge the following lifecycle states of a market, which are controlled by the Underlying Venue’s smart contracts:
1. Open: The market is active. You may buy, sell, Split, or Merge shares.
2. Resolving (The "Challenge Period"): The event has occurred, and a proposed outcome has been submitted to the Oracle.
Suspension of Trading: During this phase, minting and burning of shares may be paused by the Underlying Venue.
Liveness: This period typically lasts for a set duration (e.g., 2 hours) to allow for disputes.
3. Finalized: The Dispute Window has closed, or a dispute has been resolved by a token-holder vote. The result is written on-chain.
Redemption: Only after this state can winning shares be redeemed for collateral.
Irreversibility: Once a market is Finalized, the payout cannot be reversed under any circumstances.
C. Dispute Resolution Process
If you disagree with a proposed outcome (e.g., the Oracle says "Yes" but you believe the reality is "No"), you must utilize the decentralized dispute mechanism of the Underlying Venue.
1. Your Responsibility: It is solely your responsibility to monitor the market status and initiate a dispute within the "Challenge Period" defined by the Underlying Venue.
2. The Mechanism (Example: UMA): To dispute a result on a UMA-secured market, you typically must:
Go directly to the Underlying Venue’s interface or the Oracle’s DVM (Data Verification Mechanism).
Stake a financial bond (collateral) to challenge the result.
Await a vote by the protocol's token holders.
3. Whale Prediction’s Non-Involvement: Whale Prediction can not file disputes on your behalf, nor can we subsidize the cost of your dispute bond. We are not a party to the Oracle's dispute process.
D. Ambiguous Markets and "Rules of Trading"
1. Market Rules: Every market is governed by a specific set of "Rules" or "Resolution Criteria" defined at its creation (often visible in the "Market Details" section).
2. Ambiguity Risk: Prediction markets can sometimes be worded ambiguously (e.g., "Will Bitcoin hit $100k?" without specifying which exchange or exact timestamp).
3. Interpretation: In cases of ambiguity, the Oracle (and its community of token holders) has the final authority to interpret the rules.
4. Waiver: You hereby release and hold harmless Whale Prediction from any claims, losses, or damages arising from:
Ambiguous market wording.
"Bad faith" markets created by third parties.
Interpretations by the Oracle that differ from your own understanding of reality.
E. Resolution Delays
1. No Guarantee of Speed: While most markets resolve within hours of the event, some may be delayed for days or weeks due to:
Extended dispute rounds.
Lack of public data sources.
Oracle technical downtime.
2. Locked Funds: You acknowledge that your funds (collateral) may be locked in the smart contract during these delays. Whale Prediction cannot unlock these funds.
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