Model Documentation

Papers on our pricing mechanism: technical architecture, the thesis behind low-liquidity prediction markets, and the user stack.

Underlying math & volatility-theory for our Layer 1 anchor, liquidity provisioning, underwriting business, & leveraged products.

Why long-tail events go unpriced, why liquidity there is an underwriting business, and what a manufactured market requires.

What a desk gets from the venue that it cannot get from the equity or a thin options line — and how it takes the position.