Glossary

CTF (Conditional Token Framework)

A token framework for representing outcome positions of a condition as ERC-1155 tokens. It allows split/merge and payout reporting after resolution.

CPMM

Constant Product Market Maker model (x * y = k) used for automated pricing between outcome pools.

EIP-4337

Account abstraction standard that enables smart-account based UX, including sponsored gas and batched operations.

UserOperation

A structured request object in EIP-4337 submitted to Bundlers instead of a raw transaction.

Paymaster

A contract/service that sponsors or validates gas payment policy for a UserOperation.

Bundler

An off-chain service that collects UserOperations and submits them on-chain through EntryPoint.

Oracle

A mechanism that provides external truth data to on-chain markets for final outcome resolution.

AMM

Automated Market Maker that offers continuous liquidity via algorithmic pricing.

Orderbook

A price/size queue of buy and sell intents, usually matched by price-time priority.

Settlement

The process of finalizing market outcome and reporting payout vector to enable redemption.

Slippage

The difference between expected and executed price caused by liquidity depth and market movement.

Liquidity

Available capital depth for trading without large price impact.