Parlays use only tokenized markets that have passed the tokenization requirements. The customer requests one fixed quote; permissionless solvers compete to price the complete combination, and a quote can execute only after its maximum payout is held in on-chain escrow.
The customer flow stays familiar: select legs → receive the best fixed quote → see the guaranteed payout → place one transaction → hold or trade one ticket → request an early cashout.
There is no house setting every price or carrying an unsecured promise. Protected lenders earn borrowing interest while keeping their original outcome exposure; separate junior capital knowingly earns the parlay spread and bears the correlation risk.