Here is the entire act of creating a market: You type a question, you bet a dime on the side you believe, and you share the link. That is the whole ceremony. No listing process, no market maker, no liquidity provider, no seed money waiting in a vault.
A new market is a parimutuel pool, the structure Joseph Oller invented for Paris racetracks in 1867 because he wanted betting without a bookmaker setting odds. Everyone bets into a shared pot and the raw YES and NO backing sets the crowd estimate. Every deposit remains outcome collateral until finality. Contributors advance the exact court fee only when resolution is requested. After YES or NO, they are paid back before every winning token receives the same per-token redemption amount. Insufficient information charges no Omen fee, pays nobody back, and leaves each side's original backing intact.
The early-entry reward changes claim weight, not the money in the pot. Under the default rules, a deposit's bonus falls linearly from 8% to zero during the market's first 30 days, and those rules are fixed when the market is created. A $50 deposit made at 8% adds $50 to raw backing and locks 54 claim units. The odds use the $50; the 54 units later determine the holder's share of that side's tokens.
At graduation, every collateral dollar creates one potential YES token and one potential NO token; only the final winning side can redeem. Holders on each side divide that side's fixed token supply in proportion to their claim units. The conversion publishes the raw backing totals, weighted claim totals, equal YES and NO supplies, and an allocation proof. After conversion, the reward has no separate power: every token on the same side is fungible and receives the same redemption rate.
Notice what the demo never asks for. Nobody must pre-fund market liquidity or a jury reserve before the crowd exists, because the first dime in creates the market. The exact court fee becomes a crowd-funded resolution bond only when human review is requested.
Market creation
2.1 Why tiny markets need no market maker
Ask who loses when a well-informed trader walks into a market. On a quoted market, the quoter does. An automated market maker is a standing offer to trade at a posted price, and whoever knows more than the posting picks it off, trade after trade. That is why quoting engines need a subsidy to survive, and why a subsidized market can never be opened by anyone for pocket change. Someone has to fund the quote before a single bettor shows up.
A pool has nobody to pick off. There is no quote, only a ratio. When sharp money arrives it does not extract from a liquidity provider, because there is none; it simply bets against the other side and moves the odds. A moved number is information, the very thing a prediction market exists to produce. The sharpest trader alive can do nothing to a pool except make it more accurate.
Young markets begin as self-balancing pools, so the first stake can open a real market with almost no capital. The moving ratio turns every new bet into better price discovery. As volume and depth grow, the market graduates into fixed offers, self-custodied tokens, order-book liquidity, and early exits.
No quoter, no bleed, no seed.
Market creation
2.2 Fixed odds when the pool price is not enough
The pool's drifting odds are the fair price of zero-liquidity birth, and some bettors will not pay it. So from minute one a market also accepts standing offers: name your odds, escrow your side, and wait. Backing NO at 70 cents, up to some size, is not a bet into the ratio. It is a price you have nailed to the wall, borrowed straight from the private room's machinery with a public door on it.
One rule keeps two kinds of liquidity from confusing anyone: the market shows one price and routes through it. The default tap stays the simple pool bet. When a taker bets, the contract first fills any standing offer that beats the pool's current ratio at the offer's posted odds, and overflows whatever remains into the pool. Best execution happens in the contract, so no casual bettor ever does arbitrage homework, and a tiny market with a serious offer suddenly has a serious price: $500 standing at 70 cents says far more about the world than a thirty-cent pool ratio does.
Two lines of small print, both deliberate. Offers earn no early-bettor bonus, because fixed odds need no compensation for drift. And filling your own offer moves your governance volume by exactly zero, because the daily-net metric nets a self-trade out of existence before it counts.
Graduation stops being a phase switch under this rule. The order book that opens at tokenization is not a new market bolted on; it grows out of offers that were standing there from the first hour, now trading tokens instead of escrow slots.