How it works
Everything you need to read a market, take a position, and understand how it settles.
Reading a market
Every market asks a yes/no question with a clear resolution date. The price is the probability: a YES share trading at 62¢ implies a 62% chance. YES and NO prices always sum to $1.00 — buying YES at 62¢ is the same as selling NO at 38¢. When the event resolves, the winning side's shares redeem for $1.00 and the losing side's for $0.00.
The order book
Enocovo matches trades on a central limit order book (clob) — not an automated market maker. Makers post bids and asks; takers cross the spread. Spreads are tightest near 50/50 and widen toward the rails (the longshot premium: roughly 400 bps mid-book, up to 1300–1800bps below 10¢). Because there is no pool, liquidity can't be drained by arbitrageurs at resolution.
Resolution
Outcomes settle through an optimistic oracle. Anyone can propose the result; anyone can dispute it within a 2-hour window by posting a $750 USDC bond. Undisputed proposals settle immediately — about 98.5% of markets resolve at this layer without a vote, and ~93% settle within two hours. Disputed markets escalate to an on-chain token vote that takes 48–96 hours.
Fees
A single taker fee, highest at 50/50 and tapering toward the tails: 0.60% × 4 × p × (1 − p). Makers pay 0 bps. There are no deposit, withdrawal or resolution fees. For comparison, Kalshi charges formula-based taker fees of 0.07%–1.75% with maker fees up to 0.44%.
Connecting a wallet
Trading is non-custodial. Connect Phantom, Solflare or any Solana wallet, sign a free off-chain message to load your portfolio, and settle in USDC. No KYC for non-custodial trading; do your own research — prediction markets are high-risk and this is not financial advice.