> For the complete documentation index, see [llms.txt](https://docs.yamata.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.yamata.io/prediction-markets/market-lifecycle-and-states.md).

# Market Lifecycle & States

Every market on Yamata progresses through defined states:

### State Flow

<figure><img src="/files/mg777Y7dYmRfYiBawX1k" alt=""><figcaption></figcaption></figure>

### State Definitions

1. #### Created

* Market parameters set
* Awaiting opening time
* No commitments accepted yet

2. ### Open

* Commitments accepted
* Position tokens minted
* Beta decreasing over time (if enabled)

3. ### Closed

* No new commitments
* Awaiting resolution time
* Event may still be ongoing

4. ### Resolved

* Market creator has submitted result
* 24-hour challenge period active
* Preparing for payouts

5. ### Payouts

* Winners can claim rewards
* Beta-weighted distribution (if enabled)
* Position tokens burned on claim

6. ### Cancelled/Refunds

* Market flagged or unresolvable
* All participants refunded
* No winners/losers