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Overview

IgniteMarket is a decentralized prediction market platform built on the Flare blockchain, enabling users to trade on the outcomes of real-world events—ranging from sports and politics to cultural milestones. By harnessing collective forecasting, IgniteMarket allows participants to buy and sell shares in event outcomes and profit from their insights.

What sets Ignite Market apart is its integration with Flare’s cutting-edge blockchain technology. Leveraging the Gnosis Fixed Product Market Maker (FPMM) and conditional tokens, Ignite Market ensures a robust and transparent trading mechanism. The platform uses the Flare Data Connector (FDC) for trustless event resolution and Flare Oracles for reliable, decentralized token price data. For events without a clear resolution source, Ignite Market employs social resolution via a voting mechanism.

Key Features​

  • Decentralized Trading: Trade shares in event outcomes on a fully decentralized platform powered by Flare.
  • Flare Integration: Utilizes Flare FDC for accurate event resolution and Flare Oracles for real-time price data.
  • Flexible Outcomes: Markets support multiple outcomes with dynamic pricing via the Gnosis FPMM model.
  • Transparent Resolution: Predefined rules and open participation ensure fairness and trust.
  • Social Resolution: Used for events lacking a definitive source of truth.

Risks​

Participating in IgniteMarket involves speculative trading and blockchain-based interactions, which carry inherent risks. Here’s what you should know before getting started:

Market Risks​

  • Speculative Nature: Prediction markets rely on forecasting uncertain events. Prices reflect collective opinions, not guarantees, and you may lose your entire investment if your prediction is incorrect.
  • Volatility: Share prices can fluctuate rapidly based on trading activity, news, or sentiment, impacting your positions unexpectedly.
  • Low Liquidity: Some markets may lack sufficient liquidity, making it harder to buy or sell shares at desired prices, especially if the minimum threshold isn’t met.

Resolution Risks​

  • Unresolved Markets: If a market fails to resolve (e.g., due to consensus failure or insufficient data), you may only recover funds by selling shares back to the liquidity pool—if liquidity remains. In extreme cases, funds could be locked indefinitely.
  • Dispute Outcomes: Challenging a resolution requires staking funds, which you’ll lose if the dispute fails. Incorrect resolutions could also affect payouts.
  • Social Resolution Bias: For markets resolved via voting, outcomes may reflect voter incentives or biases rather than objective truth, especially in Version 0.1 with whitelisted addresses.

Technical Risks​

  • Blockchain Dependency: Ignite Market relies on the Flare blockchain. Network congestion, outages, or smart contract bugs could disrupt trading or resolution, potentially leading to losses.
  • Wallet Security: Your funds depend on the security of your wallet. Hacks, phishing, or lost keys could result in permanent loss of assets.

Mitigation​

  • Research: Understand each market’s rules, resolution type, and risks before trading.
  • Diversify: Avoid over-investing in a single market or outcome.
  • Stay Informed: Monitor updates on our platform for changes to resolution processes or token mechanics.

IgniteMarket aims to provide a fair and transparent experience, but no platform can eliminate all risks. Trade responsibly!