> For the complete documentation index, see [llms.txt](https://docs.footymarket.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.footymarket.xyz/reference/glossary.md).

# Glossary

Key terms used across the Footymarket documentation.

***

**AMM (Automated Market Maker)** An exchange mechanism that prices trades algorithmically using a cost function rather than matching buyers and sellers directly. Footymarket uses a CLOB instead. See [Hybrid CLOB](/trading/hybrid-clob.md).

**Ancillary data** The on-chain field in the Market account that stores the resolution criteria for a market. Written at creation and immutable after deployment. The oracle resolves strictly against this field.

**CLOB (Central Limit Order Book)** An exchange mechanism that matches buy and sell orders by price and time priority. Footymarket uses a hybrid CLOB: off-chain order matching combined with non-custodial on-chain settlement. See [Hybrid CLOB](/trading/hybrid-clob.md).

**Collateral** The USDC deposited into a market to back outstanding shares. The total collateral in any market always equals the total YES share supply, which always equals the total NO share supply. See [Collateral Mechanics](/how-it-works/collateral-mechanics.md).

**Creation bond** A USDC deposit required to create a market. Returned on clean resolution, forfeited if the market is voided due to a bad or ambiguous question.

**Limit order** An order to buy or sell at a specific price or better. Sits in the order book until matched or cancelled. See [Order Flow](/trading/order-flow.md).

**Lock time** The time at which trading halts ahead of market resolution. Set at creation. For match markets this is typically kickoff. No new orders can be placed after lock.

**LMSR (Logarithmic Market Scoring Rule)** The cost function used by AMM-based prediction markets to price trades. Footymarket does not use LMSR. See [Hybrid CLOB](/trading/hybrid-clob.md) for the comparison.

**Market order** An order that executes immediately at the best available price in the order book. May fill across multiple price levels. See [Order Flow](/trading/order-flow.md).

**Market PDA** The Program Derived Address that stores all state for a Footymarket market, seeded from `[b"market", market_id]`. See [Smart Contracts](/protocol/smart-contracts.md).

**Mint** The operation that deposits 1 USDC into a market and returns 1 YES share plus 1 NO share. Available any time before the market locks. See [Collateral Mechanics](/how-it-works/collateral-mechanics.md).

**NO share** A share token worth $1.00 USDC if the market resolves NO, and $0.00 if it resolves YES. See [Binary Markets](/how-it-works/binary-markets.md).

**Oracle** The wallet designated to submit the market outcome on-chain. During beta this is the Footymarket team multisig. Post-beta, this role moves to the optimistic oracle program. See [Resolution](/markets/resolution.md).

**Redeem** The operation that returns 1 YES share and 1 NO share to the protocol and receives 1 USDC. Available any time before resolution. See [Collateral Mechanics](/how-it-works/collateral-mechanics.md).

**Resolution criteria** The precise definition of what constitutes YES and what constitutes NO for a given market. Stored in the `ancillary_data` field of the Market account at creation. Immutable after the market is deployed.

**Resolution deadline** The latest time by which the oracle must submit the outcome. Distinct from the lock time, which is when trading halts.

**Settle** The operation that redeems 1 winning share for $1.00 USDC after market resolution. Only the winning side can settle. See [Collateral Mechanics](/how-it-works/collateral-mechanics.md).

**SPL token** Solana's native token standard. YES and NO outcome shares are standard SPL tokens compatible with any Solana wallet. See [SPL Outcome Tokens](/protocol/spl-tokens.md).

**USDC** USD Coin, a regulated stablecoin pegged 1:1 to the US dollar. Footymarket uses native Solana USDC as its sole collateral asset.

**YES share** A share token worth $1.00 USDC if the market resolves YES, and $0.00 if it resolves NO. See [Binary Markets](/how-it-works/binary-markets.md).


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