Settlement

Where the price comes from

A Pons coin starts on a bonding curve. When it graduates, its liquidity moves into a Uniswap V4 pool. Credos reads whichever is live. FDV is that price multiplied by the supply recorded when the market opened, so burning tokens later changes nothing.

Readings

After trading closes, an approved keeper takes readings across the observation window, at least 60 seconds apart. A reading can be taken from the first second of the window up to, but not including, its closing second, so no reading can land in the same second the market becomes ready to settle. The keeper chooses when a reading is taken. It cannot choose what it says: the resolver contract reads the value from the chain itself, and rejects any reading outside the window.

Each keeper derives its reading times from its own key, so they cannot be computed in advance.

The decision

Once the resolve time has passed and enough readings exist, anyone can settle the market. The median of the readings is compared with the threshold. With an even number of readings it is the average of the two middle ones, and when that average falls half a wei past the threshold it counts as not meeting it, in both directions.

Above

Yes wins if the median is at or above the threshold

Below

Yes wins if the median is at or below the threshold

Redeeming

Each whole winning share redeems for 1 ETH. Losing shares redeem for nothing.