> For the complete documentation index, see [llms.txt](https://spartan-arena.gitbook.io/spartan-os/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://spartan-arena.gitbook.io/spartan-os/product-model-how-is-information-priced.md).

# Product Model: How Is Information “Priced”?

### 3.1 Event Market

Within the Senate system, every question of “whether something will happen in the future” is structured into an **Event Market**. Events are no longer treated as news, nor merely as material for social discussion. They are redefined as units of **information assets**. By standardizing events, the platform ensures that each one possesses three core attributes:

* Clear conditions (**What**)
* Clear timing (**When**)
* Clear result source (**Source**)

Only events that are rigorously structured are eligible to be transformed into markets.

Once an event is created, it automatically generates a corresponding market structure, including outcome options (YES/NO or multiple choice), a dedicated liquidity pool, and a smart contract with independent risk isolation. Every time a user participates, that action directly impacts market price, allowing “judgment about the future” to immediately form visible price reactions.

Through event market design, Senate realizes a critical characteristic: any real-world event can become an information asset. Sports matches, crypto assets, public opinion trends, box office performance, policy implementation—every future event can be made tradable, forming a readable map of the future built from events themselves.

### 3.2 Information Pricing System

Senate uses **probability pricing** as its core logic, meaning that the price of each event option represents the market’s real-time judgment of its probability of occurring. For example, **YES = 0.67** means the market believes there is a 67% chance that the event will happen. This pricing structure allows judgment to move away from emotion and instead be driven by real-time position-taking.

The system supports two main structures:

**(1) YES/NO Binary Structure**\
The most basic and common format.\
Applicable to clear-outcome events such as match winners, whether a price will break through a certain level, or whether a policy will pass.

**(2) Multiple Choice Structure**\
Applicable to non-binary events, such as multi-candidate elections, box office ranges, rankings, or exact score ranges.

The key innovation of Senate is that price is collectively driven by market participants. Every order impacts price, and every change in market sentiment is captured by price in real time. This makes price a **real-time probability signal** with the following characteristics:

* **Verifiable:** settlement is determined by SpartanLink, not by subjective platform judgment
* **Decomposable:** the more complex the event, the more granular the price structure
* **Observable:** all users can see how consensus evolves
* **Referable:** prices can be used by other systems, such as AI models and institutional frameworks

Within Senate, price becomes a future signal that can be referenced and computed.

### 3.3 User Journey

The Senate user journey is designed with radical simplicity, hiding complex pricing logic in the background while allowing users to perform the most instinctive action of all—**choice**. The user flow includes the following steps:

**(1) Select an Event**\
Browse the list of active events on the platform (sports, crypto, politics, entertainment, etc.) and choose one you understand or are interested in.

**(2) Make a Judgment: Choose a Position**\
Select YES/NO or another available outcome. At this point, the user is not merely “betting,” but expressing a judgment.

**(3) Enter an Amount and Participate in the Market**\
When the order is placed, price changes in real time according to participation volume, allowing judgment to directly impact market structure.

**(4) Observe Price Movements**\
Any news, sentiment, or data emerging during the event’s progression is reflected in price in real time. Users do not need complex technical analysis to see the market’s attitude toward the future.

**(5) SpartanLink Performs Automatic Settlement**\
After the event concludes, SpartanLink automatically obtains the result from authoritative sources, writes the outcome on-chain, and executes settlement.

**(6) Receive Rewards & Have Judgment Recorded**\
The user’s earnings are credited in real time, while that judgment is simultaneously recorded into the user’s historical trajectory, forming the basis for a long-term judgment profile.

### 3.4 Event Life Cycle

Every event passes through a complete life cycle, ensuring that it functions as a data flow process.

**(1) Event Creation (Creation)**\
The platform creates standardized event templates based on real-world events, clearly defining the conditions, results, authoritative data source, and deadline.

**(2) Market Formation (MarketFormation)**\
Once the event goes live, an independent fund pool is automatically generated. The first user order forms the initial price, and market consensus begins to flow.

**(3) Real-Time Price Dynamics (PriceDynamics)**\
As the event progresses, new information streams continuously drive price changes. At this stage, price becomes a “future expectation signal” that remains transparent to the market.

**(4) Result Ingestion (ResultIngestion)**\
SpartanLink automatically fetches results from trusted sources (scores, box office, prices, polling, etc.), verifies them, and uploads them on-chain.

**(5) Settlement & Distribution (Settlement & Distribution)**\
Users on the correct side automatically receive rewards, while users on the wrong side bear the cost.

**(6) Data Accumulation (DataAccumulation)**\
All event data—price changes, participation volume, user judgment, result trajectory—enters the Senate “future information layer.”