Market lifecycle

A market moves through three states:

Open

Trading, adding/removing liquidity, and pair redemption are all available.

Locked

Reached at the betting deadline (e.g. kickoff). Buying and adding liquidity stop, but holders can still pair-redeem YES+NO for USDC while awaiting the result.

Settled

The outcome is finalized. Winning tokens become redeemable for USDC at their net rate, and LPs claim their final payout.