Outcome tokens
Every market has two fungible outcome tokens with 6 decimals, matching USDC. They are minted in equal amounts whenever collateral is deposited, and one of them becomes redeemable for 
USDC once the market resolves.
YES token
Redeems for 1 USDC each if the market resolves YES, and 0 otherwise.
NO token
Redeems for 1 USDC each if the market resolves NO, and 0 otherwise.
Redemption at a glance
| Market resolves | YES token | NO token | Holding 1 YES + 1 NO |
|---|---|---|---|
| YES | 1 USDC | 0 | 1 USDC |
| NO | 0 | 1 USDC | 1 USDC |
Every market resolves to exactly one side — YES or NO. There is no tie outcome. Whatever the result, a balanced pair is always worth exactly 1 USDC — the two sides simply split that dollar differently. (Redemption rates are net of the settlement fee; see Resolution & settlement.)
The pair invariant
1 YES + 1 NO = 1 USDC, always. You can mint or burn a balanced pair at any time before settlement via redeemPair, independent of the AMM price. This is what lets the AMM quote a self-balancing price and guarantees the contract can always pay winners.
Why two tokens?
Splitting collateral into complementary tokens is what makes the market tradable:
- The AMM holds a reserve of each token and quotes a price by their ratio — see AMM & pricing.
- The price of YES is the market's live implied probability of YES.
- Exiting early just means converting tokens back to USDC — either by selling into the pool or by pair-redeeming.