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For markets with multiple possible outcomes (e.g. “Which country wins the World Cup?”), all NO shares are the same SPL token across outcomes.

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Share Conversion

No additional capital required. You’re just shifting your position across related outcomes within the same market.

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How It Works

In a multi-outcome market:
  • Each outcome has YES and NO shares
  • All NO shares across outcomes are identical SPL tokens
  • Converting NO(Brazil) to YES(Argentina) = metadata update
Example:
  • Market: “Which country wins the World Cup?”
  • Brazil (YES/NO)
  • Argentina (YES/NO)
  • France (YES/NO)
  • Germany (YES/NO) You hold 1,000 NO shares for Brazil. This means you believe Brazil won’t win-someone else will. To convert to Argentina:
1

Burn 1,000 NO (Brazil)

2

Mint 1,000 YES (Argentina)

3

Zero additional capital

Hedging Across Outcomes You can split risk:
  • 500 NO (Brazil) → 500 YES (Argentina)
  • 500 NO (Brazil) → 500 YES (France)
Cover multiple outcomes without locking more capital.
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