Spin up a binary prediction market in minutes — with zero startup liquidity. It prices from the first trade and graduates into fully-backed YES/NO tokens when real demand shows up.
Subsidized market makers fix this for a handful of flagship markets and break on the long tail. Pop Charts removes the subsidy entirely — the curve is virtual, every bet is an escrowed intent, and collateral only ever backs claims it can actually pay.
A virtual LMSR quotes a smooth probability from the very first bet. The liquidity parameter b shapes how gently the price moves — backed by no bankroll.
No treasury, no seeded inventory, no LP risk before demand is proven. Anyone can open a market at any prior — a 5% longshot or an 80% near-consensus.
Band-pass graduation only mints claims where YES and NO demand actually met. Locked collateral provably equals the maximum payout it backs. No bad debt, ever.
The virtual curve is scaffolding: it exists to discover a price and gather committed demand, then retires itself the moment the market deserves a real order book.
A virtual LMSR prices intents. Every pre-graduation bet is a receipt — the exact band of the price curve it traversed, escrowed and append-only. No subsidy, no final fills.
Virtual LMSR liveBand-pass clearing passes exactly the price bands crossed by both sides in opposite directions. Matched segments mint complete sets; every unmatched segment is refunded at the exact path cost paid.
Band-pass clearingFully-collateralized YES/NO tokens trade on an ordinary complete-set venue. The discovered demand is handed into real prediction-market infrastructure — fully backed.
Cleared to complete setsSample markets — the launchpad is warming up.
Every other launch mechanism hides its risk in a subsidy or a virtual reserve. We state ours plainly — because a receipt only means something if the rules are real.