Glossary
Settlement
After the oracle is done, winning tokens become $1 of collateral and losers become $0. The money was locked when shares were minted.
Settlement is what happens after the oracle is done. Winning tokens become $1 of collateral; losing tokens become $0. On Polymarket that collateral is USDC (or the wrapped equivalent the contract uses). You do not need a counterparty to “pay you” — the money was locked when shares were minted via the conditional token split.
Timing is not the same as the news. A game can end Saturday night and still sit in the UMA liveness window until the proposal is undisputed. Until redeem is enabled, last price can wobble as remaining holders trade the residual risk of a dispute. After settlement, Polydata’s resolved pages freeze the story: final outcome, volume, who won and lost on that condition. Those pages do not keep marking the book, because there is no book.
If you still hold shares after a clear resolution and cannot redeem, it is usually a UI or delay issue, not a new market. Treat settled positions as cash in realized PnL — that is how our methodology values winning net tokens at $1. The payout calculator shows the same $1-per-winning-share identity before you ever get there.