> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ezpz.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# Outcome tokens & positions

> How YES/NO tokens represent your stake and how positions work.

## Outcome tokens

When you make a prediction on ezpz.fi, you hold **outcome tokens** — SPL tokens on Solana representing YES or NO on a specific market. This is similar to Polymarket's Conditional Token Framework (CTF), adapted for Solana SPL mints.

| Token   | Pays if…               | Value at resolution |
| ------- | ---------------------- | ------------------- |
| **YES** | Outcome occurs         | \$1.00 USDC         |
| **NO**  | Outcome does not occur | \$1.00 USDC         |

## Mint, swap, redeem

The basic flow:

1. **Mint** — Deposit USDC to receive equal YES + NO tokens (minus fees).
2. **Swap** — Trade one side via the AMM to take a directional position.
3. **Hold or redeem** — Keep tokens until resolution, then redeem winners for USDC.

Advanced users can also **split** (mint without swapping) or **merge** (combine YES + NO back to USDC) when NegRisk multi-outcome markets launch. M1 uses the mint-and-swap path for all retail predictions.

```mermaid theme={null}
flowchart LR
  USDC --> Mint
  Mint --> YES[YES tokens]
  Mint --> NO[NO tokens]
  YES --> Swap
  NO --> Swap
  Swap --> Position[Your position]
  Position --> Redeem[Redeem if you win]
  Redeem --> USDC
```

## Custodial holdings

Your tokens live in a **custodial wallet** managed by the platform. You see balances in **Portfolio** (`/portfolio`) without managing SPL token accounts yourself.

<Note>
  You sign in with your personal Solana wallet for authentication. The custodial wallet executes trades on your behalf.
</Note>

## Positions

A **position** is your net exposure on a market — typically all YES or all NO tokens after swapping. Portfolio shows:

* Open positions with current implied value
* Unrealized P\&L
* Settlement status after resolution

## How payouts work

Each market has an isolated **USDC vault**. When you win:

* You burn your winning tokens via `redeem`
* USDC flows from the market vault to your custodial wallet
* Losers' stakes in the same vault fund the payout

The platform treasury and maker wallets do **not** pay winners directly. Markets are self-funded escrows.

<Tip>
  See [Resolution](/concepts/resolution) for the full settlement timeline. To exit early, see [Sell a prediction](/trading/sell-prediction). For voided markets, see [Refunds](/trading/refund).
</Tip>

## Parlay positions

Parlay predictions are separate from single-market positions. They are backed by the parlay LP pool, not individual market vaults. See [Parlays](/concepts/parlays).