Frequently Asked Questions

SolyMarket is a prediction market platform built on the Solana blockchain where users can bet on the outcomes of real-world events using SPL tokens. Our markets cover politics, sports, cryptocurrency, entertainment, and more. Users participate in betting pools by sending tokens to specific market wallet addresses, and winnings are distributed based on pool shares when events conclude.

Getting started is easy:

1. Create a free account by clicking "Sign Up"
2. Add your Solana public key to your profile (required for betting)
3. Get SPL tokens in your Solana wallet
4. Browse our markets and find events you're interested in
5. Place your first bet by sending tokens to the market's wallet address

Yes, SolyMarket operates on the Solana blockchain using SPL tokens for betting. You'll need SPL tokens to place bets and SOL for transaction fees. You can obtain these through cryptocurrency exchanges or wallet providers that support Solana.

Prediction markets operate in a complex legal environment that varies by jurisdiction. SolyMarket is designed to comply with applicable regulations. However, it's your responsibility to ensure that your participation is legal in your jurisdiction. Please consult with legal counsel if you have questions about the legality of prediction markets in your area.

SolyMarket uses a pool-based betting system. When you bet on an outcome, you send SPL tokens to that option's dedicated wallet address. Your tokens join a pool with other bettors who chose the same outcome. When the market resolves, the winning pool shares the total volume from all losing pools proportionally based on each bettor's contribution.

To place a bet:

1. Navigate to a market and click on your preferred outcome
2. Choose your bet amount (minimum 1 token)
3. Send the specified amount of SPL tokens to the displayed wallet address
4. Your bet will be automatically processed once the transaction is confirmed on the blockchain
5. You can track your bets in the "My Bets" section of each market

Winnings are calculated based on your share of the winning pool. If your chosen outcome wins, you receive your original bet back plus a proportional share of all tokens from losing pools. For example, if you bet 100 tokens and represent 10% of the winning pool, you'll receive 10% of the total market volume.

The minimum bet amount is 1 SPL token. You'll also need to account for Solana network transaction fees (typically less than $0.01) when sending tokens to the market wallet.

No, once you send tokens to a market wallet address, the bet cannot be cancelled or modified. This is because all transactions are recorded on the Solana blockchain and are immutable. Make sure you're confident in your choice before sending tokens.

There's no hard maximum bet limit. However, very large bets will significantly affect your share of the pool and potential winnings. The platform shows you the current pool distribution to help you understand the impact of your bet size.

SolyMarket accepts SPL tokens for betting. You'll need SPL tokens in your Solana wallet to participate in markets. You can obtain SPL tokens through cryptocurrency exchanges or by swapping other cryptocurrencies using Solana DEXs.

To bet on SolyMarket, you must add your Solana public key to your profile:

• Go to your Profile page after logging in
• Enter your Solana wallet's public key in the designated field
• Save your profile settings
• This allows the system to track your bets and distribute winnings

You'll pay standard Solana network fees when sending SPL tokens to market wallets, which are typically less than $0.01 per transaction. SolyMarket may charge a small platform fee on winnings, which helps maintain the platform and ensure fair market resolution.

When a market resolves in your favor, winnings are distributed to the wallet address associated with your profile. Make sure your Solana public key is correctly entered in your profile to receive payouts. Winnings are typically distributed automatically after market resolution.

Yes, you can use any Solana wallet that supports SPL tokens. Popular options include Phantom, Solflare, Backpack, and others. The important thing is that you control the private keys and can send SPL tokens from the wallet address you've added to your profile.

SolyMarket cannot recover lost wallets or private keys. It's crucial to securely backup your wallet's seed phrase and store it safely. If you lose access to the wallet associated with your profile, you won't be able to receive winnings from that address. Always keep secure backups of your wallet recovery information.

Markets are resolved based on official, verifiable sources relevant to each event. Our team uses reputable news sources, official government announcements, sports league results, and other authoritative sources. The resolution process is transparent and we provide sources for our decisions.

If there's a legitimate dispute about a market resolution, users can contact our support team with evidence. We review all disputes carefully and may re-resolve markets if there was an error. In cases of genuine ambiguity, we may resolve markets as "invalid" and return all funds to participants.

Markets may be cancelled in rare circumstances, such as when an event is permanently cancelled or when there are fundamental issues with the market setup. When a market is cancelled, all participants receive their funds back proportionally.

Most markets are resolved within 24-48 hours after the event concludes. Some complex events may take longer if we need to verify results from multiple sources. Winnings are distributed automatically once resolution is complete.

We take privacy seriously and collect minimal personal information. Your trading activity is recorded on the Solana blockchain (which is public), but we don't share personal account information with third parties. We use industry-standard security practices to protect your data.

Yes, you can delete your account at any time through your profile settings. Note that blockchain transactions cannot be deleted, but we will remove your personal information from our systems. Make sure to withdraw any funds before deleting your account.

If you suspect unauthorized access, immediately disconnect your wallet from SolyMarket and contact our support team. Since funds are stored in your wallet (not on our platform), securing your wallet is the most important step. Consider transferring funds to a new wallet if you believe your current one is compromised.

Transaction failures are usually due to network congestion or insufficient SOL for fees. Try the following:

1. Check that you have enough SOL for transaction fees
2. Wait a few minutes and try again
3. Increase the priority fee in your wallet settings
4. Check Solana network status for any ongoing issues

If problems persist, contact our support team with your transaction signature.

Try these troubleshooting steps:

• Refresh the page or clear your browser cache
• Disable browser extensions that might interfere
• Try a different browser or incognito mode
• Check your internet connection
• Try accessing the site from a different device

Wallet connection issues can have several causes:

• Make sure your wallet extension is installed and unlocked
• Check that you're on the correct network (Solana mainnet)
• Try refreshing the page and reconnecting
• Disable other wallet extensions that might conflict
• Update your wallet to the latest version

You can reach our support team through:

• Email: support@solymarket.com
• Discord: Join our community server
• Twitter: @SolyMarket
• Contact form on our website

For technical issues, please include your wallet address and any relevant transaction signatures.