> For the complete documentation index, see [llms.txt](https://docs.pretoke.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.pretoke.xyz/getting-started/what-is-this.md). # What Is This? PreToke lets you trade on the outcome of real-world events — sports results, crypto price milestones, election outcomes, and more — using a TON wallet and USDT (a US-dollar-pegged stablecoin) as collateral. ## The basic idea Every **market** is a yes/no question, like: > "Will Bitcoin close above $100,000 on July 31?" Each market has two kinds of shares: * **YES shares** — pay out **1 USDT each** if the answer turns out to be yes. * **NO shares** — pay out **1 USDT each** if the answer turns out to be no. You can buy either side at any time while the market is open. The price you pay (between $0.01 and $0.99) reflects the current probability the market assigns to that outcome — a YES share trading at $0.72 roughly means the market thinks there's a 72% chance the event happens. You don't have to hold your shares until the event resolves — you can sell them at any time at the current market price, the same way you'd trade a stock. ## Where do the odds come from? Prices are set by a combination of: 1. **Other traders** placing buy/sell orders at specific prices (an order book, just like a regular exchange). 2. An **automated market maker** that always quotes a price so there's someone to trade against even when the order book is thin. The platform automatically routes your order to whichever gives you the best price, or splits it between both. See [Order Book vs. Automated Market Maker](/how-it-works/orderbook-vs-amm.md) for details. ## How does money move? * You deposit **USDT** (Tether, TON-network version) to a personal deposit address. * Trading and portfolio balances are tracked instantly by the platform. * Whenever you buy or sell, the platform settles the underlying position on the **TON blockchain** using audited smart contracts — so your outcome shares are always backed 1:1 by real collateral, not just a database entry. * When a market resolves, winning shares are redeemed for USDT, which you can withdraw to your wallet at any time. ## Is this for me? * If you enjoy sports betting, prediction markets, or just want to bet on your read of the news — yes. * If you want a hands-on look at how a real conditional-tokens protocol works on TON — the [How It Works](/how-it-works/system-overview.md) and [Smart Contracts](/smart-contracts/architecture-overview.md) sections are written for you too. Ready to start? Head to [Connecting Your Wallet](/getting-started/connecting-your-wallet.md). --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.pretoke.xyz/getting-started/what-is-this.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.