Blink Market：Prediction Market for AgentsBlink Market：為代理人打造的預測市場

Blink Market：Prediction Market for AgentsBlink Market：為代理人打造的預測市場

Blink Market：為代理人打造的預測市場

Project Overview

Blink Market is a fast, capital-efficient binary prediction market protocol built on the Sui blockchain. It combines off-chain Request for Quote (RFQ)
pricing from a Professional Market Maker (PMM) with secure, atomic on-chain settlement.

Users trade on binary outcomes such as YES or NO. Each successful trade creates an on-chain position that can be redeemed for its full notional value if the
selected outcome wins.

Core Features

  • Binary YES/NO prediction markets
  • Instant quotes through the off-chain PMM server
  • Cryptographically signed, short-lived RFQ quotes
  • Atomic trade settlement on Sui
  • Fully collateralized positions
  • On-chain position ownership and redemption
  • PMM collateral deposit and withdrawal
  • Protocol fee collection through an on-chain treasury
  • Admin-controlled market creation and resolution
  • On-chain events for indexing and transparency

Technical Architecture

Blink Market uses a hybrid architecture:

  1. A user requests a quote from the Go-based PMM server.
  2. The PMM pricing engine calculates a price in basis points.
  3. The server assigns a sequence number and expiration time.
  4. The quote is encoded and signed with an Ed25519 key.
  5. The user submits the quote and payment to the Sui smart contract.
  6. The contract verifies the signature, expiration, PMM identity, and sequence number.
  7. User and PMM collateral are combined in the market pool.
  8. A Sui Position object is minted to the user.
  9. After resolution, winning positions can be redeemed on-chain.

The smart contracts are written in Move 2024 and divided into modules for market management, RFQ execution, collateral accounting, fee calculation,
administration, and events. The PMM server is written in Go and provides quote generation, signing, sequence persistence, rate limiting, and quote archiving
through the /v1/quote API.

Motivation

Traditional prediction-market AMMs often face poor capital efficiency, slippage, fragmented liquidity, and difficult market bootstrapping. These limitations
are especially visible in short-lived or specialized markets where liquidity providers may not want to lock capital in a pool.

Blink Market replaces the AMM pricing curve with professional off-chain quoting. This allows market makers to use external information and risk models while
keeping custody, collateral, settlement, and payouts verifiable on-chain.

Blockchain Solutions:

  • Sui shared objects provide transparent market pools and clearinghouse state.
  • Move capability-based authorization protects market administration.
  • Ed25519 signatures make PMM quotes independently verifiable.
  • Expiration timestamps prevent stale quotes from being executed.
  • Strictly increasing sequence numbers prevent quote replay.
  • PMM public keys are cryptographically bound to their Sui addresses.
  • Atomic settlement ensures collateral movement and position creation succeed or fail together.
  • On-chain position objects provide users with verifiable ownership of their trades.
  • Smart-contract-enforced collateralization ensures each winning position can be redeemed for its stated notional value.

Unique Features

  • Off-chain RFQ, on-chain settlement: Fast and flexible pricing without sacrificing verifiable execution.
  • Professional market-maker model: PMMs can price markets using dedicated risk engines instead of fixed AMM curves.
  • Capital-efficient liquidity: Each trade only requires the collateral needed to cover its specific payout.
  • Object-based positions: Every successful trade creates a transferable, wallet-owned Sui object.
  • Cryptographically bound quotes: Quotes are tied to a market, side, size, price, PMM, sequence number, and expiration time.
  • Cross-repository interoperability: The Go server reproduces the contract’s exact 97-byte signed-message format, verified through golden test vectors.
  • Fault-tolerant quote archiving: Signed quotes are recorded for auditability without blocking quote delivery if archival fails.
  • Pluggable pricing architecture: The current PMM server uses configurable reference pricing while exposing an interface for future market-driven pricing
    engines.

專案概覽

Blink Market 是建構在 Sui 區塊鏈上的二元預測市場協議，主打快速與資本效率。它結合專業造市商（PMM）在鏈下提供的詢價報價（RFQ），以及安全、原子化的鏈上結算。

使用者可交易 YES／NO 等二元結果；每筆成交都會建立一個鏈上部位。若所選結果勝出，該部位可贖回全額名目價值。

核心功能

  • 二元 YES／NO 預測市場
  • 透過鏈下 PMM 伺服器取得即時報價
  • 以密碼學簽署、具短效期的 RFQ 報價
  • 在 Sui 上進行原子化交易結算
  • 完全抵押的部位
  • 鏈上部位所有權與贖回機制
  • PMM 抵押品存入與提領
  • 由鏈上金庫收取協議費用
  • 管理員建立及裁決市場
  • 提供鏈上事件供索引與公開查核

技術架構

Blink Market 採用混合式架構：

  1. 使用者向以 Go 撰寫的 PMM 伺服器請求報價。
  2. PMM 定價引擎以基點計算價格。
  3. 伺服器為報價配置序號與到期時間。
  4. 報價完成編碼後，以 Ed25519 金鑰簽署。
  5. 使用者將報價與付款提交至 Sui 智慧合約。
  6. 合約驗證簽章、效期、PMM 身分與序號。
  7. 使用者及 PMM 的抵押品一同匯入市場資金池。
  8. 系統鑄造 Sui Position 物件給使用者。
  9. 市場裁決後，勝方部位可於鏈上贖回。

智慧合約以 Move 2024 撰寫，拆分為市場管理、RFQ 執行、抵押品帳務、費用計算、管理與事件等模組。PMM 伺服器使用 Go，透過 /v1/quote API 提供報價產生、簽署、序號持久化、速率限制及報價封存。

動機

傳統預測市場的 AMM 常面臨資本效率不佳、滑價、流動性分散與市場冷啟動困難等問題。這些限制在短期或利基市場尤其明顯，因為流動性提供者未必願意將資金鎖在池中。

Blink Market 以專業的鏈下報價取代 AMM 定價曲線，使造市商能運用外部資訊與風險模型，同時仍讓託管、抵押、結算與支付結果可在鏈上驗證。

區塊鏈的解法包括：

  • Sui 共享物件提供公開透明的市場資金池與清算狀態。
  • Move 以能力（capability）為本的授權機制保護市場管理權限。
  • Ed25519 簽章讓 PMM 報價可被獨立驗證。
  • 到期時間戳避免過期報價被執行。
  • 嚴格遞增的序號避免報價重放。
  • PMM 公鑰以密碼學方式與其 Sui 位址綁定。
  • 原子化結算確保抵押品移轉與部位建立必定同時成功或失敗。
  • 鏈上部位物件讓使用者可驗證自己的交易所有權。
  • 智慧合約強制足額抵押，確保每個勝方部位都能依名目價值贖回。

特色

  • 鏈下 RFQ、鏈上結算： 在不犧牲可驗證執行的前提下，同時取得快速且具彈性的定價。
  • 專業造市商模式： PMM 可使用專屬風險引擎定價，而非固定的 AMM 曲線。
  • 資本效率高的流動性： 每筆交易只需覆蓋該筆特定支付所需的抵押品。
  • 以物件表示部位： 每次成功交易都會建立可轉移、由錢包持有的 Sui 物件。
  • 具密碼學綁定的報價： 報價會綁定市場、方向、數量、價格、PMM、序號與到期時間。
  • 跨儲存庫互通： Go 伺服器重現合約精確的 97 位元組簽名訊息格式，並以黃金測試向量驗證。
  • 容錯的報價封存： 簽署後的報價會被記錄以利稽核；即使封存失敗，也不會阻塞報價傳遞。
  • 可插拔的定價架構： 現行 PMM 伺服器採用可設定的參考價格，並保留介面以支援未來的市場驅動定價引擎。
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