> For the complete documentation index, see [llms.txt](https://docs.axiomprotocol.io/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.axiomprotocol.io/whitepaper/architecture-overview/market-architecture.md).

# Market Architecture

Axiom’s markets use a CLOB backed by Conditional Tokens.

Each market stack includes:

* a logical market definition shown in the app
* one or more binary `AxiomCTFMarket` contracts underneath
* ERC-1155 outcome positions in `AxiomConditionalTokens`
* an order book managed offchain
* onchain settlement through `AxiomCTFExchange`

For users, this means one market page can represent a clean product experience even when multiple binary contracts sit behind the scenes.

At resolution, the market contract:

* receives the finalized outcome
* reports payouts to Conditional Tokens
* enables winning position redemption

The exchange handles trade settlement and fees before that point. Redemption is the final conversion of winning tokens back into collateral.

This design keeps Axiom auditable and composable while supporting deeper liquidity and more flexible position management than a pool-based market model.


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