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

# What is XO

> XO is a prediction market where the markets come from users. Anyone can publish a question (or a Conviction), define how ti resolves, and earn a share of the fees it generates. You are not limited anymore to what a curation team decide to list. 

XO is a prediction market. Each market states a question, its possible outcomes, the evidence that will decide it, and when it will be decided. You buy the outcome you think is underpriced. A winning share pays $1 at settlement, a losing share pays $0, and a voided market follows its published refund rules.

A price is both a quote and a summary of what traders are currently willing to pay. A YES share offered at 40¢ costs $0.40 and can pay $1. That is a market-implied signal — not a forecast from XO, and not advice to trade.

## Four ways to use XO

<CardGroup cols={2}>
  <Card title="Markets" icon="chart-line" href="/product/trading/find-a-market">
    Topical and event-driven questions. Trade outcomes on the order book, or on a legacy AMM page.
  </Card>

  <Card title="Convictions" icon="lightbulb" href="/product/products/convictions">
    Publish your own binary claim, define how it resolves, and back it with a seed order.
  </Card>

  <Card title="Pulse" icon="bolt" href="/product/products/pulse">
    Short-horizon BTC Up or Down, in rolling five-minute rounds.
  </Card>

  <Card title="Parlays" icon="trophy" href="/product/products/parlays">
    Pick one result for every match in a contest and enter with Conviction Points.
  </Card>
</CardGroup>

## Before your first trade

* Use an eligible account and review any regional or product restrictions shown to you.
* Fund your XO smart wallet. At the current launch surface the token picker is USDC-only.
* Read the complete market rules, not just the title — the deadline, the primary evidence source, the secondary source and the void fallback.
* Treat the amount you enter as capital at risk. A position can lose its full purchase cost, plus any fee shown before you confirm.
* Check available liquidity. A market-style order can fill partially, or not at all, when the book is thin at your protection price.

<Note>
  Your first order-book trade may require an **Enable Trading** step. This grants your smart wallet's USDC allowance and Conditional Token operator approval. It is an enabling transaction, not the trade itself.
</Note>

## Next steps

<CardGroup cols={2}>
  <Card title="Your first trade" icon="play" href="/product/quickstart">
    Fund an account and buy a position, end to end.
  </Card>

  <Card title="How prices work" icon="calculator" href="/product/concepts/how-prices-work">
    What 40¢ means, what it pays, and what a payout multiple is not.
  </Card>

  <Card title="Read the rules" icon="scale-balanced" href="/product/trading/read-the-rules">
    The settlement contract behind every market.
  </Card>

  <Card title="Build on XO" icon="code" href="/index">
    The Orderbook and Data APIs for integrators.
  </Card>
</CardGroup>