Once a market is proposed for resolution it goes into a challenge period of 2 hours.
If no one challenges the proposal during the 2-hour period, then the resolution is deemed valid and the proposer receives their bond back plus the reward.
During the 2-hour challenge period, anyone may dispute the proposal on the UMA dapp by posting a challenge bond of the same amount as the proposer bond (usually $750).
The dispute link can be found in the "Rules" section of the market page.
This begins the debate period of 24-48 hours (votes happen every other day and there will always be at least 24 hours for discussion). Anyone wishing to contribute evidence to the discussion can do so in the Uma Discord server in the #evidence-rationale and #voting-discussion channels.
After the debate period, Uma token holders vote (this process takes approximately 48 hours) and one of four outcomes happens:
Proposer wins
Proposer receives their bond back plus half the disputer’s bond as a bounty. Disputer loses their bond.
Disputer wins
Disputer receives their bond back plus half the proposer’s bond as a bounty. Proposer loses their bond.
Too Early
This outcome is for proposals for which the underlying event has not yet happened. Eg the result of a sports match that is still ongoing. Disputer receives their bond back plus half the proposer’s bond as a bounty. Proposer loses their bond.
Unknown/50-50
This (rarely used) outcome is for events where none of the other options are appropriate. In this case the market price resolves to 50 yes and 50 no. Disputer receives their bond back plus half the proposer’s bond as a bounty. Proposer loses their bond.
Polymarket is non-custodial and cannot alter or reverse market resolutions. Once finalized by UMA, outcomes are immutable.
For additional context:
UMA is a decentralized third-party oracle, who governs this process to ensure fairness and transparency. Reviewing the market rules is essential to understand how a specific market will resolve.