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description: Smart Contracts Evaluating The Outcome Of The Market On-Chain
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# Markets

As described in **System Description**, Markets are independent smart contracts, deployed by Market Factory with parameters provided, that are able to evaluate the outcome of the market entirely on-chain. As markets are described by their own parameters with no need for natural-language storage, there is no opportunity to deploy misleading markets (_as was an issue for Augur V1_) as well as being more efficient to store on-chain. There are 5 primitives used to define a market, they are:

* Metric - This is a value with associated data source, for example "_Lending protocol TVL in USD_".
* Value - This is a numerical value provided by the market deployer.
*   Condition - This is a simple boolean operator such as 'equal to', 'less

    than'.
* Expiry - This is the time at which the market closes expressed as block- time (_unix time / seconds since epoch_).
* Outcomes - These are the possible outcomes, they may be either numerical or natural language, but on-chain they are numerical to allow evaluation by the contract.

All markets have at least 1 metric, at least 1 condition, 1 expiry, at least 2 outcomes, and at least one value.

After market expiry (_blocktime ≥ expiry_) any user may collect winnings, the first user to attempt to collect winnings will trigger evaluation of the market, and an outcome flag will be set. There is a short waiting period (_around 15 minutes_) to allow any possible disputes to be raised by the oracle (_Tellor_). If no disputes are recorded the market is considered settled and winners can collect the pro-rata share of the total stake based on the number of outcome tokens they hold.
