> For the complete documentation index, see [llms.txt](https://docs.fuyo.markets/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.fuyo.markets/faq/parimutuel-market-maker.md).

# Parimutuel Market Maker

#### **What happened to the old CPMM system?**

The CPMM engine (which worked like Uniswap's formula) has been replaced for crypto and commodity markets. The old system required the platform to seed every market with capital, which created treasury risk. 

The new PMM system doesn't need any seeded capital — the pool is built entirely from traders stakes into a shared pool.

#### **Why can't I see an exact multiplier before I stake?**

In Phase 1 (1-minute markets), the multiplier is estimated because stakes are still being placed up until the final 10 seconds. The final multiplier can only be locked once the staking window closes. The "\~x.xx est." you see is live and accurate to the current pool — it just updates as others stakes.

In Phase 2 markets, your payout depends on how the total pool fills over the entire window. Longer-horizon markets have more time for the pool to change.

#### **What if I stake UP and no one stakes DOWN?**

If the opposing side pool never reaches $3 minimum by close, the market is voided. You get a full refund. This is the correct outcome — distributing a one-sided pool would mean winners get back less than they staked.

#### **Can I place multiple stakes in the same market?**

In Phase 1 (1-minute markets), each market resolves in 60 seconds — you stake once and wait.

In Phase 2 markets, you can open multiple positions over time as the market evolves, as long as the maximum stake haven't reached the max cap (currently $10).