How markets work.
One dollar, two tokens, one index.
Mint.
Lock $1 in escrow. You get one long and one short token.
Trade.
Keep both, or sell the side you don't want. The two prices add up to about $1.
Settle.
At the end of the window, the index decides how the dollar splits. If it lands a quarter of the way up the range, short gets 25¢ and long gets 75¢.
Mint, trade, settle
The range shown is an example. Each market publishes its own.
Pays by how far, not yes or no.
A yes or no contract pays everything or nothing when a line is crossed. RAVA pays in proportion to where the index lands, so a small move gives a small change in payout.
What RAVA does not do.
RAVA takes neither side, buyers and sellers set the price, and an independent publisher calculates the index.
The rules for each range are in How ranges are set.