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

# What is Mecone

> Prediction-market-implied settlement indices

Mecone builds **prediction-market-implied settlement indices**: continuous,
manipulation-resistant benchmark prices for assets that have no spot market.

A perpetual future needs a continuous price to mark and settle against. The
assets people most want to trade and cannot (a stake in OpenAI, the next CPI
print, a house) publish their fundamentals slowly or never. But prediction
markets already price them continuously, every second. Mecone turns that
crowd-implied distribution into a live, de-vigged, auditable index and funding
rate that a derivatives contract can settle on.

## The thesis: be the anchor, not the venue

The perp stack has unbundled into three layers: **distribution** (the
front-end), the **venue** (the matching engine), and the **oracle** (the index
a contract settles to). The first two are commoditizing; anyone can deploy a
perp in an afternoon. The unsolved layer is the third: a settlement price for
long-tail assets that cannot be cheaply manipulated.

Recent history makes the point. In 2026, two live perp products on exactly
these asset classes failed on their **index**, not their engine: a pre-IPO
perp flash-crashed roughly 45% on a single bad oracle input (its feed was
mostly an EMA of its own mark price), and a real-estate perp lost \~97% of its
TVL on a thin point-estimate index. Mecone exists to be the layer that would
have saved both: we do not run a venue, we license the settlement reference to
the venues already racing to list these markets.

## Why a prediction market makes a good oracle

* **Depth is the defense.** The index is derived from an aggregated order
  book, so moving it means paying real money against the whole book, and we
  measure that cost per index.
* **A full distribution, not a point.** We publish the crowd's entire implied
  probability distribution, which powers confidence bands and circuit
  breakers, not just a single number.
* **Anchored to reality.** Each anchored index glides from the last official
  print toward the live crowd value and settles to the exact official series
  its market resolves on, so a manipulated print mean-reverts by construction.
* **Stored and reproducible.** Every published value is a tick in an
  immutable, append-only series. Any settlement can be replayed.

## What is live today

| Piece                  | Status                                                                                                                    |
| ---------------------- | ------------------------------------------------------------------------------------------------------------------------- |
| Eight public feeds     | Five flagships plus three GPU-rental benchmarks, live on the public API and the [terminal](https://terminal.mecone.trade) |
| Full catalog           | A wider library of built indices sits behind the public board, which is deliberately curated for launch                   |
| Signed official rounds | All eight feeds signed every five minutes, [verifiable offline](/oracle/signed-rounds) against one pinned key             |
| Reference contracts    | Deployed on Arbitrum Sepolia; first settlement loop proven on-chain, July 2026 ([receipts](/oracle/testnet))              |
| Terminal               | [terminal.mecone.trade](https://terminal.mecone.trade), the live read on every public index                               |

Mecone is backed by a16z Speedrun.