> For the complete documentation index, see [llms.txt](https://docs.orioleinsights.io/home/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.orioleinsights.io/home/whitepaper/core-mechanics-and-reward-system-of-oriole-insights/roi-and-initial-listing-prediction-markets/market-cycles-stages.md).

# Market Cycles (Stages)

## **The prediction process within the ROI Prediction Markets passes through several stages:**

* **"Upcoming"** Stage: Projects are visible to users, who can view key dates for voting, listing, result validation, and event conclusion but still need to vote.
* **"Voting"** Stage: Users can cast their predictions during this stage.
* **"Freeze"** Stage: The voting is in a freeze period to prevent further votes while the event outcome is pending.
* **"In Progress (Listing)"** Stage: Voting is closed, and the project is listed on exchanges; participants await outcome validation.
* "**Validation"** Stage: The Oriole Insights propose one or several correct results. The validators must Agree or Disagree with the proposed variants. Voting remains closed during this stage.
* **"Finished"** Stage: The validation is complete; the rewards are calculated and distributed for correct predictions.

## Prediction Cancellation Option for **ROI Prediction Markets** 

Users can cancel their predictions during the “Voting” stage of the ROI Prediction Markets. This option involves paying a progressive cancellation fee that depends on how close to the end of the "Voting" phase you are. Here's how it works:

* Free cancellation within the first 5 minutes after vote cancellation.
* Once a listing date is added, the cancellation fee starts at 10% of the pooled ORI and increases over time. 
* The closer you are to a listing date, the higher the fee.
* On the last day before the event, the cancellation fee is 90% of the pooled ORI.
* If a listing date changes, the fee is automatically recalculated.
* If a listing date is set to "TBA", cancellation is free until a listing date is defined.

This fee structure is implemented as a safeguard to maintain the voting process's integrity and discourage impulsive or non-committal voting behaviors.


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