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A parse of all 584,210 listed contracts finds one oracle operator deciding 20.31% of them. The resolution risk sits in feeds and scoreboards, not in arbiters.
The Investor · Invest desk

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On 23 July 2026, Vera Research parsed the resolution rule of every market Polymarket has listed, 584,210 contracts in a single deterministic pass, and found that 96.27% are decided by a machine reading a number off a scoreboard, a price feed or a published dataset [1][2]. Human judgement, defined as a rule naming no source and resting on a consensus of credible reporting, decides 5,396 markets, or 0.92% [3]. If that reading holds, the thing an operator should be auditing in this asset class is the data pipeline, not the referee.
The composition is not what the coverage would suggest. 60.31% of listed markets settle on the official result of a scheduled contest, a tennis match or a Counter-Strike map [4]. Another 30.41% settle on a price feed, either an on-chain oracle or a trading venue's own candle, which puts those two classes at 90.72% of everything ever listed [5][6]. A further 5.55% settle on a named published statistical series, four fifths of that class, 25,734 markets, being daily high and low temperature at named airport weather stations [7]. 582,754 contracts, 99.75%, carry rule text at all; 1,456 carry none [8].
Concentration is the part with consequences. A single on-chain oracle operator, Chainlink, settles 118,638 markets across seven price feeds, 20.31% of the catalogue and more than any other source [9]. That is roughly two thirds of the entire price-feed class [10]. Behind it: the International Tennis Federation at 76,519 markets, Binance at 50,112, the ATP Tour at 39,799, FIFA at 34,506, Major League Baseball at 33,430 and Weather Underground at 25,734 [11]. Those seven names together account for about 64.83% of all listed markets [12], and Weather Underground's count is identical to the airport-temperature subset, meaning one weather service holds that entire class [13].
Two caveats matter for anyone tempted to over-read this. The registry reports counts and shares of markets only, never a price, a return or a direction [14], so nothing in it says the judgement sliver is small in money terms; the wars, elections and leadership changes are exactly the markets a reader thinks of first, and by count they barely register at 21,709 markets, 3.72%, once every person-decided class is included [15][16]. The authors also say explicitly that nothing in the note claims any settlement source is wrong, late or contestable [17].
The method is unusually legible for research of this kind. The nine classes were built from the corpus rather than imposed, all 428 distinct hosts were assigned by hand, the classifier was frozen, and a fresh sample of 149 markets was adjudicated against each market's own rule text with no disagreement found, which supports a 95% lower bound of 97.5% rather than a claim of perfection [18][19]. Three earlier development samples covering 300 markets found seven faults, all fixed and listed [20]. One convention carries weight: 12 of the 149 depend on treating a third-party scoreboard such as HLTV or ESPNcricinfo as the official record, and a reader who rejects that outright scores the same sample at 91.95% [21]. A companion test on whether settlement type relates to price behaviour was withheld because most of the raw contrast proved to be an artefact of contract lifetime, with three of four comparisons flat inside matched lifetime buckets [22].
Watch whether anyone reruns the 149 shipped verdicts and lands somewhere else [21]. Watch for a volume-weighted version, because the count-weighted picture and the money-weighted picture almost certainly differ [14]. And watch the seven-feed concentration figure: a fifth of a catalogue reading from one operator is a structural fact regardless of that operator's record [9].
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Ranked by verification strength, evidence, and original report placement.
The person-decided markets are the ones a reader thinks of first, the wars, the elections, the leadership changes, whether a company will file, and set against scoreboards and price feeds they barely register by count.
On 23 July 2026 the whole Polymarket catalogue, 584,210 markets, was read in one pass with every rule parsed by the same deterministic script; the work is published as The Settlement Registry by Vera Research.
96.27% of the catalogue is decided by a machine reading a number off a scoreboard, a feed or a dataset.
Human judgement, a rule that names no source but rests on a consensus of credible reporting, decides 5,396 markets, 0.92% of the catalogue.
60.31% of listed markets settle on the official result of a scheduled contest: a tennis match, a World Cup game, a Counter-Strike map.
30.41% of listed markets settle on a price feed, either an on-chain oracle or a trading venue's own candle.
Evidence-backed comparisons of source perspectives and observed adoption signals. Read the methodology
Which Builder, Operator, and Investor concerns the observed source mix emphasized—not a truth score.
Evidence, demonstrated adoption, hype gap, incentives, and confidence are assessed independently, each on its own current evidence. How these are measured.
Complete-catalogue parse with disclosed audit, single unreplicated source
The underlying work is unusually well specified for a single note: a full-population parse rather than a sample, a frozen classifier tested on a held-out 149-market sample, an explicit 95% lower bound of 97.5%, a stated alternative reading of 91.95% if one contestable convention is rejected, seven earlier faults disclosed, and the adjudication verdicts shipped for redoing. What holds the score below the high band is that every figure comes from one publisher carrying the authors' own analysis, with no independent replication and no external audit of the class assignments.
Settlement dependency documented venue-wide; registry uptake unknown
Adoption is measurable for the phenomenon rather than for the research: the note documents real, in-production settlement dependencies across an entire live venue — 118,638 markets resolved by one oracle operator's seven feeds, plus six other sources covering most of the rest, and an airport-temperature subset resolved wholly by one weather service. That is concrete usage at scale, not a pilot. It is not higher because there is no evidence in the supplied material of anyone downstream using, citing or replicating the registry itself, and because usage is counted only by market count, never weighted by volume or open interest.
Claims run behind the evidence the note actually carries
Framing is restrained relative to what the data would license. The note volunteers its limits (counts and shares only, no mispricing or source-failure claim), reports the weaker 91.95% reading of its own audit, and deliberately withholds a companion price-behaviour result because the contrast was largely a contract-lifetime artefact. The rhetorical flourish that human judgement is 'a rounding error' is the one place the presentation outruns the measurement, since a 0.92% count share says nothing about economic weight — but that caveat is stated in the same document, so the net gap is modestly understated rather than overstated.
First-party research on a crypto trade outlet, no funding disclosure
The material is a research note published by its authors on a crypto-industry publication, which carries an inherent attention and authority incentive, and the headline finding elevates one named infrastructure provider as the catalogue's largest settlement authority — a result with commercial resonance in that sector. No funding, commissioning or relationship disclosure accompanies the note in the supplied material. Countervailing signals keep the score mid-range: the note ships its adjudication verdicts, itemises its own faults, reports the unfavourable sensitivity reading, and refuses any price, direction or source-failure claim, all of which reduce the room for interested distortion.
Internally rigorous but single-sourced and count-weighted only
Confidence is moderate: the arithmetic is internally consistent, the population is complete, and the audit protocol is disclosed in enough detail to be checked, so the core structural finding — machine-read settlement dominates by count and settlement authority is concentrated in a handful of publishers — is likely robust. It is capped by three things: a single publisher with no independent corroboration, a snapshot the venue itself can invalidate by rewriting resolution text, and the absence of any volume or open-interest weighting, which leaves the economic significance of the shares unresolved.
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1 article · August 18, 2026