The lifecycle of each market is comprised of 5 phases:
1). Creation Phase - market is brought into existence when a creator completes the market create form and submits the transaction to the blockchain. A mNFT object is received in return which can be used later to claim the market creator's reward.
2). Prediction phase - players make predictions. Starts after the creation of a market and ends at the end time set by the creator of the market.
3). Verification phase - Analysts verify the market. Starts at the time set by the creator of the market, ends after the verificationPeriod set in Market Config.
4). Dispute phase - dispute creator can create the dispute. It starts immediately after the verification phase ends. It ends after the disputePeriod set in the MarketConfig or when the dispute started.
5). Resolution phase - resolving the dispute if exist, calculating, sending, and burning fees. Starts after the dispute phase. Ends after market closing or dispute resolving.
Once a market is closed and any related disputes are settled. This is the phase in which market participants can claim their respective rewards for their productive activity on the protocol.