The term "lot" is used to refer to a specific wager for an asset pair created by a user for a predetermined amount of time. Each lot has 4 states:
(a) Created - Once a lot creator fills in the required parameters and deposits some collateral - the lot is created and is open for depsoits until the defined start time.
(b) Live - If, at start time, there are deposits in both the Asset A pool and Asset B pool then the lot goes live and will no longer accept any deposits. The lot remains live until the duration defined by lot creator has passed. Any refunds (in multi user lots) can be claimed once a lot goes live.
(c) Resolved - A lot is resolved once the specified duration is completed, post which our oracles determine the lot winner and the lot winner may claim their winnings.
(d) Cancelled - If there are no deposits in either Asset A pool or Asset B pool prior to lot start time, then a lot is cancelled.