We should see event contracts as a bet on an end state i.e. who wins, or where the number lands at resolution. In between, the market's posting prices as information arrives, and in most PM's you can trade it the along the way. Leverage ties you to the path.... your liquidation price is set against the mark which jumps every time new information lands. You were right about the end state and got taken out by the path. So leverage in these markets asks you to be right twice, once about the outcome and once about the path the market takes to get there. Leverage is a useful and probably necessary feature for building deeper markets. One lens is that people asking for leverage want more exposure to being right on outcome i.e. a bigger payout relative to the funds they're putting at risk. We get this property inherently on @functionspaceHQ markets as there's a native way to express something similar through a tighter range - i.e. precision. Rather than increasing your exposure to a broad outcome through borrowed capital, you can narrow the range of outcomes you're willing to bet on. There's no liquidation price. Your payoff at resolution depends on where the outcome lands, independent of the path prices took to get there. Both forms of exposure have a place in prediction markets. Leverage makes the path itself part of the trade. Precision lets you express a more concentrated belief about the destination. Both can produce higher risk and higher returns, but they're fundamentally different trades. I think there's something interesting about being able to dial up your risk by being more specific about that end state.

Key takeaways from the Thought Leader Summit hosted by @Maven11Capital and co. • We’re early. • Are we all competing for the same customers? No. The pie is huge, and PMs are still focused on net growth. Almost any event can have a market. Liquidity will keep growing. • Major unlock for institutions: how do we free up capital from full collateralization? • Permissionless builder codes show where PMs can go as liquid market layers. Think Phantom x Hyperliquid. No where but up.