Melee

Melee is a prediction markets platform on Solana, currently in beta. Each position combines two sources of return: directional exposure to a market outcome, and liquidity rewards paid for holding a position that other traders trade against.

Its pricing is handled by a mechanism the team calls the PMM. When a position is bought it locks in a minimum return, or "floor," that can rise as the pools staked on other outcomes grow but never falls. This dynamic payout is intended to make passive liquidity provision viable and to make buying into a market early more advantageous than entering late.

New markets are bootstrapped either through a presale, a flat-price window before trading opens with a lower starting return but the largest share of liquidity rewards, or along a volume-based bonding curve where earlier buyers get cheaper prices. Traders can "switch" a position's current value from one outcome to another within the same market, with fees paid in shares of the target outcome rather than new capital.

A Cashout LP vault buys positions before resolution at a discount to fair value, giving holders an instant exit, since positions cannot be sold back to the market directly.