> For the complete documentation index, see [llms.txt](https://merlin-markets.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://merlin-markets.gitbook.io/docs/introduction/what-is-merlin-markets.md).

# What is Merlin Markets

Merlin Markets is a decentralized prediction market protocol that lets you take positions on the outcomes of real-world and onchain financial events.

Unlike traditional prediction markets that focus on politics or sports, Merlin is built specifically for financial markets, covering crypto tokens, onchain stocks, and real world assets (RWAs).

Markets on Merlin are:

* **Fully onchain.** Settled and resolved on Injective.
* **Orderbook-based.** Real orders, not AMM curves.
* **DeFi-native.** No KYC, no intermediaries, non-custodial.


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