This market centers on whether cumulative trading activity across the Katana Perps Competition (Round 6) will surpass a $175 million total-volume threshold by the competition's conclusion, framing the event as a single order-of-magnitude benchmark for the round's overall engagement. The competition serves as a meaningful milestone because it aggregates the trading behavior of participants competing for a tiered reward pool on Katana's native perpetuals venue, making total volume a direct and closely watched proxy for how much liquidity and speculative interest the round attracts. Traders are assessing the likelihood that combined qualifying volume clears the stated figure, weighing incentive structures, historical participation in prior rounds, and prevailing market conditions to gauge whether the round's activity will exceed or fall short of this focal point.

1. Market Outcomes and Resolution Criteria: Resolves YES if the official total trading volume of the Katana Perps Competition (Round 6) strictly exceeds $175,000,000 USD. Resolves NO if the official total is $175,000,000 USD or less. It resolves TIE only if the competition is cancelled or no official final volume figure is ever published (see Rule 5); in the event of a TIE, all positions settle at .50 per share.
2. Definition of Total Trading Volume: "Total trading volume" means the official cumulative qualifying trading volume attributed to Round 6 of the Katana Perps Competition, denominated in USD, as reported by Katana. It includes only volume counted toward this competition round; it excludes volume from other rounds, non-competition trading, and figures from unofficial or third-party trackers.
3. Official Sources and Evidence: The primary source is the official Katana Perps competition page (https://perps.katana.network/rewards/competition) and official Katana announcements (X accounts @katanaperps and @katana). Reputable news outlets may be used only to corroborate the official figure, never to override it.
4. Resolution Timing: The market is evaluated once Round 6 concludes and Katana publishes the official final total-volume figure. It resolves no sooner than 24 hours after that official figure is posted and no later than the market end date of 2026-08-06 (UTC).
5. Handling Postponements and Cancellations: If Round 6 is rescheduled or extended by Katana, resolution follows the official revised conclusion. If the competition is cancelled, or no official final volume figure is published on or before the market end date, the market resolves TIE and all positions settle at .50 per share.
6. Ambiguities and Disputes: If conflicting volume figures are presented, the figure displayed on the official competition dashboard at perps.katana.network/rewards/competition takes precedence. In the event of a material discrepancy between the dashboard and an official Katana team announcement, the most recent official publication governs. Any edge case not addressed herein is resolved based on Katana's own official records and stated volume methodology for this specific competition round.