Resolution Is Not Settlement, Part II: Protocol Finality and Observed Redemption on Polymarket

An Oracle result is not yet a protocol payout, and a redeemable position is not yet collateral in a holder's account. This paper develops an event-sourced framework from condition preparation through protocol finality and observed holder realization. The exact bridge contains 108,638 linked conditions; 99,283 have observed protocol resolution, while redemption timing remains distinct from economic entitlement. The work reports observed event timing and payout realization without claiming unredeemed collateral value or a complete entitlement denominator.