A proposed deal to end hostilities between the U.S. and Iran gave equities and bond traders a measure of relief on Monday. It also left prediction markets with a new headache.

Polymarket, one of the largest event betting exchanges, has hosted more than $345 million of trading on the question of whether and when the U.S. and Iran would sign a peace deal.

Both countries announced they had an agreement over the weekend, and some traders thought they had won a payout. But the bets are in limbo because it was not clear if the announcement was enough to meet the conditions written into Polymarket¡¯s contracts.

A proposal made on Sunday night to resolve the contract to ¡°yes¡± ¡ª there was a peace deal ¡ª was quickly disputed by holders of UMA, the cryptocurrency used to handle market challenges on Polymarket.

Some of those arguing the outcome say the contract¡¯s terms have not been met, in part because no document has been signed, and in part because it¡¯s unclear if the agreement between the two sides represents a ¡°permanent¡± end to the fighting.

The dispute is the latest ¡ª and one of the largest ¡ª conflicts to roil Polymarket, underscoring the ongoing difficulty prediction markets have had in resolving yes-or-no conflicts tied to messy real world events.

Polymarket¡¯s reliance on UMA to handle its disputed bets has been unpopular with some traders because UMA holders can sway decisions worth billions of dollars without revealing their identity or possible conflicts of interest. The process sees token holders debate the topic in an online chatroom, before voting on the outcome.

A recent Bloomberg analysis showed just nine wallets control more than half of the tokens used for such votes.

The terms of Polymarket¡¯s contracts tied to an Iranian peace agreement indicate that any deal must explicitly state that military hostilities between the U.S. and Iran ¡°have ended or will permanently cease,¡± meaning temporary ceasefires would not qualify.

Users gathered Monday in UMA¡¯s online Discord chatroom to argue over whether the announcements over the weekend were enough to meet these terms. The debate and subsequent vote on the matter is expected to conclude later this week.

The two countries said on Monday that they had an interim peace agreement to reopen the Strait of Hormuz for 60 days. Delegations from both sides are set to hammer out the details in Qatar this week, with a memorandum of understanding expected to be signed in Switzerland on Friday.

A number of Polymarket users pointed to the temporary nature of the Strait Hormuz¡¯s reopening as a sign the deal was not permanent.

Conversely, others said that Pakistani Prime Minister Shehbaz Sharif¡¯s description of...