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aria-label="Copy the link to your clipboard" class="sc-gsTCUz SocialLink__IconWrapper-sc-1toayxk-0 kSSfgv sHTpX"><svg viewBox="0 0 14 17" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0"><path d="M13.8801 0V12.26H11.8801V2H4.12012V0H13.8801Z"></path><path d="M0.120117 3.97998V16.24H9.88012V3.99998L0.120117 3.97998ZM7.87012 14.26H2.12012V5.99998H7.88012L7.87012 14.26Z"></path></svg></div></div></div></div><div class="sc-bdfBwQ GlossaryContent__SummaryBox-k7dren-0 koUmyx eTIkUK"><p>Permissionless market creation is a system in which anyone can set up a financial market without needing approval.</p></div><h2 id="isPasted" class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">What Is Permissionless Market Creation?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Permissionless market creation refers to a system in which anyone can set up a financial market that facilitates the exchange of funds or assets between two or more parties without needing approval.</p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Markets can be created for a variety of financial instruments such as stocks, bonds, cryptocurrencies, and loans. At its core, <a href="https://coinmarketcap.com/academy/glossary/permissionless" rel="noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">permissionless</a> market creation enables users to participate in financial activities in an open, fair, and decentralized manner by giving users full control to create an unlimited number of new use cases.</div><h2 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">How Does it Work?</h2><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">To demonstrate, we can examine the creation of a swap market and a lending market in DeFi.</p><h3 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">Swap Market</h3><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Uniswap is one <a href="https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex" rel="noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">decentralized exchange</a> (<a href="https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex" rel="noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">DEX</a>) where anyone can create a crypto swap market.</div><ol class="Renderer__List-mfgg8t-1 kEBbNN"><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Creating a market pair: </strong>Anyone can create a new trading pair on Uniswap by choosing two tokens, for example, ETH and DAI, a fee tier (the amount paid by swappers), and then providing <a href="https://coinmarketcap.com/academy/glossary/liquidity" rel="noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">liquidity</a>.</div></li></ol><ol class="Renderer__List-mfgg8t-1 kEBbNN"><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Trading:</strong> Once the market pair is created, other users can trade ETH and USDC freely within this market. There is no one entity deciding which pairs can exist. Instead, anyone can create any pair they choose.</div></li></ol><h3 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa gYQtxK">Lending Market</h3><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Lending protocols with permissionless market creation allow anyone to create a lending market</p><ol class="Renderer__List-mfgg8t-1 kEBbNN"><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Creating a market: </strong>A protocol that allows for permissionless market creation, users can create isolated lending markets by defining parameters such as the assets involved, collateral requirements, interest rate models, and liquidation terms.</div></li><li class="sc-bdfBwQ Text-msjfkz-0 byJUJo"><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Lending & Borrowing:</strong> Once established, other users can participate in these markets by lending assets to earn interest or providing collateral and borrowing assets. </div></li></ol><h2 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">Permissioned vs Permissionless Market Creation</h2><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Permissionless markets are a solution to the restrictive approach imposed by protocols with permissioned market creation or asset listings. This permissioned approach only allows specific whitelisted addresses to create markets. For example, on certain lending platforms, users must get approval from the <a href="https://coinmarketcap.com/academy/glossary/decentralized-autonomous-organizations-dao" rel="noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">DAO</a> to create markets. In this scenario, the DAO acts as a gatekeeper of markets which provides additional oversight but also restricts potential innovation through users experimenting.</div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">The DAO acts as a gatekeeper of markets which provides additional oversight but also restricts potential innovation.</p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">In contrast, permissionless market creation focuses on maximizing scalability by leaving these decisions to a free market. The high degree of freedom allows users to innovate by creating marketing for any type of use case, risk profile, or regulatory constraint, ultimately serving a much wider set of financial participants.</p><h2 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">Benefits of Permissionless Market Creation</h2><div name="div" align="left"><div class="sc-bdfBwQ kRdsHV"><table class="sc-bdfBwQ Table__StyledTable-sc-1nukqen-1 iQBgs"><tbody><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Benefit</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Explanation</strong></p></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Flexibility</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">There is the ability to address a wide range of use cases and express different levels of risk.</p></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Accessibility</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Anyone can create markets, lowering the barrier to entry and promoting inclusivity.</p><br/></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Decentralization</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Less reliance on central authorities or gatekeepers.</p></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Healthy competition</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">An open market for risk management is created whereby multiple parties compete to offer lower fees, and better returns.</p><br/></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Scalability</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Without the need for permission, markets can grow and adapt more rapidly. </p></td></tr></tbody></table></div></div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><br/></p><h2 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 iLpgJa ehzvDo">Limitations of Permissionless Market Creation</h2><div name="div" align="left"><div class="sc-bdfBwQ kRdsHV"><table class="sc-bdfBwQ Table__StyledTable-sc-1nukqen-1 iQBgs"><tbody><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Limitation</strong></p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><strong>Explanation</strong></p></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Increased Risk</p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Without an approval process, markets may be created using low-quality or scam coins and may mislead users. </p></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Quality Control</p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Markets may be created incorrectly or with poorly set parameters. For example, markets using an inappropriate oracle could result in wrongful liquidations or the incurrence of bad debt.</p></td></tr><tr><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Fragmentation</p></td><td class="sc-bdfBwQ Text-msjfkz-0 KQtoc"><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF">Multiple markets with similar use cases can arise, such as on Uniswap, where a WETH/USDC pair might have both 0.05% and 0.30% swap fees, fragmenting liquidity. A permissioned system would likely allow only one market to prevent this fragmentation</p></td></tr></tbody></table></div></div><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><br/></p><hr class="sc-bdfBwQ gYEBiR"/><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><br/></p><p class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><em>Author:</em></p><div class="sc-bdfBwQ Text-msjfkz-0 Renderer___StyledText-mfgg8t-7 kVrfYF"><a href="https://x.com/PaulFrambot?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" rel="nofollow noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns"><em>Paul Frambot </em></a><em>is the Co-Founder and CEO of <a href="https://morpho-labs.io/" rel="nofollow noopener noreferrer noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">Morpho Labs</a>, a research and development company responsible for building and growing the Morpho protocol. Paul co-founded Morpho Labs whilst studying towards his, now-completed, Master's in Parallel & Distributed Systems from the <a href="https://www.ip-paris.fr/" rel="nofollow noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">Institut Polytechnique de Paris</a> in 2021. During his studies, Paul raised $18M from top investors, including Andreessen Horowitz (a16z) and Variant for Morpho, which has since grown into a multi-billion-dollar lending protocol. The latest version, <a href="https://app.morpho.org/" rel="nofollow noopener noreferrer noopener noreferrer" target="_blank" class="sc-bdfBwQ Text-msjfkz-0 gbfvns">Morpho Blue</a>, is a completely independent but remarkably simple protocol that serves as a secure, efficient, and flexible base layer for users and applications.</em></div></div><div class="sc-bdfBwQ Container-sc-4c5vqs-0 kA-dzTb khdEkh"><div class="sc-bdfBwQ glide"><div class="Controls__Wrapper-dqlwmp-2 hLEHRj"><div class="sc-gsTCUz uhZXX glide__arrows" data-glide-el="controls"><button class="Controls__Button-dqlwmp-0 fQroEF glide__arrow glide__arrow--right" data-glide-dir=">" aria-label="Explore more glossaries entries" type="button"><svg viewBox="0 0 20 20" fill="currentColor" xmlns="http://www.w3.org/2000/svg" class="sc-bdfBwQ Svg-sc-17i2kvj-0 bwxocM"><path d="M7.09988 11.11L1.87988 5.88997L3.28988 4.47997L7.10988 0.659973L8.51988 2.06997L5.69988 4.88997H17.4799V6.88997H5.69988L8.50988 9.68997L7.09988 11.11Z"></path><path d="M12.88 8.89001L18.09 14.11L16.68 15.52L12.87 19.34L11.46 17.93L14.28 15.11H2.5V13.11H14.28L11.47 10.31L12.88 8.89001Z"></path></svg></button></div><div class="glide__bullets" data-glide-el="controls[nav]"><button class="Controls__Button-dqlwmp-0 Controls__Bullet-dqlwmp-1 fQroEF dHSKwc glide__bullet" data-glide-dir="=0" aria-label="Slide to related glossary number 0" type="button"></button></div></div><div class="glide__track" data-glide-el="track"><div class="sc-bdfBwQ glide__slides"><div class="sc-bdfBwQ hWhllA glide__slide"><div class="sc-bdfBwQ GlossaryCard__Wrapper-olpfv3-0 imqeFl gxJJyQ GlossaryFooter__Card-sc-1fzncou-0 WXGBS"><a href="/academy/id/glossary/permissionless" class="sc-gsTCUz epuMYd"><div class="sc-bdfBwQ dGqbKE"><div class="sc-bdfBwQ ipBzhV"><div class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 Title__StyledTitle-sc-6yi3ll-0 eWLPK gYQtxK gRgJsG">Permissionless</div></div><p class="sc-bdfBwQ Text-msjfkz-0 kYZXU">Often used to describe blockchains, a system is said to be permissionless when there is no entity that can ...</p></div><div class="sc-bdfBwQ Text-msjfkz-0 hSoJRN">Definisi lengkap ></div></a></div></div></div></div></div></div><div class="sc-bdfBwQ Container-sc-4c5vqs-0 jKSHrp khdEkh"><div class="sc-bdfBwQ iCRjms Newsletter__NewsletterSection-tgkqos-0 pQehZ"><p class="sc-bdfBwQ Text-msjfkz-0 bFOiFL">Join the thousands already learning crypto!</p><h3 class="sc-bdfBwQ Text-msjfkz-0 Heading-juwhnu-0 epLOPA dAnDNe">Join our free newsletter for daily crypto updates!</h3><div class="form"><div class="sc-gsTCUz hFwcgf"><a href="/newsletter" class="sc-bdfBwQ Button__StyledButton-sc-1kvh4an-0 cCzBkx">Berlangganan</a></div></div></div></div><div class="Footer__FooterContainer-sc-1xgrmdq-1 cgHWSS"><footer><div class="Logo__SvgContainer-hxzlkl-0 hQeyNG"><a href="/id/" class="logo"><svg viewBox="0 0 76.52 77.67" xmlns="http://www.w3.org/2000/svg" color="primary"><path d="M66.54 46.41a4.09 4.09 0 01-4.17.28C60.83 45.82 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Permissionless Market Creation?\u003c/h2\u003e\u003cp\u003ePermissionless market creation refers to a system in which anyone can set up a financial market that facilitates the exchange of funds or assets between two or more parties without needing approval.\u003c/p\u003e\u003cp\u003eMarkets can be created for a variety of financial instruments such as stocks, bonds, cryptocurrencies, and loans. At its core, \u003ca href=\"https://coinmarketcap.com/academy/glossary/permissionless\" rel=\"noopener noreferrer\" target=\"_blank\"\u003epermissionless\u003c/a\u003e market creation enables users to participate in financial activities in an open, fair, and decentralized manner by giving users full control to create an unlimited number of new use cases.\u003c/p\u003e\u003ch2\u003eHow Does it Work?\u003c/h2\u003e\u003cp\u003eTo demonstrate, we can examine the creation of a swap market and a lending market in DeFi.\u003c/p\u003e\u003ch3\u003eSwap Market\u003c/h3\u003e\u003cp\u003eUniswap is one \u003ca href=\"https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex\" rel=\"noopener noreferrer\" target=\"_blank\"\u003edecentralized exchange\u003c/a\u003e (\u003ca href=\"https://coinmarketcap.com/academy/glossary/decentralized-exchange-dex\" rel=\"noopener noreferrer\" target=\"_blank\"\u003eDEX\u003c/a\u003e) where anyone can create a crypto swap market.\u003c/p\u003e\u003col\u003e\u003cli aria-level=\"1\"\u003e\u003cp\u003e\u003cstrong\u003eCreating a market pair:\u0026nbsp;\u003c/strong\u003eAnyone can create a new trading pair on Uniswap by choosing two tokens, for example, ETH and DAI, a fee tier (the amount paid by swappers), and then providing \u003ca href=\"https://coinmarketcap.com/academy/glossary/liquidity\" rel=\"noopener noreferrer\" target=\"_blank\"\u003eliquidity\u003c/a\u003e.\u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003col start=\"2\"\u003e\u003cli aria-level=\"1\"\u003e\u003cp\u003e\u003cstrong\u003eTrading:\u003c/strong\u003e Once the market pair is created, other users can trade ETH and USDC freely within this market. There is no one entity deciding which pairs can exist. Instead, anyone can create any pair they choose.\u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003ch3\u003eLending Market\u003c/h3\u003e\u003cp\u003eLending protocols with permissionless market creation allow anyone to create a lending market\u003c/p\u003e\u003col\u003e\u003cli aria-level=\"1\"\u003e\u003cp\u003e\u003cstrong\u003eCreating a market:\u0026nbsp;\u003c/strong\u003eA protocol that allows for permissionless market creation, users can create isolated lending markets by defining parameters such as the assets involved, collateral requirements, interest rate models, and liquidation terms.\u003c/p\u003e\u003c/li\u003e\u003cli aria-level=\"1\"\u003e\u003cp\u003e\u003cstrong\u003eLending \u0026amp; Borrowing:\u003c/strong\u003e Once established, other users can participate in these markets by lending assets to earn interest or providing collateral and borrowing assets.\u0026nbsp;\u003c/p\u003e\u003c/li\u003e\u003c/ol\u003e\u003ch2\u003ePermissioned vs Permissionless Market Creation\u003c/h2\u003e\u003cp\u003ePermissionless markets are a solution to the restrictive approach imposed by protocols with permissioned market creation or asset listings. This permissioned approach only allows specific whitelisted addresses to create markets. For example, on certain lending platforms, users must get approval from the \u003ca href=\"https://coinmarketcap.com/academy/glossary/decentralized-autonomous-organizations-dao\" rel=\"noopener noreferrer\" target=\"_blank\"\u003eDAO\u003c/a\u003e to create markets. In this scenario, the DAO acts as a gatekeeper of markets which provides additional oversight but also restricts potential innovation through users experimenting.\u003c/p\u003e\u003cp\u003eThe DAO acts as a gatekeeper of markets which provides additional oversight but also restricts potential innovation.\u003c/p\u003e\u003cp\u003eIn contrast, permissionless market creation focuses on maximizing scalability by leaving these decisions to a free market. The high degree of freedom allows users to innovate by creating marketing for any type of use case, risk profile, or regulatory constraint, ultimately serving a much wider set of financial participants.\u003c/p\u003e\u003ch2\u003eBenefits of Permissionless Market Creation\u003c/h2\u003e\u003cdiv align=\"left\"\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eBenefit\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eExplanation\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eFlexibility\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eThere is the ability to address a wide range of use cases and express different levels of risk.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eAccessibility\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eAnyone can create markets, lowering the barrier to entry and promoting inclusivity.\u003c/p\u003e\u003cbr\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eDecentralization\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eLess reliance on central authorities or gatekeepers.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eHealthy competition\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eAn open market for risk management is created whereby multiple parties compete to offer lower fees, and better returns.\u003c/p\u003e\u003cbr\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eScalability\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eWithout the need for permission, markets can grow and adapt more rapidly.\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003c/div\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003ch2\u003eLimitations of Permissionless Market Creation\u003c/h2\u003e\u003cdiv align=\"left\"\u003e\u003ctable\u003e\u003ctbody\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eLimitation\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003e\u003cstrong\u003eExplanation\u003c/strong\u003e\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003eIncreased Risk\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eWithout an approval process, markets may be created using low-quality or scam coins and may mislead users.\u0026nbsp;\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003eQuality Control\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eMarkets may be created incorrectly or with poorly set parameters. For example, markets using an inappropriate oracle could result in wrongful liquidations or the incurrence of bad debt.\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003ctr\u003e\u003ctd\u003e\u003cp\u003eFragmentation\u003c/p\u003e\u003c/td\u003e\u003ctd\u003e\u003cp\u003eMultiple markets with similar use cases can arise, such as on Uniswap, where a WETH/USDC pair might have both 0.05% and 0.30% swap fees, fragmenting liquidity. A permissioned system would likely allow only one market to prevent this fragmentation\u003c/p\u003e\u003c/td\u003e\u003c/tr\u003e\u003c/tbody\u003e\u003c/table\u003e\u003c/div\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003chr\u003e\u003cp\u003e\u003cbr\u003e\u003c/p\u003e\u003cp\u003e\u003cem\u003eAuthor:\u003c/em\u003e\u003c/p\u003e\u003cp\u003e\u003ca href=\"https://x.com/PaulFrambot?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003e\u003cem\u003ePaul Frambot \u003c/em\u003e\u003c/a\u003e\u003cem\u003eis the Co-Founder and CEO of \u003ca href=\"https://morpho-labs.io/\" rel=\"nofollow noopener noreferrer noopener noreferrer\" target=\"_blank\"\u003eMorpho Labs\u003c/a\u003e, a research and development company responsible for building and growing the Morpho protocol. \u0026nbsp;Paul co-founded Morpho Labs whilst studying towards his, now-completed, Master\u0026#39;s in Parallel \u0026amp; Distributed Systems from the \u003ca href=\"https://www.ip-paris.fr/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eInstitut Polytechnique de Paris\u003c/a\u003e in 2021. During his studies, Paul raised $18M from top investors, including Andreessen Horowitz (a16z) and Variant for Morpho, which has since grown into a multi-billion-dollar lending protocol. The latest version, \u003ca href=\"https://app.morpho.org/\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"\u003eMorpho Blue\u003c/a\u003e, is a completely independent but remarkably simple protocol that serves as a secure, efficient, and flexible base layer for users and applications.\u003c/em\u003e\u003c/p\u003e","author":"CoinMarketCap","created_at":"2024-07-11T15:19:42.697Z","updated_at":"2024-07-12T08:02:18.535Z","related":[{"id":"63637418847d336a2db37988","title":"Permissionless","slug":"permissionless","excerpt":"Often used to describe blockchains, a system is said to be permissionless when there is no entity that can regulate who can use it and how it can be used."}],"available_languages":["en"],"difficulty":{"level":1,"label":"Easy","slug":"beginner","language":"en"},"pages":[]},"chartbeatProps":{"sections":"Glossary"},"index":false},"locale":"id","i18n":{"Learn all of the most important blockchain and cryptocurrency terms and jargon here.":"Pelajari semua istilah dan jargon blockchain dan aset kripto terpenting di sini.","Learn all of the most important blockchain and cryptocurrency terms and jargon here. We add new words and descriptions every week.":"Pelajari semua istilah dan jargon blockchain dan aset kripto terpenting di sini. Kami menambahkan kata dan deskripsi baru setiap minggu.","Crypto Glossary of Terms And Jargon":"Glosarium Istilah dan Jargon Kripto","2020 has been an eventful year, from the Bitcoin halving to the “DeFi Summer Wave” to surges in Bitcoin’s price due to the large influx of “traditional\" institutional investors. Who are the most influential people in crypto in 2020? Which are the most innovative, impactful \u0026 interesting projects in 2020?":"2020 telah menjadi tahun yang penuh peristiwa, mulai dari 'halving' Bitcoin hingga “Gelombang Musim Panas DeFi” hingga lonjakan harga Bitcoin karena arus masuk investor institusional “tradisional” yang besar. Siapa saja orang paling berpengaruh di kripto pada tahun 2020? Mana saja proyek paling inovatif, berdampak \u0026 menarik di tahun 2020?","Loading...":"Memuat...","Copied!\"));":"Telah disalin!\"));","Find what fascinates you as you explore crypto":"Temukan hal yang membuat Anda terpesona saat menjelajahi kripto","Learn":"Belajar","Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.":"Pelajari semua hal yang ada untuk diketahui tentang blockchain, mata uang kripto, perdagangan, dan banyak lagi. Mulailah dengan menjelajahi semua konten di Alexandria CoinMarketCap.","Explore our content":"Jelajahi konten kami","Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.":"Cari tahu arti bahasa tersembunyi mata uang kripto dan blockchain dengan glosarium istilah CoinMarketCap.","Crypto Glossary | CoinMarketCap":"Glosarium Kripto | CoinMarketCap","Who is {{name}}?":"Siapa Itu {{name}}?","CoinMarketCap Alexandria will house online both content about crypto written by our own researchers and employees, as well as articles by some of the best minds in the crypto space today.‍":"CoinMarketCap Alexandria akan menampung secara daring baik konten tentang kripto yang ditulis oleh peneliti dan karyawan kami sendiri, serta artikel oleh beberapa pemikir terbaik di alam kripto saat ini.‍","About CoinMarketCap Alexandria":"Tentang Alexandria CoinMarketCap","Crypto \u0026 Blockchain Education":"Edukasi Kripto \u0026 Blockchain","Most Influential People \u0026 Projects in 2020":"Orang \u0026 Proyek Paling Berpengaruh di Tahun 2020","Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.":"Baca profil kami tentang pemengaruh, pengusaha, ahli teknologi, penggerak dan pemberi dampak kripto terkemuka, di tahun 2020.","The Leading Crypto Influencers In 2020 | CoinMarketCap":"Pemengaruh Kripto Terkemuka di Tahun 2020 | CoinMarketCap","Next":"Berikutnya","writer":"penulis","Authors":"Penulis","Read our profiles of the leading blockchain and crypto {{name}} in 2020.":"Baca profil kami tentang {{name}} blockchain dan kripto terkemuka di tahun 2020.","The leading Crypto {{name}} in 2020 | CoinMarketCap":"{{name}} Kripto terkemuka di tahun 2020 | CoinMarketCap","All Categories":"Semua Kategori","Crypto Glossary":"Glosarium Kripto","Latest articles by {{author}}":"Artikel terkini oleh {{author}}","Biography":"Biografi","Everything you’ve ever wanted to know about crypto and more, brought to you by the number one crypto data aggregator, CoinMarketCap.":"Everything you’ve ever wanted to know about crypto and more, brought to you by the number one crypto data aggregator, CoinMarketCap.","Learn About Cryptocurrency.":"Learn About Cryptocurrency.","Alexandria’s authors range from CoinMarketCap employees and researchers to some of the best minds and projects in the crypto space.":"Penulis Alexandria berkisar dari karyawan dan peneliti CoinMarketCap hingga beberapa pemikir dan proyek terbaik di alam kripto.","Meet our Authors":"Kenali Penulis kami","Subscribe":"Subscribe","Enter your email address":"Enter your email address","Join our free newsletter for daily crypto updates!":"Join our free newsletter for daily crypto updates!","Join the thousands already learning crypto!":"Join the thousands already learning crypto!","Latest Articles":"Artikel Terkini","See All":"Lihat Semua","See all articles":"See all articles","Related Articles":"Related Articles","By {{author}}":"Oleh {{author}}","{{time}}m":"{{time}}m","Home":"Beranda","Articles":"Artikel","Looking to get started with cryptocurrency? Buy Bitcoin on Binance!":"Ingin memiliki mata uang kripto? Beli Bitcoin di Binance!","Buy Bitcoin":"Beli Bitcoin","Was this article useful?":"Apakah artikel ini bermanfaat?","{{count}} out of {{count}} people found this article useful.":"{{count}} dari {{count}} orang menganggap artikel ini bermanfaat.","Yes":"Ya","No":"Tidak","No noise. Just signal.":"Tidak ada kebisingan. Hanya sinyal.","Sign up for our weekly newsletter. We promise we don't spam!":"Daftar untuk mendapatkan buletin mingguan kami. Kami berjanji tidak akan mengirim spam!","Your email":"Email Anda","Sign up":"Daftar","Explore all of our content":"Jelajahi semua konten kami","Related topics":"Topik terkait","Share":"Bagikan","Table of Contents":"Daftar Isi","Topics at Academy":"Topik di Academy","Search topics to add...":"Cari topik untuk menambahkan...","Reading time":"Waktunya membaca","{{count}}m":"{{count}}m","Layout":"Tata Letak","Sort by Latest":"Urutkan dari yang Terbaru","Sort by Difficulty":"Urutkan berdasarkan Kesulitan","Latest":"Terbaru","Read more":"Baca selengkapnya","See all results for your search":"Lihat semua hasil pencarian Anda","{{count}} results for '{{term}}'":"{{count}} hasil untuk '{{term}}'","Topics":"Topik","Difficulty":"Kesulitan","Type":"Tipe","Glossary entries":"Entri glosarium","Courses":"Kursus","Hide filters":"Sembunyikan filter","Show filters":"Tampilkan filter","Refresh results":"Segarkan hasil","Clear all filters":"Bersihkan semua filter","Show off your crypto knowledge":"Tunjukkan pengetahuan kripto Anda","Try out Academy Quizzes":"Coba Kuis Academy","Phishing quiz":"Kuis phishing","Glossary quiz":"Kuis glosarium","Bitcoin history quiz":"Kuis sejarah Bitcoin","We're working on getting more quizzes ready.":"Kami sedang menyiapkan lebih banyak kuis.","While you're waiting, why not check out our latest content?":"Sambil menunggu, mengapa tidak melihat konten terbaru kami?","Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.":"Mata uang kripto telah membuka kemungkinan-kemungkinan yang menarik, namun, semuanya penuh dengan risiko dan bahaya bagi yang tidak berpengalaman.","How well do you know the origins of Bitcoin and its journey since inception? Take the Binance Academy Bitcoin History quiz to find out how much you know!":"Seberapa baik Anda mengetahui asal mula Bitcoin dan perjalanannya sejak awal? Ikuti kuis Binance Academy Sejarah Bitcoin ntuk mencari tahu seberapa dalam pengetahuan Anda!","Think you know crypto? Take our crypto glossary quiz.":"Anda pikir Anda sangat menguasai kripto? Ikuti kuis glosarium kripto kami.","Take the quiz":"Ikuti kuisnya","This quiz has {{count}} questions.":"Kuis ini memiliki {{count}} pertanyaan.","I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge":"Saya murni seorang pemula dan baru mulai menjelajahi Binance Academy. Izinkan saya menguji pengetahuan dasar saya","I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.":"Saya sering mengunjungi Binance Academy dan cukup akrab dengan beberapa istilah, tetapi masih dalam perjalanan menuju pengetahuan sejati.","I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.":"Saya telah belajar cukup banyak di Binance Academy. Basis pengetahuan saya luas dan saya merasa siap untuk ditantang.","Select a suitable level of difficulty.":"Pilih tingkat kesulitan yang sesuai.","Q{{count}}/{{count}}":"Q{{count}}/{{count}}","Phishing":"Phising","Legitimate":"Valid","Quizzes":"Kuis","Quiz difficulty selection":"Pilihan kesulitan kuis","LEARN ALL ABOUT":"PELAJARI SEMUA TENTANG","Blockchain \u0026 Crypto":"Blockchain \u0026 Kripto","Your one-stop guide to all things crypto. Whether you're a rookie trying to understand mining or a veteran looking to develop a trading strategy, we've got you covered.":"Panduan lengkap Anda untuk semua hal tentang kripto. Baik Anda seorang pemula yang mencoba memahami penambangan, atau seorang berpengalaman yang ingin mengembangkan strategi perdagangan, kami dapat membantu Anda.","Featured":"Utama","Beginner":"Pemula","Intermediate":"Menengah","Advanced":"Pro","{{count}} minutes":"{{count}} menit","{{count}} minutes ago":"{{count}} menit yang lalu","{{count}} hours ago":"{{count}} jam yang lalu","{{count}} days ago":"{{count}} hari yang lalu","Latest releases":"Rilis terbaru","SEE ALL LATEST RELEASES":"LIHAT SEMUA RILIS TERBARU","Full definition":"Definisi lengkap","Glossary addition":"Penambahan glosarium","Explore all the latest content":"Jelajahi semua konten terbaru","Lost in all the crypto slang?":"Bingung dengan bahasa gaul kripto?","Take a closer look at our blockchain \u0026 crypto glossary.":"Perhatikan lebih dekat glosarium blockchain \u0026 kripto kami.","Check out Glossary":"Lihat Glosarium","Up for an adventure?":"Siap berpetualang?","Learn while you test your knowledge with a range of quizzes.":"Belajar sambil menguji pengetahuan Anda dengan berbagai kuis.","Take a crypto quiz":"Ikuti kuis kripto","Trading":"Trading","SEE ALL TRADING CONTENT":"LIHAT SEMUA KONTEN TRADING","See more content about this topic":"Lihat lebih banyak konten mengenai topik ini","No idea what you just scrolled through?":"Tidak tahu apa yang baru saja Anda gulir?","Not to worry. Our no-nonsense beginner's guide will get you up to speed.":"Tidak perlu khawatir. Panduan pemula kami yang bukan sekadar omong kosong ini akan membantu Anda.","Get started here":"Mulai dari sini","Essentials":"Esensial","SEE ALL ESSENTIALS CONTENT":"LIHAT SEMUA YANG ESENSIAL","Blockchain":"Blockchain","SEE ALL BLOCKCHAIN CONTENT":"LIHAT SEMUA KONTEN BLOCKCHAIN","Keep an eye on Bitcoin":"Tetap pantau Bitcoin","Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.":"Setiap empat tahun, reward Bitcoin dipotong menjadi dua. Cari tahu alasannya di halaman Halving.","Bitcoin halving page":"Halaman Bitcoin halving","Got questions?":"Ada pertanyaan?","We totally understand. That's why we've built a platform to answer them.":"Kami sangat mengerti. Itulah mengapa kami membangun sebuah platform untuk menjawabnya.","Go to Ask Academy":"Buka Ask Academy","Guides":"Panduan","SEE ALL GUIDES":"LIHAT SEMUA PANDUAN","Weekly pick":"Pilihan mingguan","{{count}}":"{{count}}","That's the number of terms in our glossary. How many do you know?":"Inilah jumlah istilah dalam glosarium kami. Berapa banyak yang Anda tahu?","Search glossary":"Cari glosarium","Get the latest in crypto dropped to your email, every week.":"Terima konten kripto terbaru yang dikirim ke email Anda, setiap minggu.","Glossary":"Glosarium","The Words of Crypto":"Kata-Kata Kripto","Time to understand the language":"Saatnya memahami bahasanya","Search terms here...":"Cari istilah di sini...","Can't find what you're looking for?":"Tidak menemukan yang Anda cari?","Whoops. Our bad. Please help us make our glossary better by submitting new terms.":"Ups. Ini salah kami. Tolong bantu kami untuk membuat glosarium lebih baik dengan mengirimkan istilah yang baru.","Submit terms":"Kirimkan istilah","Community submission":"Pengajuan komunitas","Author:":"Penulis:","Start here":"Mulai di sini","Discover":"Temukan","Log In":"Masuk","Register":"Daftar","Search":"Cari","Ask Academy":"Ask Academy\n","Blockchain forum and Q\u0026A":"Forum dan Q\u0026A Blockchain","Crypto-terms glossary":"Glosarium istilah kripto","Test your knowledge":"Uji pengetahuan Anda","Have a product idea or feedback?":"Punya ide produk atau umpan balik?","Contribute":"Berkontribusi","New to Crypto?":"Baru mengenal Kripto?","See our beginner content.":"Lihat konten pemula kami.","Products":"Produk","Exchange":"Bursa","Access":"Akses","Academy":"Academy","BCF":"BCF","Card":"Kartu","Labs":"Lab","Launchpad":"Launchpad\n","Research":"Research\n","Trust Wallet":"Trust Wallet","Company":"Perusahaan","Terms \u0026 Conditions":"Syarat \u0026 Ketentuan","Privacy Policy":"Kebijakan Privasi","Disclaimer":"Penyangkalan","Content Request":"Permintaan Konten","Submission Guide":"Panduan Pengajuan","Feedback":"Umpan balik","Bitcoin Halving Countdown":"Hitung Mundur Bitcoin Halving","Bitcoin Halving Timer":"Pengatur Waktu Bitcoin Halving","Days":"Hari","Hours":"Jam","Minutes":"Menit","Seconds":"Detik","Current block height":"Tinggi blok saat ini","Blocks until halving":"Blok hingga halving","BTC Price":"Harga BTC","Buy Bitcoin on Binance":"Beli Bitcoin di Binance","Detailed datasheet":"Detail lembar data","Total BTC in circulation":"Total BTC yang beredar","Total BTC to ever be produced":"Total BTC yang diproduksi","Percentage of BTC mined":"Persentase BTC yang ditambang","BTC left to mine until halving":"Sisa BTC yang ditambang hingga halving","BTC market cap (USD)":"Kap. pasar BTC (USD)","BTC generated each day":"BTC yang dihasilkan setiap hari","BTC annual inflation rate":"Tingkat inflasi tahunan BTC","BTC daily inflation":"Inflasi harian BTC","Approximate block time":"Perkiraan waktu blok","Mining difficulty":"Kesulitan penambangan","Hash rate":"Tingkat hash","Community":"Komunitas","{{count}}h ago":"{{count}}jam yang lalu","{{count}}d ago":"{{count}}hari yang lalu","{{count}}w ago":"{{count}}minggu yang lalu","Crypto \u0026 Blockchain Education | Blockchain Course":"Edukasi Kripto \u0026 Blockchain | Kursus Blockchain","Blockchain and crypto asset exchange":"Bursa blockchain dan aset kripto","Blockchain and crypto education":"Edukasi blockchain dan kripto","Blockchain charity foundation":"Blockchain charity foundation","Cryptocurrency Information":"Informasi Mata Uang Kripto","Incubator for top blockchain projects":"Inkubasi proyek blockchain teratas","Institutional-grade analysis and reports":"Analisis dan laporan tingkat institusional","Binance's official crypto wallet":"Dompet kripto resmi Binance","Token Launch Platform":"Platform Peluncuran Token","Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world":"Glosarium Blockchain dan Kripto dari Binance Academy adalah sumber terminologi dan definisi penting dari dunia blockchain dan mata uang kripto","Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.":"Pelajari mengenai blockchain, mata uang kripto, keamanan, teknologi, dan lainnya dengan video, artikel, dan kursus online yang sepenuhnya gratis di Binance Academy.","Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!":"Tertarik untuk belajar mengenai blockchain, mata uang kripto, keamanan, teknologi, atau ingin mengikuti tutorialnya? Binance Academy memiliki semuanya dan bahkan lebih banyak lagi!","Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand":"Playlist Binance Academy menyediakan konten bagi pemula hingga pro, Anda dapat mengikuti daftar artikel yang dirancang agar mudah dipahami","The bitcoin block reward halving occurs once every 4 years on average, learn the significance of the bitcoin halving and when the next one will occur.":"Halving reward blok bitcoin terjadi rata-rata sekali dalam 4 tahun, pelajari pentingnya halving bitcoin dan kapan yang berikutnya akan terjadi.","Want to test yourself? Check out Binance Academy Quizzes and test how much you have learned about Blockchain, Cryptocurrency, Security, and Economics.":"Ingin menguji diri sendiri? Lihat Kuis Binance Academy dan uji seberapa banyak yang telah Anda pelajari tentang Blockchain, Mata uang kripto, Keamanan, dan Ekonomi.","Looks like you don't have an internet connection.":"Sepertinya Anda tidak memiliki koneksi internet.","Binance Academy is currently under maintenance.":"Binance Academy saat ini sedang dalam pemeliharaan.","We'll be right back!":"Kami akan segera kembali!","In the meantime, take a look at some of our videos.":"Sementara itu, lihat beberapa video kami.","Search results for":"Hasil pencarian untuk ","No results found.":"Hasil tidak ditemukan.","Ask a new question":"Ajukan pertanyaan baru","asked by":"ditanyakan oleh","Latest questions":"Pertanyaan terbaru","Trending":"Tren","New":"Baru","Solved":"Selesai","All":"Semua","Open":"Buka","Find existing answers":"Temukan jawaban yang ada","Title must be 10 or more characters":"Judul harus terdiri dari 10 karakter atau lebih","You will not be able to edit your title after posting":"Anda tidak akan dapat mengedit judul setelah memposting","Title...":"Judul...","Enter your question here":"Masukkan pertanyaan Anda di sini","Post question":"Posting pertanyaan","Answers":"Jawaban","Enter your answer or comment here...":"Masukkan jawaban atau komentar Anda di sini...","academy_trending_articles":"Artikel Trending","academy_whats_new_with_coinmarketcap":"Apa ada yang baru di CoinMarketCap?","academy_glossary_terms":"Istilah Glosarium","academy_our_mission":"Misi Kami","academy_our_mission_description":"Misi utama CoinMarketCap Academy adalah menjadi sumber utama wawasan, riset, dan konten edukatif tentang cryptocurrency. Dengan tim peneliti dan para ahli kami, kami memproduksi dan menyusun konten berkualitas tinggi untuk mendidik dan memberikan keunggulan kepada para pembaca di dunia cryptocurrency yang terus berkembang. Bagi Anda baru mengenal dunia cryptocurrency atau sudah berpengalaman, CMC Academy bertujuan menjadi sumber utama Anda untuk semua hal terkait crypto.","academy_subscribe":"Berlangganan","academy_all":"Semua","academy_glossary_terms_description":"Saat ini kami memiliki {{number}} ketentuan. Berapa banyak yang Anda ketahui sejauh ini?","academy_glossary_cta":"Periksa Daftar Istilah","academy_navbar_learn":"Belajar","academy_navbar_topics":"Topik","academy_navbar_coinmarketcap_new":"Berita CoinMarketCap"},"statusCode":null,"initialTheme":0,"supportedLanguages":["en","ru","id","de","vi","tr","pt","es","uk","th"],"categories":[{"id":"67a09632ebfe4424bdcf5679","slug":"airdrop-guide","created_at":"2025-02-03T10:10:58.000Z","updated_at":"2025-02-03T10:27:17.263Z","translations":[{"title":"Airdrop Guide","description":"Read the latest Airdrop Guide articles","language":"en","created_at":"2025-02-03T10:10:58.000Z","updated_at":"2025-02-03T10:27:17.262Z"}]},{"id":"679111f3bf71e02463964612","slug":"alpha-radar","created_at":"2025-01-22T15:42:43.766Z","updated_at":"2025-01-22T15:43:03.743Z","parent_slug":"learn","translations":[{"title":"Alpha Radar","description":"Read the latest Alpha Radar articles","language":"en","created_at":"2025-01-22T15:42:43.766Z","updated_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"vi","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"ru","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"id","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"pt","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"es","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"de","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"th","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"zh","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"tr","created_at":"2025-01-22T15:43:03.743Z"},{"title":"Alpha Radar","language":"uk","created_at":"2025-01-22T15:43:03.743Z"}]},{"id":"63637417847d336a2db3780a","slug":"altcoins","icon":"https://academy-public.coinmarketcap.com/optimized-uploads/fce0b02d449245cba857377f7f28c5f5.png","created_at":"2021-11-04T07:49:36.000Z","updated_at":"2022-12-07T16:20:43.548Z","parent_slug":"topics","translations":[{"title":"Altcoins","language":"de","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"es","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"id","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"pt","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"ru","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"th","created_at":"2022-04-14T10:49:56.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"tr","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"uk","created_at":"2022-04-11T14:35:26.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","language":"vi","created_at":"2022-03-02T08:13:57.000Z","updated_at":"2022-12-07T16:20:43.547Z"},{"title":"Altcoins","description":"Get the low-down on the latest altcoin news, project deep dives and all other cryptocurrencies besides 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