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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/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, 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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":true},"locale":"en","i18n":{"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 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?","Loading...":"Loading...","Copied!\"));":"Copied!\"));","Find what fascinates you as you explore crypto":"Find what fascinates you as you explore crypto","Learn":"Learn","Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.":"Learn all there is to know about blockchain, cryptocurrency, trading, and more. Get started by exploring all the content on CoinMarketCap Alexandria.","Explore our content":"Explore our content","Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.":"Find out the meaning of cryptocurrency and blockchain's hidden language with the CoinMarketCap glossary of terms.","Crypto Glossary | CoinMarketCap":"Crypto Glossary | CoinMarketCap","Who is {{name}}?":"Who is {{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 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.‍","About CoinMarketCap Alexandria":"About CoinMarketCap Alexandria","Crypto \u0026 Blockchain Education":"Crypto \u0026 Blockchain Education","Most Influential People \u0026 Projects in 2020":"Most Influential People \u0026 Projects in 2020","Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.":"Read our profiles of the leading crypto influencers, entrepreneurs, technologists, movers and shakers, in 2020.","The Leading Crypto Influencers In 2020 | CoinMarketCap":"The Leading Crypto Influencers In 2020 | CoinMarketCap","Next":"Next","writer":"writer","Authors":"Authors","Read our profiles of the leading blockchain and crypto {{name}} in 2020.":"Read our profiles of the leading blockchain and crypto {{name}} in 2020.","The leading Crypto {{name}} in 2020 | CoinMarketCap":"The leading Crypto {{name}} in 2020 | CoinMarketCap","All Categories":"All Categories","Crypto Glossary":"Crypto Glossary","Latest articles by {{author}}":"Latest articles by {{author}}","Biography":"Biography","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.":"Alexandria’s authors range from CoinMarketCap employees and researchers to some of the best minds and projects in the crypto space.","Meet our Authors":"Meet our Authors","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":"Latest Articles","See All":"See All","See all articles":"See all articles","Related Articles":"Related Articles","By {{author}}":"By {{author}}","{{time}}m":"{{time}}m","Home":"Home","Articles":"Articles","Looking to get started with cryptocurrency? Buy Bitcoin on Binance!":"Looking to get started with cryptocurrency? Buy Bitcoin on Binance!","Buy Bitcoin":"Buy Bitcoin","Was this article useful?":"Was this article useful?","{{count}} out of {{count}} people found this article useful.":"{{count}} out of {{count}} people found this article useful.","Yes":"Yes","No":"No","No noise. Just signal.":"No noise. Just signal.","Sign up for our weekly newsletter. We promise we don't spam!":"Sign up for our weekly newsletter. We promise we don't spam!","Your email":"Your email","Sign up":"Sign up","Explore all of our content":"Explore all of our content","Related topics":"Related topics","Share":"Share","Table of Contents":"Table of Contents","Topics at Academy":"Topics at Academy","Search topics to add...":"Search topics to add...","Reading time":"Reading time","{{count}}m":"{{count}}m","Layout":"Layout","Sort by Latest":"Sort by Latest","Sort by Difficulty":"Sort by Difficulty","Latest":"Latest","Read more":"Read more","See all results for your search":"See all results for your search","{{count}} results for '{{term}}'":"{{count}} results for '{{term}}'","Topics":"Topics","Difficulty":"Difficulty","Type":"Type","Glossary entries":"Glossary entries","Courses":"Courses","Hide filters":"Hide filters","Show filters":"Show filters","Refresh results":"Refresh results","Clear all filters":"Clear all filters","Show off your crypto knowledge":"Show off your crypto knowledge","Try out Academy Quizzes":"Try out Academy Quizzes","Phishing quiz":"Phishing quiz","Glossary quiz":"Glossary quiz","Bitcoin history quiz":"Bitcoin history quiz","We're working on getting more quizzes ready.":"We're working on getting more quizzes ready.","While you're waiting, why not check out our latest content?":"While you're waiting, why not check out our latest content?","Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.":"Cryptocurrencies have brought lots of exciting possibilities, but they are full of risks and dangers for the inexperienced.","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!":"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!","Think you know crypto? Take our crypto glossary quiz.":"Think you know crypto? Take our crypto glossary quiz.","Take the quiz":"Take the quiz","This quiz has {{count}} questions.":"This quiz has {{count}} questions.","I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge":"I am a complete beginner and just started exploring Binance Academy. Let me test my basic knowledge","I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.":"I am a frequent visitor of Binance Academy and am quite familiar with some terms, but still on my path to true knowledge.","I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.":"I have learned enough at Binance Academy. My knowledge base is wide and I feel ready to be challenged.","Select a suitable level of difficulty.":"Select a suitable level of difficulty.","Q{{count}}/{{count}}":"Q{{count}}/{{count}}","Phishing":"Phishing","Legitimate":"Legitimate","Quizzes":"Quizzes","Quiz difficulty selection":"Quiz difficulty selection","LEARN ALL ABOUT":"LEARN ALL ABOUT","Blockchain \u0026 Crypto":"Blockchain \u0026 Crypto","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.":"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.","Featured":"Featured","Beginner":"Beginner","Intermediate":"Intermediate","Advanced":"Advanced","{{count}} minutes":"{{count}} minutes","{{count}} minutes ago":"{{count}} minutes ago","{{count}} hours ago":"{{count}} hours ago","{{count}} days ago":"{{count}} days ago","Latest releases":"Latest releases","SEE ALL LATEST RELEASES":"SEE ALL LATEST RELEASES","Full definition":"Full definition","Glossary addition":"Glossary addition","Explore all the latest content":"Explore all the latest content","Lost in all the crypto slang?":"Lost in all the crypto slang?","Take a closer look at our blockchain \u0026 crypto glossary.":"Take a closer look at our blockchain \u0026 crypto glossary.","Check out Glossary":"Check out Glossary","Up for an adventure?":"Up for an adventure?","Learn while you test your knowledge with a range of quizzes.":"Learn while you test your knowledge with a range of quizzes.","Take a crypto quiz":"Take a crypto quiz","Trading":"Trading","SEE ALL TRADING CONTENT":"SEE ALL TRADING CONTENT","See more content about this topic":"See more content about this topic","No idea what you just scrolled through?":"No idea what you just scrolled through?","Not to worry. Our no-nonsense beginner's guide will get you up to speed.":"Not to worry. Our no-nonsense beginner's guide will get you up to speed.","Get started here":"Get started here","Essentials":"Essentials","SEE ALL ESSENTIALS CONTENT":"SEE ALL ESSENTIALS CONTENT","Blockchain":"Blockchain","SEE ALL BLOCKCHAIN CONTENT":"SEE ALL BLOCKCHAIN CONTENT","Keep an eye on Bitcoin":"Keep an eye on Bitcoin","Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.":"Every four years, the Bitcoin rewards are slashed in half. Find out why on the Halving page.","Bitcoin halving page":"Bitcoin halving page","Got questions?":"Got questions?","We totally understand. That's why we've built a platform to answer them.":"We totally understand. That's why we've built a platform to answer them.","Go to Ask Academy":"Go to Ask Academy","Guides":"Guides","SEE ALL GUIDES":"SEE ALL GUIDES","Weekly pick":"Weekly pick","{{count}}":"{{count}}","That's the number of terms in our glossary. How many do you know?":"That's the number of terms in our glossary. How many do you know?","Search glossary":"Search glossary","Get the latest in crypto dropped to your email, every week.":"Get the latest in crypto dropped to your email, every week.","Glossary":"Glossary","The Words of Crypto":"The Words of Crypto","Time to understand the language":"Time to understand the language","Search terms here...":"Search terms here...","Can't find what you're looking for?":"Can't find what you're looking for?","Whoops. Our bad. Please help us make our glossary better by submitting new terms.":"Whoops. Our bad. Please help us make our glossary better by submitting new terms.","Submit terms":"Submit terms","Community submission":"Community submission","Author:":"Author:","Start here":"Start here","Discover":"Discover","Log In":"Log In","Register":"Register","Search":"Search","Ask Academy":"Ask Academy","Blockchain forum and Q\u0026A":"Blockchain forum and Q\u0026A","Crypto-terms glossary":"Crypto-terms glossary","Test your knowledge":"Test your knowledge","Have a product idea or feedback?":"Have a product idea or feedback?","Contribute":"Contribute","New to Crypto?":"New to Crypto?","See our beginner content.":"See our beginner content.","Products":"Products","Exchange":"Exchange","Access":"Access","Academy":"Academy","BCF":"BCF","Card":"Card","Labs":"Labs","Launchpad":"Launchpad","Research":"Research","Trust Wallet":"Trust Wallet","Company":"Company","Terms \u0026 Conditions":"Terms \u0026 Conditions","Privacy Policy":"Privacy Policy","Disclaimer":"Disclaimer","Content Request":"Content Request","Submission Guide":"Submission Guide","Feedback":"Feedback","Bitcoin Halving Countdown":"Bitcoin Halving Countdown","Bitcoin Halving Timer":"Bitcoin Halving Timer","Days":"Days","Hours":"Hours","Minutes":"Minutes","Seconds":"Seconds","Current block height":"Current block height","Blocks until halving":"Blocks until halving","BTC Price":"BTC Price","Buy Bitcoin on Binance":"Buy Bitcoin on Binance","Detailed datasheet":"Detailed datasheet","Total BTC in circulation":"Total BTC in circulation","Total BTC to ever be produced":"Total BTC to ever be produced","Percentage of BTC mined":"Percentage of BTC mined","BTC left to mine until halving":"BTC left to mine until halving","BTC market cap (USD)":"BTC market cap (USD)","BTC generated each day":"BTC generated each day","BTC annual inflation rate":"BTC annual inflation rate","BTC daily inflation":"BTC daily inflation","Approximate block time":"Approximate block time","Mining difficulty":"Mining difficulty","Hash rate":"Hash rate","Community":"Community","{{count}}h ago":"{{count}}h ago","{{count}}d ago":"{{count}}d ago","{{count}}w ago":"{{count}}w ago","Crypto \u0026 Blockchain Education | Blockchain Course":"Crypto \u0026 Blockchain Education | Blockchain Course","Blockchain and crypto asset exchange":"Blockchain and crypto asset exchange","Blockchain and crypto education":"Blockchain and crypto education","Blockchain charity foundation":"Blockchain charity foundation","Cryptocurrency Information":"Cryptocurrency Information","Incubator for top blockchain projects":"Incubator for top blockchain projects","Institutional-grade analysis and reports":"Institutional-grade analysis and reports","Binance's official crypto wallet":"Binance's official crypto wallet","Token Launch Platform":"Token Launch Platform","Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world":"Binance Academy's Blockchain and Crypto Glossary is the authoritative source for terminology and definitions of the blockchain and cryptocurrency world","Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.":"Learn about blockchain, cryptocurrency, security, technology and more with entirely free videos, articles, and online courses all on Binance Academy.","Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!":"Interested in learning about blockchain, cryptocurrency, security, technology, or following along with tutorials? Binance Academy has all that and more!","Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand":"Binance Academy playlists provide content from beginner to advanced, you can follow along curated list of articles designed to make it easy to understand","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.":"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.","Want to test yourself? Check out Binance Academy Quizzes and test how much you have learned about Blockchain, Cryptocurrency, Security, and Economics.":"Want to test yourself? Check out Binance Academy Quizzes and test how much you have learned about Blockchain, Cryptocurrency, Security, and Economics.","Looks like you don't have an internet connection.":"Looks like you don't have an internet connection.","Binance Academy is currently under maintenance.":"Binance Academy is currently under maintenance.","We'll be right back!":"We'll be right back!","In the meantime, take a look at some of our videos.":"In the meantime, take a look at some of our videos.","Search results for":"Search results for","No results found.":"No results found.","Ask a new question":"Ask a new question","asked by":"asked by","Latest questions":"Latest questions","Trending":"Trending","New":"New","Solved":"Solved","All":"All","Open":"Open","Find existing answers":"Find existing answers","Title must be 10 or more characters":"Title must be 10 or more characters","You will not be able to edit your title after posting":"You will not be able to edit your title after posting","Title...":"Title...","Enter your question here":"Enter your question here","Post question":"Post question","Answers":"Answers","Enter your answer or comment here...":"Enter your answer or comment here..."},"statusCode":null,"initialTheme":0,"supportedLanguages":["en","ru","id","de","vi","tr","pt","es","uk","th"],"categories":[{"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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