# Permissionless İlgili Makaleler

HTX Haber Merkezi, kripto endüstrisindeki piyasa trendleri, proje güncellemeleri, teknoloji gelişmeleri ve düzenleyici politikaları kapsayan "Permissionless" hakkında en son makaleleri ve derinlemesine analizleri sunmaktadır.

Decentralization Is Not Idealism

Decentralization Is Not Idealism The core argument is that in the era of programmable, global settlement systems, decentralization is the single most critical feature for long-term survival and success—not an idealistic luxury, but a practical necessity rooted in a cynical understanding of power and incentives. The author, a former crypto expert at Citi, positions himself not as an idealist but as a realist informed by history. He observes that any sufficiently large and valuable network inherently creates massive incentives for its own corruption and capture by powerful incumbents (corporations, governments) seeking to protect profits and power. The pattern is consistent: first try to stop a disruptive technology; if that fails, co-opt it. Therefore, only crypto systems built from day one to be maximally open, neutral, and permissionless have a chance to reach "escape velocity" and resist this inevitable pressure. The essay critiques "permissioned networks," highly centralized "permissionless" Layer-1s, and Layer-2s with single sequencers as fundamentally naive. These are essentially "databases with an off-switch" that will be captured, rendering them inferior to both traditional efficient systems and truly decentralized alternatives. Historical examples like Visa, Mastercard, and Google are cited to illustrate the "platform corruption" trajectory, where networks originally built as neutral utilities evolved into profit-maximizing, gatekeeping entities. The potential market for a general-purpose L1 blockchain (encompassing finance, social, gaming, identity, etc.) is so vast that the incentive for capture is even greater. The piece uses a rhetorical question: if you were the CEO of a profitable payment company, would you embrace a public, permissionless blockchain that gives your competitors equal footing, or would you support a "hybrid" alternative that lets you retain control and pricing power? The answer, driven by competitive instinct, is obvious. While incumbents may temporarily promote "pseudo-decentralized" solutions as a delaying tactic, the author argues these are objectively worse—less efficient than legacy systems and less secure than real decentralization. In the long run, assets and value will naturally flow to the most secure, censorship-resistant infrastructure, just as water flows to the lowest point. Systems like Ethereum, despite their flaws and costs, represent this necessary, realistic defense against capture and are ultimately superior to any corporate-controlled alternative.

链捕手07/24 06:50

Decentralization Is Not Idealism

链捕手07/24 06:50

Hyperliquid Opens Prediction Market Deployment: Stake $30 Million HYPE Tokens for Up to 50% Fee Share

Hyperliquid, a decentralized exchange, is opening its prediction market infrastructure to public deployment following its HIP-4 upgrade. To launch a market, deployers must stake 500,000 HYPE tokens (approx. $30M), which can be slashed if validators rule the market was poorly defined or settled incorrectly. In return, creators can earn up to 50% of the market's trading fees. This "skin in the game" model contrasts with curated platforms like Polymarket and Kalshi. The move comes as prediction markets see record volumes, surpassing $50B in June. While Hyperliquid's current share is small ($176M), its permissionless approach could significantly disrupt the sector. The feature will launch first on testnet before moving to mainnet. The article also includes brief market updates: major cryptocurrencies posted weekly gains; prediction markets had a record summer; Bitcoin and Ethereum ETFs saw net inflows; and notable movements occurred in memecoins and NFTs.

marsbit07/21 09:37

Hyperliquid Opens Prediction Market Deployment: Stake $30 Million HYPE Tokens for Up to 50% Fee Share

marsbit07/21 09:37

Amidst Capital's Encirclement, Decentralization is the Sole Defense for Public Blockchains

In a landscape dominated by power and profit motives, the author argues that decentralization is not merely one desirable feature among many in blockchain design—it is the singular, non-negotiable defense against corporate and capital capture. The article adopts a Machiavellian, realist perspective on human institutions, positing that businesses will inevitably attempt to co-opt any valuable network to protect their profits and dominance. While external attacks like 51% forks are often discussed, the greater existential risk is internal capture—the gradual erosion of a protocol’s neutrality by vested interests, as seen historically with platforms like Visa and Google. The piece critiques permissioned chains, highly centralized “permissionless” layer-1s, and layer-2s without sufficient decentralization (e.g., single sequencers) as inherently vulnerable. These compromised systems, promoted by established financial players, are framed as delaying tactics to stifle truly open networks that threaten existing high-fee, inefficient business models. Real-world examples, such as closed enterprise consortiums that exclude competitors, illustrate how such systems cement oligopolies rather than foster innovation. The author concludes that while decentralized protocols like Ethereum are imperfect and costly to operate, they represent the only viable long-term equilibrium. In a market where value naturally flows to the most secure and neutral settlement layer, only maximally decentralized public blockchains can resist being subsumed by capital and powerful incumbents.

Foresight News07/21 06:58

Amidst Capital's Encirclement, Decentralization is the Sole Defense for Public Blockchains

Foresight News07/21 06:58

HIP-4 Enables Permissionless Deployment, Can Hyperliquid Kill Polymarket?

Hyperliquid announced that its HIP-4 prediction markets will soon support permissionless deployments, similar to its successful HIP-3 model for perpetual contracts. This move aims to ignite growth in its underperforming prediction market segment by allowing third parties to create their own prediction markets upon staking 500,000 HYPE (worth approximately $30 million), with the potential to earn up to 50% fee shares. While this strategy mirrors the approach that propelled HIP-3 and platforms like Trade.xyz to dominance in tokenized trading, the article raises significant challenges for HIP-4. Its current performance is weak, with only $216 million in total volume over three months—pales in comparison to Polymarket's $4.6 billion monthly volume. The high staking barrier may exclude smaller teams, potentially limiting innovation and event diversity. Furthermore, Hyperliquid missed the crucial timing window of the 2026 World Cup, a major catalyst for prediction market activity, which competitors like Polymarket capitalized on heavily. The success of HIP-3 was partly due to perfect timing, such as during the U.S.-Iran conflict when traditional markets were closed. Without a similar catalytic event and facing an established leader like Polymarket, it remains uncertain whether Hyperliquid's "decentralized" strategy can successfully disrupt the prediction market landscape.

marsbit07/20 12:01

HIP-4 Enables Permissionless Deployment, Can Hyperliquid Kill Polymarket?

marsbit07/20 12:01

HIP-4 Opens Permissionless Deployment: Can Hyperliquid Kill Polymarket?

Hyperliquid recently announced that HIP-4 will soon support permissionless deployments, similar to its successful HIP-3 model for perpetual contracts. Deployers will need to stake 500,000 HYPE (locked for 6 months) and can earn up to 50% fee share from their created markets. This move aims to replicate the "decentralized" growth strategy that propelled Hyperliquid to leadership in tokenized stocks and commodities. However, HIP-4's initial performance in the prediction market sector has been weak, with only $216M in total volume over three months and a handful of active markets. This pales in comparison to leader Polymarket, which saw $4.587B in volume last month alone. The high staking requirement—valued at around $30 million—could exclude smaller teams, potentially limiting innovation and competition. The article questions whether this strategy can succeed, noting that Hyperliquid missed the crucial timing window of the recent World Cup, a major driver for prediction markets. While permissionless deployment could increase market variety and speed, the combination of high entry barriers and missed opportunities may hinder HIP-4's ability to challenge established players like Polymarket.

Odaily星球日报07/20 11:58

HIP-4 Opens Permissionless Deployment: Can Hyperliquid Kill Polymarket?

Odaily星球日报07/20 11:58

Hyperliquid First Discloses HIP-4 Permissionless Deployment Specifications: Threshold Aligns with HIP-3, but Adds a Template Approval Layer

Hyperliquid founder Jeff Yan announced plans for permissionless deployment of HIP-4 outcome markets in a future network upgrade, moving from testnet to mainnet. This follows the initial, validator-voted deployment phase on mainnet that began in May. The announcement details key mechanisms for the permissionless phase. The staking requirement is set at 500,000 HYPE (locked for 6 months), matching HIP-3. A core new feature is a "template system": validators will vote on and store standardized market templates on-chain, and deployers can only create markets by instantiating these pre-approved templates. This aims to ensure market quality and clarity. Deployers will also have an initial quota of 100 outcomes (200 tokens), which refreshes after settlements. The reasoning for permissionless deployment is the vast potential universe of tradable events for prediction markets, which far exceeds the finite assets available for perpetual contracts. While HIP-4 has seen $370M in volume over 78 days, its market share remains small compared to established players. The model mirrors HIP-3's successful expansion of perpetual contracts after opening deployment. Rules include slashing stakes for unclear definitions or incorrect/delayed settlements. This incentivizes short-duration markets, as long-term settlements would lock capital and quota for extended periods. The template system addresses definition clarity but does not prevent potential liquidity fragmentation or market concentration, as seen in HIP-3 where a single deployer dominates most activity.

Foresight News07/20 09:34

Hyperliquid First Discloses HIP-4 Permissionless Deployment Specifications: Threshold Aligns with HIP-3, but Adds a Template Approval Layer

Foresight News07/20 09:34

Anyone Can Easily Create Prediction Markets, But Can Limitless' User-Generated Markets Last?

The article discusses the historical challenges of user-generated prediction markets in crypto, where previous attempts like Augur, Omen, Zeitgeist, and Manifold Markets failed due to fragmented liquidity, poor discoverability, and unreliable, slow settlement processes. These issues often led to platforms filled with inactive markets and low user engagement, prompting some, like Polymarket, to shift to a curated model. Limitless recently launched its User-Generated Market (UGM) feature, allowing anyone to create crypto price prediction markets. It addresses past failures through several key design choices: markets are limited to objective, oracle-based price questions (e.g., "Will Asset X be above $Y at time Z?") for instant, automatic settlement via Pyth and Chainlink, eliminating voting disputes. To combat spam and fragmentation, market creation requires burning 100-1000 LMTS tokens (a non-refundable cost), while creators earn 50% of the trading fees generated by their market, aligning incentives. The platform also benefits from an existing active user base and uses an order book model, removing the need for creators to provide initial liquidity. By tackling settlement reliability, liquidity fragmentation, and creator incentives, Limitless presents a new model for sustainable, permissionless prediction markets.

Foresight News07/02 10:10

Anyone Can Easily Create Prediction Markets, But Can Limitless' User-Generated Markets Last?

Foresight News07/02 10:10

Ethereum Foundation Interim Executive Director Speaks Out: What Is Our Mission?

The Ethereum Foundation's core mission is to ensure Ethereum remains a truly permissionless, censorship-resistant, private, and open infrastructure for large-scale, sovereign coordination. The article clarifies the EF's focus and dismisses irrelevant objectives, such as pursuing institutional popularity or short-term speculation. Its core work centers on eliminating systemic weaknesses. This involves fortifying Ethereum across multiple layers—protocol, access, user, and institutional—against exploitation, control, or surveillance. Key initiatives include minimizing harmful MEV and preventing privileged control over transaction flow, making unconditional privacy a foundational default, ensuring staking remains permissionless and decentralized, and strengthening user-facing access points to uphold autonomy. Concurrently, the EF aims to seize strategic opportunities. These include leading the transition to post-quantum cryptography, achieving a fully verifiable protocol stack, establishing Ethereum as private digital cash, integrating user-owned AI agents with personal wallets, and demonstrating that trusted-neutral infrastructure can competitively handle disintermediated coordination at an institutional scale. The article also addresses recent organizational changes, stating that personnel departures were due to strategic realignment, role fit, or natural evolution. It clarifies the approach to spin-outs, emphasizing that external funding will be provided only for work critical to the EF's mission that reduces Ethereum's dependency without creating new risks or mission drift. Ultimately, the EF is committed to building an enduring, neutral system that reshapes global coordination, focusing relentlessly on the principles of censorship resistance, openness, privacy, and sovereignty (CROP).

链捕手06/25 13:19

Ethereum Foundation Interim Executive Director Speaks Out: What Is Our Mission?

链捕手06/25 13:19

Ethereum Is Retracing the Path of the Internet and Linux: No One Yields, and the Neutral Party Ultimately Prevails

This article argues that Ethereum is following the historical path of open, neutral systems like the Internet and Linux, which eventually triumphed over proprietary, centrally-controlled alternatives. Major financial institutions like JPMorgan, Stripe, and Circle are building their own proprietary blockchains or networks (e.g., Tempo, Arc), but will never agree to build on a competitor's controlled infrastructure. This creates the perfect opportunity for Ethereum as the only neutral, credibly neutral settlement layer that no single entity controls. The piece draws parallels to the 1990s, when experts like Bill Gates predicted proprietary networks (from Microsoft, Oracle) would win over the open Internet, and when Sun Microsystems' Unix lost to the open-source "bazaar" development model of Linux. This model, described in Eric Raymond's "The Cathedral and the Bazaar," thrives on permissionless innovation where countless contributors improve the system, outpacing any centralized competitor. Ethereum embodies this through its decentralized development, broad validator distribution, and credible neutrality—rules that are transparent, equally applied, hard to change, and open to all. This has attracted over a million developers and major institutions like Coinbase, BlackRock, and JPMorgan, who choose Ethereum for its security, ecosystem, and sovereignty (the inability of any single party to change the rules). While proprietary chains offer initial speed and control, they inherit the downsides of both centralization and decentralization without the long-term innovation benefits. The article concludes that, just as open systems historically win, Ethereum is poised to become the foundational, neutral settlement layer for global finance.

marsbit06/22 02:51

Ethereum Is Retracing the Path of the Internet and Linux: No One Yields, and the Neutral Party Ultimately Prevails

marsbit06/22 02:51

Blockchain Capital Partner: The Structure of On-Chain Two-Tier Capital Is Still in the Early Stages of Value Discovery

Spencer Bogart, a general partner at Blockchain Capital, argues that the on-chain economy possesses unique features like programmability, composability, and global distribution, fostering an open and fast-paced innovation ecosystem. However, these very features create challenges for large, fiduciarily-responsible institutional capital, which requires robust risk assessment frameworks often difficult in a permissionless and adversarial environment. The proposed solution is the emergence of a two-tiered capital structure. The first, permissionless layer remains the crucible for innovation, where protocols are built, tested, and hardened with real capital. The second, "institutional" layer consists of chains (L1s, L2s, etc.) that, while based on similar code, incorporate risk-management features like the ability to pause or freeze transactions in extreme scenarios, making them suitable for large-scale institutional deployment. The synergy between these layers is key. Protocols proven resilient in the open, permissionless environment can then scale to the institutional layer, accessing deeper capital pools. This creates a lifecycle: build and launch permissionlessly, test and prove robustness publicly, then expand to an institutional-grade chain for scaled adoption. This architecture allows the open, experimental side to continue driving innovation with crypto-native capital, while the institutional layer provides the liquidity, stability, and trust required for mainstream adoption. The major challenge identified is the "cold start" problem: aligning where institutional capital prefers to go with where the most proven applications and network effects currently reside. How this dynamic resolves—whether through protocol migration, new protocol builds, or institutional adaptation—will be crucial to watch. Overall, this evolving structure aims to combine the strengths of open innovation and institutional depth within a shared on-chain ecosystem.

链捕手05/22 06:13

Blockchain Capital Partner: The Structure of On-Chain Two-Tier Capital Is Still in the Early Stages of Value Discovery

链捕手05/22 06:13

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