X account: New markets often live or die based on this chicken-or-the-egg problem — They need quality assets to attract users, but they need users to attract issuers' assets. Permissionless markets can more easily overcome the cold start because they face fewer supply constraints.

Risks and unknowns

• Whether the specific permissionless market or protocol referred to by this view discloses data on users, asset supply, and liquidity.
• Whether relevant projects show verifiable progress in issuer onboarding or user growth.
• Countercondition for assessing the impact on the crypto asset market: If permissionless mechanisms lead to low-quality assets, fragmented liquidity, or regulatory restrictions, their cold-start advantage may not translate into actual growth.