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What is a market?

On Joint Protocol, A market is where buyers and sellers of an asset meet to exchange an asset. For example, the Joint protocol market comprises a base and quote asset; Liquidity providers add the base asset while the takers swap the quote asset for the base asset.

What are the types of markets?

The Joint protocol supports open and permissioned markets. Open markets do not require permission to trade, provide liquidity or mediate. On the other hand, permissioned markets require users to be explicitly permitted to trade, provide liquidity or mediate. Permissioned markets exist to serve private markets with specific admission rules.

Can I perform an instant swap between on-chain assets?

Yes! Joint Protocol works for on-chain trade pairs like ETH-WBTC etc. Markets that feature only on-chain pairs are called instant markets because the swap will be executed in one transaction.

What is a market fee?

It is a fee deducted from every trade made in a specific market and paid to the market creator. The market creator sets market fees.

Can a market creator set a minimum mediator bond?

Yes. Market creators can set how much bond a mediator’s ticket must have before joining the market to provide mediation service. The higher the bond, the more careful and thoughtful a mediator would be in appeals.