# kaal:claim:3782217-001

**Claim.** Market liquidity depends on trustworthiness, and trustworthiness depends on observed momentum: isolated instances of motion are insufficient, because the observations must be collected into a history before they carry weight and meaning.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- marketplaces seeking liquidity

**Source quote.**

> To achieve liquidity, marketplaces must be trustworthy. They need momen- tum. It's not enough to achieve motion in any particular instance. Momentum must be observed to give trust to the marketplace. These observations need to be collected in a history to give them weight and meaning.

**From.** Craig Calcaterra, Wulf A. Kaal, *The Importance of History In Decentralization* (2021), Chapter 9. Historiography, page 2

**Cite as.** Craig Calcaterra, Wulf A. Kaal, The Importance of History In Decentralization (2021). SSRN: https://ssrn.com/abstract=3782217

**Verify.** sha256 of source PDF `358779557d8e7dcd101720ca0fad90b9146d24f1c7c03909eb431fcf1fb7e103` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Calcaterra%20and%20Kaal%20-%202021%20-%20The%20Importance%20of%20History%20In%20Decentralization.pdf

**Topics.** defi, reputation, economics

**Keywords.** liquidity, trust, momentum, history, marketplace-design

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