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Open a crypto price tracker on any given day, and you’ll likely see a few unfamiliar names near the top of the “Trending” list. Scroll a little further, and there are hundreds more — coins you’ve never heard of, created in the last week, the last day, or maybe the last hour.

Unlike traditional finance — where launching a new financial instrument involves months of paperwork and regulatory greenlights — the world of crypto is permissionless by design. That’s one reason it moves fast, rewards innovation (or speculation), and constantly reinvents itself. But it also raises important questions: Why do new cryptocurrencies keep appearing? And who’s making them?

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