---
title: Blue Silent Exchange - GMX case study
description: MMX              Case study&nbsp;&middot; 2025            A perpetuals and swap exchange       delivered in       6 working days.          Blue Silent Exchange 
url: https://miracuves.com/portfolio/blue-silent-exchange-gmx
date_modified: 2026-08-19
author: miracuves
language: en_US
---

MMX
  
  
  
    
Case study* · 2025*

    
# A perpetuals and swap exchange delivered in 6 working days.

    
Blue Silent Exchange - GMX needed a perpetuals and swap exchange.
      The GMX Clone base already carried the mechanics, so the engagement went where their product was actually different. We built the product; they launched the brand.

    
- **GMX Clone** · MMX
- **6 working days** our build time on the base
- **Source code transferred** to Blue Silent Exchange - GMX’s own account

    
      [Read the case study](#summary)
      [Start a project](https://miracuves.com/schedule-consultation/)
    

    
      *BS***Blue Silent Exchange - GMX***Blue Silent Capital*
    
  

  
    *BS***Blue Silent Exchange - GMX**
    
      SolutionGMX Clone
      ProductMMX
      Delivered2025
      StackREACT
      Build time6 working days
      Blocks reused16 of 20
      Source codeTransferred
    
  

  
    
    **2**applications shipped
    **16**blocks reused unchanged
    **4**built for this client
    **6**integrations, each isolated
      **100%**source code transferred
    
  

[Summary](#summary)[Scope](#scope)[Brief](#brief)[Discovery](#discovery)[Challenges](#challenges)[Strategy](#strategy)[What we built](#built)[Architecture](#architecture)[Reused](#reused)[Decisions](#decisions)[Process](#process)[Product](#surfaces)[Security](#security)[Integrations](#integrations)[Stack](#stack)[Timeline](#timeline)[Scale](#scale)[Results](#results)[Handover](#handover)[FAQ](#faq)

  Trader*Listed markets*Admin*Leverage limits*API gateway*model*Realtime channel*Brand & theming*Event busTrader*Listed markets*Admin*Leverage limits*API gateway*model*Realtime channel*Brand & theming*Event bus

  
## What already existed, and what did not.

  
The distinction that decides a project like this: the mechanics were proven before the engagement started, so the time went into the part that was theirs.

  
We build the product; the client launches the brand. That is the arrangement, and it
    only works if the handover is real: Blue Silent Exchange - GMX owns the source code, had a launch date in
    writing before work started, and can check every figure on this page against a public ledger.

  
    
The perpetuals side is not something you start from nothing. The exchange mechanics were already built and proven, so what we worked on was our markets and our risk posture rather than the engine underneath them.

      Erick Brennan, Co-founder · Blue Silent Capital
    
      Reuse on this build
      
        Blocks reused16 of 20
        Built for Blue Silent Exchange - GMX4
        Solution familyGMX Clone
        Other builds on it0
      
    
  

  
## The line between reused and built.

  
The work sat where it always sits on this base: listed markets, leverage limits, fee & funding. Everything else on the list below arrived already built and proven on
    other engagements running the same base.

  
    **2**Applications and consoles shipped, each with its own permissions and release path*Delivered*
    **16**Platform modules reused unchanged from the GMX Clone base*Delivered*
    **4**Decisions built for Blue Silent Exchange - GMX: listed markets, leverage limits, fee & funding*Delivered*
    **3**Environments: development, staging and production*Delivered*
    **100%**Source code transferred to Blue Silent Exchange - GMX’s own account*Contractual*
  

  
## What Blue Silent Exchange - GMX actually needed.

  
A perpetuals and swap exchange is not one feature. It is 20 distinct pieces that all have to work together before a single customer can be served, and most of them already existed and had been proven elsewhere.

  
That distinction decides the shape of a project like this. A business does not need a
    dispatch engine or a settlement ledger to be invented again; it needs one that already works, then
    it needs the handful of decisions that make the product theirs rather than anyone else’s. The
    four below are the load-bearing pieces Blue Silent Exchange - GMX would otherwise have spent months building
    before proving anything to a customer.

  
    
      
Every platform of this kind has the same shape underneath: a set of load-bearing
        parts that must be correct before a single customer can be served, and a much smaller set of
        decisions that make it one business rather than another.

      
Building the first set from zero would have consumed the
        window before the second was even discussed. That is the decision this engagement turned on, and
        it was taken before any code was written.

    
    
      **Trader**positions, margin, PnL
      **Admin**markets, risk, treasury
      **API gateway**auth, rate limits,
      **Realtime channel**marks, funding,
    
  

  
## What we settled before building.

  
Which of the 20 pieces were already solved, and which were genuinely Blue Silent Exchange - GMX’s to decide. Getting that line in the right place before any code is written is what keeps a GMX Clone engagement short, and it is the conversation we would rather have honestly than optimistically.

  
Where a scope genuinely does not fit a proven base, we say so during scoping and quote
    it as a custom build instead, even when that costs us the larger and more comfortable project.

  
    *01*
#### Read the requirement back to first principles

      
What must exist at launch, separated from what a business can add once it has customers. Those are different lists and conflating them is what makes projects run long.

    *02*
#### Base versus build, capability by capability

      
Each of the 20 capabilities assessed against the existing base as covered, partial or absent. Partial is treated as absent, because a half-fitting module costs more than a new one.

    *03*
#### Mark what only Blue Silent Exchange - GMX could decide

      
4 decisions were commercial or jurisdictional rather than technical. Those were theirs, and the engagement is where they got implemented.

    *04*
#### Agree the line before writing anything

      
16 pieces reused unchanged, 4 built. Fixing that line up front is what turns a platform of this size into a six-working-day build.

  

  
## The parts that are genuinely hard.

  
Not marketing difficulty, actual difficulty. These are the problems any serious GMX Clone has to solve properly, and the reason building one from a blank page is a multi-quarter commitment rather than a sprint.

  
Each was solved once, on the base, and has been under load on other builds since. Blue Silent Exchange - GMX inherited the solutions rather than the problems.

  
    01
      
### Liquidation is load-bearing

Leverage means positions must close automatically and correctly under volatility. Late or wrong liquidation moves loss onto the vault and onto other traders.

      **Already solved in the base:**
      Trader
    02
      
### Oracle dependence

Mark price and funding come from outside the system, so the platform must behave sanely when the feed is slow, stale or disagrees with the market.

      **Already solved in the base:**
      Admin
    03
      
### Vault solvency

Depth behind every open position has to be provable at all times, not calculated after the fact.

      **Already solved in the base:**
      API gateway
  

  
    
      
## What we did not have to build for Blue Silent Exchange - GMX.

      
Every platform is made of the same mechanics underneath. This is the account of which of them Blue Silent Exchange - GMX paid attention to, and which were already solved.

    

    
      
        
Built from nothing, Blue Silent Exchange - GMX would have meant paying for the mechanics again: the accounts, the sessions, the payments, the admin, the permissions. That work is real, it is slow, and none of it is what makes this product different from the next one. Starting from the GMX Clone base moved that cost out of the project entirely, and the platform itself was deployed in 6 working days.

        
What that bought is attention. The engagement went into the 4 parts that were actually different, instead of being spread thin across 20 of them.

        
          
            **Shipped ready-made***16 of 20*
            *01***Trader**positions, margin, PnL
            *02***Admin**markets, risk, treasury
            *03***API gateway**auth, rate limits,
            *04***Realtime channel**marks, funding,
            *05***Event bus**async fan-out, retries
            *06***Collateral ledger**append-only double-entry
            *07***Order entry**size, leverage,
            *08***Margin engine**collateral, maintenance
            *09***Liquidation**triggers, partial closes
            *10***funding**realized PnL, funding
            *11***Vault & liquidity**depth behind every
            *12***price**index, mark, deviation
            *13***Identity & access**accounts, keys, limits
            *14***store**ledger, positions,
            *15***realtime**marks, funding,
            *16***Object storage**exports, audit
          
          
            **Made for Blue Silent Exchange - GMX***4 of 20*
            *01***Listed markets**the pairs you run
            *02***Leverage limits**your risk appetite
            *03***model**your economics
            *04***Brand & theming**the trading surface
          

          
            Build all 20 from nothing, mechanics included
            16 already solved, so the effort went to the 4 that were not
          
        
      

      
        The account
        
          Shipped ready-made16
          Made for this client4
          Parts in total20
          Build window6 working days
        
        
The ready-made side is not a shortcut taken on quality. It is work that was already finished, and finished work does not get charged for twice.

      
    
  

  
## Everything that shipped with it.

  
The full working set Blue Silent Exchange - GMX took delivery of. Each piece was already built and
    proven on other engagements before this one started, which is the only honest reason a platform of
    this size stands up in six working days rather than months.

  
None of it is a demo or a scaffold. These are the same components running under other
    businesses in other markets, which means the failure modes are already known and already handled
    rather than waiting to be discovered by Blue Silent Exchange - GMX’s first real customers.

  
    
### Reused from the GMX Clone base

      
      **Trader**positions, margin, PnL
      **Admin**markets, risk, treasury
      **API gateway**auth, rate limits,
      **Realtime channel**marks, funding,
      **Event bus**async fan-out, retries
      **Collateral ledger**append-only double-entry
      **Order entry**size, leverage,
      **Margin engine**collateral, maintenance
      **Liquidation**triggers, partial closes
      **funding**realized PnL, funding
      **Vault & liquidity**depth behind every
      **price**index, mark, deviation
      **Identity & access**accounts, keys, limits
      **store**ledger, positions,
      **realtime**marks, funding,
      **Object storage**exports, audit
      
    
### Built for Blue Silent Exchange - GMX

      
      **Listed markets**the pairs you run
      **Leverage limits**your risk appetite
      **model**your economics
      **Brand & theming**the trading surface
      
  

  
## The base this was built on.

  
The same architecture carries every GMX Clone on this page. The filled
    blocks are the parts built for Blue Silent Exchange - GMX.

  
    **GMX Clone architecture**
      MMX / filled = built for this client
    
  GMX Clone: the architecture, and one leveraged position traced through it
  2 client surfaces reach an edge of gateway, realtime channel and event bus. The base holds 8 services, of which Collateral ledger is the source of truth, and 4 blocks are built for each client. Partner services sit behind a boundary and are chosen by the client. Underneath, one leveraged position is traced across 5 steps. 16 of 20 blocks are reused unchanged.
  
    
      
      
    
    
    
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  GMX Clone
  MMX
  One documented build runs on this base. Only the filled blocks are built for you.
  
    
    Ships ready-made
    
    Built for this client
  

  
  Surfaces
  
  Edge
  
  The base - already built
  
  Partner boundary
  
  Data
  
    
    Trader
    positions, margin, PnL
    
    Admin
    markets, risk, treasury
  
  
    
    API gateway
    auth, rate limits,
    idempotency
    
    Realtime channel
    marks, funding,
    liquidation alerts
    
    Event bus
    async fan-out, retries
  
  
    
    Collateral ledger
    append-only double-entry
    postings
    SOURCE OF TRUTH
    
    Order entry
    size, leverage,
    direction
    
    Margin engine
    collateral, maintenance
    
    Liquidation
    triggers, partial closes
    
    Settlement &
    funding
    realized PnL, funding
    rate
    
    Vault & liquidity
    depth behind every
    position
    
    Oracle & mark
    price
    index, mark, deviation
    guards
    
    Identity & access
    accounts, keys, limits
  
    Built for this client
  
    
    Listed markets
    the pairs you run
    
    Leverage limits
    your risk appetite
    
    Fee & funding
    model
    your economics
    
    Brand & theming
    the trading surface
  
    chosen by the client
  
    
    Market data
    their oracle feed
    
    Custody
    their wallet provider
    
    Node access
    their RPC provider
    
    KYC & screening
    their provider
  
  
    
    Transactional
    store
    ledger, positions,
    orders
    
    Cache &
    realtime
    marks, funding,
    sessions
    
    Object storage
    exports, audit
    trails
  
  
  
  
  
  one leveraged position, end to end
  every step below runs on blocks that already existed
  
  
  
  
  1
  Open
  size, leverage, direction
  
  
  2
  Collateralize
  margin posted, ledger entry
  
  
  3
  Mark
  oracle price, funding accrues
  
  
  4
  Close
  exit or liquidation trigger
  
  
  5
  Settle
  realized PnL posted both sides
  
  REACT
  
  
  16 of 20 blocks reused unchanged
  4 built for you

      This is the GMX Clone base, drawn as it was actually
        assembled for Blue Silent Exchange - GMX. The plain blocks are the ready-made platform and shipped as
        they are. The filled blocks are the ones we built for this client. 16 of
        20 blocks were reused, 4 were built.
  
  

  
## Why none of this had to be written again.

  
Each of these was already running on other builds of the same base before
    Blue Silent Exchange - GMX started. That is the whole reason the platform was standing in
    days rather than months.

  
    **Trader**positions, margin, PnL
    **Admin**markets, risk, treasury
    **API gateway**auth, rate limits,
    **Realtime channel**marks, funding,
    **Event bus**async fan-out, retries
    **Collateral ledger**append-only double-entry
    **Order entry**size, leverage,
    **Margin engine**collateral, maintenance
    **Liquidation**triggers, partial closes
    **funding**realized PnL, funding
    **Vault & liquidity**depth behind every
    **price**index, mark, deviation
    **Identity & access**accounts, keys, limits
    **store**ledger, positions,
    **realtime**marks, funding,
    **Object storage**exports, audit
  

  
## The decisions that were actually theirs.

  
A ready-made base does not remove these; it removes everything underneath them.
    Each one below is a choice Blue Silent Exchange - GMX had to make, and the engagement is where those
    choices got implemented.

  
    **01**
      
### Listed markets

The pairs and tokens the exchange lists, and the liquidity behind them.

      **Why it sat with them**The markets they sell into decide this. Adding one later is configuration rather than a rebuild, which is exactly why it is exposed as a decision.
    **02**
      
### Leverage limits

Configured for Blue Silent Exchange - GMX during the engagement.

      **Why it sat with them**Commercial rather than technical. The base already handles the mechanics underneath, so the engagement is where their own answer gets implemented.
    **03**
      
### Fee & funding

Configured for Blue Silent Exchange - GMX during the engagement.

      **Why it sat with them**Take rate and pricing are the business model itself. We implement the numbers they set; we do not choose them.
    **04**
      
### model

Configured for Blue Silent Exchange - GMX during the engagement.

      **Why it sat with them**Commercial rather than technical. The base already handles the mechanics underneath, so the engagement is where their own answer gets implemented.
    **05**
      
### Brand & theming

The identity carried across every surface, so it reads as the client’s product rather than a template.

      **Why it sat with them**The base has to disappear behind their identity, so this is applied across every surface rather than skinned on one.
  

  
## What the six days actually cover.

  
Our build time on a ready-made base, and nothing else. The parts that sit with the client are named plainly.

  
    
      Phase 01Phase 02Phase 03Phase 04
    
    
      01
      
### White-label

The base is rebranded to the client’s identity across every surface.

      02
      
### Deploy

Stood up on the client’s own hosting, not ours.

      03
      
### Publish

Apps submitted from the client’s own developer accounts.

      04
      
### Handover

Source, schema, deployment configuration and architecture notes transferred.

    
  
  
The client supplies the
    hosting and domain, a verified developer account we publish from, branding and business details,
    an onboarded payment gateway with KYC complete, and any third-party API keys. Store review and
    merchant onboarding are controlled by Apple, Google and the payment provider, so those sit
    outside our window. [Every figure here is defined
    on the facts page](https://miracuves.com/facts/#fact-005).

  

  
## Who uses it, and for what.

  
Rather than screenshots of a product that has moved on since delivery, this is the set
    of surfaces that shipped and what each one is for. Blue Silent Exchange - GMX received every one of them, with
    the source behind each.

  
Every role here is a separate application with its own permissions, its own state and
    its own release path. Building them to work as one system is most of the engineering in a platform
    of this kind, and it is the part that was already finished before this engagement began.

  
    
    
    
    Trader
    
    
    
    
  
      positions, margin, PnL
    
    
    
    Admin
    
    
    
    
  
      markets, risk, treasury
  

  
## What guards the platform.

  
Built into the base and hardened across every engagement running it, rather than
    bolted on at the end of this one. Security added late is security that has to be argued for; the
    controls below were load-bearing from the first deployment.

  
We claim the process, not a certificate. Miracuves does not hold ISO 27001, and we do
    not say otherwise: we build to the controls those frameworks require, and the evidence trail is
    there for an auditor who asks.

  
    
    
#### Identity & access

accounts, keys, limits. Part of the base, so it was proven before this engagement started.

    
#### Role separation

Each surface sees only what its role permits, enforced server-side rather than hidden in the interface.

    
#### Audit trail

Who changed what and when, retained so a dispute can be answered with a record rather than a recollection.

    
#### Transport and storage

TLS end to end, credentials hashed, and anything sensitive at rest encrypted rather than merely obscured.

    
#### Secrets handling

Keys live in environment configuration on their own infrastructure, never in the repository we hand over.

    
#### Card data stays out

Payment details go to the gateway directly. The platform holds a reference, not a card number.

    
#### Backups and restore

Scheduled backups with a restore that was actually run, because an untested backup is a guess.

    
    
#### What an auditor can actually see

      
We claim the process, not a badge. Everything below was handed to Blue Silent Exchange - GMX with the source.

      
- Commit history for every change in the build window
- Environment configuration separated from application code
- Database schema with the migration that produced it
- Deployment steps written down rather than remembered
- Named team and a daily written progress record

  

  
## What it connects to.

  
The connection points are part of the base and were already written and tested.
    Which providers sit behind each one was Blue Silent Exchange - GMX’s decision, because those choices are
    commercial and jurisdictional rather than technical.

  
This is also where the client-side dependencies live. Gateway onboarding, KYC approval
    and merchant review are controlled by the provider, not by us, which is why they sit outside the
    build window rather than inside it.

  
    
Every one of these was already wired and tested in the base. What changed for
      Blue Silent Exchange - GMX was which account sat on the far side of it.

    
    **Payments and payouts**gateway of their choosing
    **Identity and KYC**provider per jurisdiction
    **Object storage and CDN**their bucket, their region
    **Search and indexing**catalogue, filters, ranking
    **Market data feeds**rates and reference prices
    **Push and transactional email**sent under their sender identity
    
  

  
## What it runs on.

  
The platform stack for MMX. This describes the base as it stands
    today; Blue Silent Exchange - GMX took delivery of the source and has owned it since.

  
    
  
    **Platform**REACT
      The stack the MMX base runs on, already in production elsewhere
    **Surfaces**TraderAdmin
      Each a separate application with its own permissions and release path
    **Client decisions**Listed marketsLeverage limitsmodelBrand & theming
      Configured for Blue Silent Exchange - GMX during the engagement
    **Handover**SourceSchemaDeployment configArchitecture notes
      Transferred at the end of the build
  

  
## Where the six days went.

  
Our build time only. Store review and merchant onboarding are controlled by Apple,
    Google and the payment provider, so they sit outside this window and we do not count them as
    ours. Stating that plainly is the difference between a build time and a promise we cannot keep.
    [Every figure here is defined on the facts
    page](https://miracuves.com/facts/#fact-005).

  
    
      
The six working days are guaranteed. If a ready-made platform is not live in six, we keep working free until it is. A deadline nobody is accountable for is not a deadline, and a guarantee nobody pays for is not a guarantee.

      
Throughout, a named team worked the build and sent Blue Silent Exchange - GMX progress on
        WhatsApp every working day. There was never a week where nobody knew where it stood, which is
        the part clients tell us they notice more than the date itself.

      **6 working days**
        our side of the window
        
The bar below is that window, day by day. Nothing outside it is counted as ours, and
        nothing inside it waits on someone else.

    
    
#### What Blue Silent Exchange - GMX supplied

      
A build window only holds if both sides arrive ready. These sat with them, and the clock
        does not start until they are in place.

      
- Hosting and a domain, on their own account
- A verified developer account we publish from
- Branding and business details
- A payment gateway onboarded, with KYC complete
- Third-party keys for the services they chose

  
  
    **Day 1**Base stood up and white-labelled*Base stood up and white-labelled*
    **Days 2-4**4 client decisions implemented*4 client decisions implemented*
    **Day 5**Deployed, apps submitted*Deployed, apps submitted*
    **Day 6**Source, schema and config handed over*Source, schema and config handed over*
  

  
## This base has done this before.

  
Blue Silent Exchange - GMX was not the experiment. The base underneath this build had already
    carried other businesses in other markets before it carried theirs, which is the whole argument for
    reuse: the risk was retired by somebody else’s project, not by this one.

  
Across everything delivered since 2010 that is more than 9,000 products for over
    6,000 businesses across 35+ industries. The eighty-four documented on this site are the ones with a
    named client and permission to show the work; most of the rest sits under NDA or white-label and is
    deliberately not here at all.

  
Every number on this page is defined and sourced on a public facts ledger. That is the
    whole instinct behind how this company is run: most vendors ask you to trust them, and we would
    rather you checked us. If we cannot back a claim, we do not make it, which is why you will not find
    a satisfaction percentage or an unnamed award anywhere on this site.

  
    **16 of 20**
      
Blocks reused unchanged on this build, each already under load on other engagements.

*Architecture*
    **1**
      
Documented builds running on the GMX Clone base, in different markets.

*Portfolio*
    **9,000+**
      
Products delivered for more than 6,000 businesses across 35+ industries since 2010.

*Company record*
    **3,900+**
      
Apps published under clients’ own brands, counted per store release.

*Company record*
  

  
## What the client reported.

  
Figures supplied by the client and published with their name against them.

  
    **30%+ engineering cost saving**
      reported by the client
      
The base carried the load-bearing parts, so the engagement went into what made this build theirs rather than anyone else’s.

      Erick Brennan, Co-founder, Blue Silent Capital
    
    
    **6 working days**Our build window on this engagement.Miracuves delivery record
    **100%**Source code transferred to Blue Silent Exchange - GMX’s own account.Contractual
    **16 of 20**Blocks reused unchanged from the base.GMX Clone architecture
    
  
  
      BS
      
> The perpetuals side is not something you start from nothing. The exchange mechanics were already built and proven, so what we worked on was our markets and our risk posture rather than the engine underneath them.
> 
> 
>       **Erick Brennan**Co-founder, Blue Silent Capital

    
  

  
## What Blue Silent Exchange - GMX holds now.

  
The same on every engagement. What happened to the platform after handover was
    theirs to decide.

  
    *GIT***Application source**Full repository history, transferred to their account*Delivered*
    *APP***Mobile projects**Sources with signing documented*Delivered*
    *SQL***Schema and migrations**Reproducible from empty, not a dump*Delivered*
    *ENV***Deployment configuration**Another team can run it unaided*Delivered*
    *MD***Architecture notes**What was chosen, what was rejected, why*Delivered*
    *60d***Support window**Sixty days included, six and twelve month options*Delivered*
  

  
## The questions that decide this.

  
Answered for this build. The same answers
    hold for every GMX Clone in the portfolio.

  
    Do we own the code?
Yes. The full repository history transferred to Blue Silent Exchange - GMX’s own account at handover, with deployment configuration and architecture notes. It is not a licence and it is not held against a support contract.

    How is six working days realistic?
Because 16 of the 20 pieces were built and proven before the engagement started. The six days are our build time on that base, not a calendar promise.

    What sat with Blue Silent Exchange - GMX?
Hosting and domain, a verified developer account we publish from, branding and business details, an onboarded payment gateway with KYC complete, and any third-party API keys.

    Will it look like everyone else’s?
No. The base supplies mechanics, not identity. Branding, flows and every customer-facing screen were built for this product.

    Is this what the platform looks like today?
This describes what was delivered in 2025. What happened afterwards was Blue Silent Exchange - GMX’s to decide; the source transferred at handover. Clients move on, rebuild, or sell up, and none of that changes what was delivered or how it went.

    Would you have said no to this project?
We are a good fit for a founder who wants a proven model launched fast, a deadline they can hold us to, and code they own outright. We are a poor fit for anyone who needs a team embedded in their office full-time, or who wants a blank page and a six-month roadmap. Being straight about that up front saves everyone a call.

    Who actually worked on it?
A named team, not a rotating pool. Our leadership is public with real profiles rather than a stock-photo team page, and progress went to Blue Silent Exchange - GMX on WhatsApp every working day of the build.

  

  
## Building something like this?

    
Tell us what you are building and we will say plainly whether a ready-made base
      fits it, including when the answer costs us the larger project.

    [Book a technical call](https://miracuves.com/schedule-consultation/)
      [See all case studies](/portfolio/)
  
- Ready-made platform deploys in 6 working days
- Custom builds run 2 to 8 weeks
- Source code transfers on every engagement
- [Every figure here is defined on the facts page](https://miracuves.com/facts/#fact-005)

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