This functionality allows the community to update parameters of a live market, which can be composed of 4 parts:
Liquidity Tier is updatable through MsgSetLiquidityTier.
The Prices module (x/prices) is updatable through MsgUpdateMarketParam.
The Perpetual module (x/perpetuals) is updatable through MsgUpdatePerpetual.
The Clob module (x/clob) is updatable through MsgUpdateClobPair.