DeFi & Crypto Technical
Automated Market Maker (AMM)
DeFi protocol pricing crypto-asset swaps via mathematical formula rather than order book — Uniswap, Curve, Balancer.
Definition
An AMM is a DeFi protocol where prices are determined by a mathematical formula applied to liquidity-pool reserves, rather than by an order book. Major examples: Uniswap (constant product), Curve (stable-swap), Balancer (multi-asset). Liquidity providers earn trading fees.