Automated market makers (AMMs) are a new way of trading in cryptocurrency markets as opposed to trading through an order book as is used in traditional financial markets. AMMs address the limitation of using an order book in cryptocurrency markets by using liquidity pools to avoid high price volatility and wide bid–ask spreads. In a liquidity pool, people add their assets to be used for trading, ensuring that there are always enough funds available for buyers and sellers to trade. The people who contribute their assets to the pool earn a fee from the trades. AMMs also reduce the need for intermediaries, making trading cheaper and faster through automation. Various models of AMMs, such as constant product and hybrid AMMs, are used to address different market needs and make trading efficient.
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