# AMM (Automated Market Maker)

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**Publisher:** Decentralized Finance Publication

## Definition

A type of decentralised exchange protocol that uses a mathematical formula — typically x × y = k — to price tokens in a liquidity pool, rather than an order book of buyers and sellers. Users trade directly against the pool. Uniswap, Curve, and Balancer are AMMs.

## Related reading

- [Uniswap: An Overview](https://decentralized-finance.io/article/uniswap/)

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