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Glossary

Automated market maker

Also called: AMM

A contract that quotes prices from the ratio of assets in a pool rather than matching orders. It is what lets a decentralised exchange trade without an order book.

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See also

Liquidity poolA pot of two or more assets deposited by many people that traders swap against, with depositors earning a share of the fees. Impermanent lossThe shortfall a liquidity provider ends up with compared with simply holding the two assets, caused by the pool rebalancing as prices diverge. The name is optimistic: it becomes permanent when you withdraw. SlippageThe difference between the price you expected and the price you got, caused by your own order moving through the book. It grows with order size and shrinks with liquidity.

Last checked 19 Oct 2026.