AMM
Juga dikenal sebagai: Automated Market Maker
A type of decentralized exchange that uses mathematical formulas to price assets instead of traditional order books.
An Automated Market Maker (AMM) is a type of decentralized exchange (DEX) protocol that uses mathematical formulas to set asset prices rather than relying on traditional order books. AMMs enable permissionless, 24/7 trading without requiring buyers and sellers to be matched directly.
How AMMs Work:
- Liquidity providers deposit asset pairs into pools (e.g., ETH/USDC)
- The AMM uses a formula to determine prices based on pool ratios
- Traders swap against the pool, changing the ratio
- Price automatically adjusts as ratios change
Common AMM Formulas:
Constant Product (x * y = k): - Used by Uniswap, SushiSwap - Price impact increases with trade size - Works well for general-purpose trading
Constant Sum (x + y = k): - Maintains fixed price regardless of ratios - Used in some stablecoin pools - Vulnerable to arbitrage
StableSwap Curve: - Used by Curve Finance - Optimized for similar-value assets (stablecoins) - Lower slippage for correlated pairs
Concentrated Liquidity (Uniswap v3): - LPs choose specific price ranges - Higher capital efficiency - More complex management
AMM Benefits: - No order book needed - Permissionless listing - Always-available liquidity - Simple user experience
AMM Drawbacks: - Impermanent loss for LPs - Slippage on large trades - Susceptible to MEV attacks - Capital inefficiency (traditional models)
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