Automated market maker (AMM)
A decentralised-exchange design in which a formula over a pool's reserves sets the price instead of an order book.
Most decentralised exchanges are AMMs. Liquidity providers deposit two tokens into a pool; the pool quotes a price from the ratio of its reserves and adjusts it with every trade according to a fixed rule, most commonly the constant product x × y = k. Because the pool always quotes, trades never wait for a counterparty, but large trades relative to the pool move the price against the trader. Coinmico indexes AMM swaps directly from each chain to measure DEX volume.