Concentrated liquidity
An AMM design in which liquidity providers choose a price range for their capital rather than spreading it over all prices.
Introduced by Uniswap v3, concentrated liquidity lets a provider put all their capital to work between, say, 2,800 and 3,200, where it behaves like a much deeper pool. Traders get better prices from the same capital; providers earn more fees within the range and hold only one token when the price leaves it. Most large DEX volume now runs through concentrated-liquidity pools.