AMM (Automated Market Maker)

A provider-calculated USD value of assets included in a DeFi protocol or chain at a stated time. The figure depends on contract coverage, asset prices, inclusion rules, and treatment of composable or bridged assets; it is not liquidity, safety, adoption, or revenue by itself.

An exchange design that uses blockchain transactions, smart contracts, or an onchain order book to match or execute trades. Custody, operator roles, access controls, fees, execution, and protections vary by protocol and jurisdiction.

The difference between an AMM liquidity position's value and the value of holding its deposited assets outside the pool at the same prices. It depends on the pool curve, price path, fees, range, token behavior, and withdrawal time; it is not a guaranteed temporary loss or yield forecast.

Assets supplied to a smart-contract market-making system so swaps can execute against its rules instead of a traditional order book. The assets, fees, price curve, liquidity shares, withdrawal conditions, and risks depend on the specific pool and protocol.