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Essay·Mar 12, 2026·11 min

Every AMM makes a bet. Here's what each one is betting on.

Aditya AggarwalDeFi · Systems

A walkthrough of invariant families from constant-product to concentrated liquidity — and which assumption breaks first under real order flow.

Automated market makers are opinions expressed in math. The invariant curve is a claim about how prices should relate across an asset pair, and different designs encode very different beliefs about market structure.

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