401Course · Practitioner
DEXs and AMMs
The primitive that started it all.
The primitive that started decentralized finance. Constant-product markets, impermanent loss, and Uniswap V3's concentrated liquidity — treated as market microstructure, not as yield.
- 01
Explain the constant-product formula.
- 02
Read a Uniswap V3 position.
- 03
Distinguish CFMMs from order-book DEXs.
Prerequisites
- — Ethereum Program (III).
Pacing
~3 hours.
- IModule
The AMM
The idea, precisely.
- IIModule
Concentrated liquidity
Uniswap V3 and beyond.
A Note from the Faculty
Every AMM design is a bet about what liquidity providers understand.