> For the complete documentation index, see [llms.txt](https://docs.hellopixel.network/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.hellopixel.network/produts-v1/exchange.md).

# Exchange

Automated market makers (AMMs) are agents that pool liquidity and make it available to traders according to an algorithm. Constant function market makers (CFMMs), a broad class of AMMs of which Pixel Exchange is a member, have seen widespread use in the context of decentralized finance, where they are typically implemented as smart contracts that trade tokens on a permissionless blockchain