{"id":9343,"date":"2025-09-12T21:15:30","date_gmt":"2025-09-12T18:15:30","guid":{"rendered":"https:\/\/academy.tokonomo.com\/uncategorized-hi\/tmtd-mrkt-mkr-amm-ky-h-defi-trdg-k-le-shraat-gid\/"},"modified":"2025-09-22T02:57:04","modified_gmt":"2025-09-21T23:57:04","slug":"automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk","status":"publish","type":"post","link":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/","title":{"rendered":"Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u092e\u093e\u0930\u094d\u0917\u0926\u0930\u094d\u0936\u0915"},"content":{"rendered":"<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/academy.tokonomo.com\/hi\/\">Home<\/a><\/span> \u2192 <span><a href=\"https:\/\/academy.tokonomo.com\/hi\/category\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/\">\u0921\u0947\u092b\u0940<\/a><\/span> \u2192 <span class=\"breadcrumb_last\" aria-current=\"page\">Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u092e\u093e\u0930\u094d\u0917\u0926\u0930\u094d\u0936\u0915<\/span><\/span><\/div>\n\n\n<div class=\"cnvs-block-toc cnvs-block-toc-1757695159303\" >\n\t<\/div>\n\n\n\n<h2 id=\"%e0%a4%aa%e0%a4%b0%e0%a4%bf%e0%a4%9a%e0%a4%af\" class=\"wp-block-heading\">\u092a\u0930\u093f\u091a\u092f<\/h2>\n\n\n\n<p>\u0921\u0947\u0938\u0947\u0902\u091f\u094d\u0930\u0932\u093e\u0907\u091c\u093c\u094d\u0921 \u092b\u093e\u0907\u0928\u0947\u0902\u0938, \u092f\u093e <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a>, \u0928\u0947 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0926\u0941\u0928\u093f\u092f\u093e \u092e\u0947\u0902 \u0915\u094d\u0930\u093e\u0902\u0924\u093f \u0932\u093e \u0926\u0940 \u0939\u0948 \u2014 \u092f\u0939 \u092c\u093f\u0928\u093e \u092e\u0927\u094d\u092f\u0938\u094d\u0925\u094b\u0902 \u0915\u0947 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917, \u0932\u0947\u0902\u0921\u093f\u0902\u0917 \u0914\u0930 \u0928\u093f\u0935\u0947\u0936 \u0915\u093e \u0928\u092f\u093e \u0924\u0930\u0940\u0915\u093e \u092a\u0947\u0936 \u0915\u0930\u0924\u093e \u0939\u0948\u0964 \u0907\u0938 \u092c\u0926\u0932\u093e\u0935 \u0915\u0947 \u0915\u0947\u0902\u0926\u094d\u0930 \u092e\u0947\u0902 \u0939\u0948 <strong>\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM)<\/strong>, \u090f\u0915 \u0917\u0947\u092e-\u091a\u0947\u0902\u091c\u093f\u0902\u0917 \u091f\u0947\u0915\u094d\u0928\u094b\u0932\u0949\u091c\u0940 \u091c\u094b \u0915\u0908 \u0932\u094b\u0915\u092a\u094d\u0930\u093f\u092f DeFi \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e\u094d\u0938 \u0915\u094b \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u0940 \u0939\u0948\u0964 \u092f\u0926\u093f \u0906\u092a <em>DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u092e\u0947\u0902 \u0928\u090f \u0939\u0948\u0902 \u0914\u0930 \u0938\u094b\u091a \u0930\u0939\u0947 \u0939\u0948\u0902 \u0915\u093f \u092a\u0930\u0902\u092a\u0930\u093e\u0917\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u0915\u0947 \u092c\u093f\u0928\u093e \u091f\u094b\u0915\u0928 \u0924\u0941\u0930\u0902\u0924 \u0915\u0948\u0938\u0947 \u0938\u094d\u0935\u0948\u092a \u0915\u093f\u090f \u091c\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b AMMs \u0907\u0938\u0915\u093e \u091c\u0935\u093e\u092c \u0939\u0948\u0902\u0964 \u0907\u0938 \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u0917\u093e\u0907\u0921 \u092e\u0947\u0902, \u0939\u092e \u092c\u0924\u093e\u090f\u0902\u0917\u0947 \u0915\u093f <em>Automated Market Maker \u0915\u094d\u092f\u093e \u0939\u0948<\/em>, \u092f\u0939 \u0915\u0948\u0938\u0947 \u0915\u093e\u092e \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0915\u094d\u092f\u094b\u0902 \u092f\u0939 <em><a href=\"https:\/\/academy.tokonomo.com\/defi\/what-are-decentralized-exchanges-dexs-how-do-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c (DEXs)<\/a><\/em> \u0915\u093e \u090f\u0915 \u0906\u0927\u093e\u0930 \u0938\u094d\u0924\u092e\u094d\u092d \u092c\u0928 \u091a\u0941\u0915\u093e \u0939\u0948\u0964 \u091a\u093e\u0939\u0947 \u0906\u092a <em>\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932<\/em> \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u091c\u093f\u091c\u094d\u091e\u093e\u0938\u0941 \u0939\u094b\u0902 \u092f\u093e <em>AMM \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u094b\u0902<\/em> \u092e\u0947\u0902 \u0917\u0939\u0930\u093e\u0908 \u0938\u0947 \u091c\u093e\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u094b\u0902 \u2014 \u0939\u092e\u0928\u0947 \u0938\u092c \u0915\u0941\u091b \u0915\u0935\u0930 \u0915\u093f\u092f\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<h2 id=\"automated-market-maker-amm-%e0%a4%95%e0%a5%8d%e0%a4%af%e0%a4%be-%e0%a4%b9%e0%a5%88\" class=\"wp-block-heading\">Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948?<\/h2>\n\n\n\n<p>\u0906\u0907\u090f \u092e\u0942\u0932 \u092c\u093e\u0924\u094b\u0902 \u0938\u0947 \u0936\u0941\u0930\u0942 \u0915\u0930\u0947\u0902\u0964 Automated Market Maker (AMM) DeFi \u092e\u0947\u0902 \u0907\u0938\u094d\u0924\u0947\u092e\u093e\u0932 \u0939\u094b\u0928\u0947 \u0935\u093e\u0932\u093e \u090f\u0915 \u092a\u094d\u0930\u0915\u093e\u0930 \u0915\u093e \u092a\u094d\u0930\u094b\u091f\u094b\u0915\u0949\u0932 \u0939\u0948 \u091c\u094b \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u092a\u093e\u0930\u0902\u092a\u0930\u093f\u0915 \u0911\u0930\u094d\u0921\u0930-\u092c\u0941\u0915\u094d\u0938 (\u091c\u0948\u0938\u0947 Binance \u092f\u093e Coinbase \u092a\u0930 \u0926\u0947\u0916\u0928\u0947 \u0915\u094b \u092e\u093f\u0932\u0924\u0947 \u0939\u0948\u0902) \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0915\u0947 \u092c\u093f\u0928\u093e \u0938\u0915\u094d\u0937\u092e \u092c\u0928\u093e\u0924\u093e \u0939\u0948\u0964 \u0916\u0930\u0940\u0926\u093e\u0930\u094b\u0902 \u0914\u0930 \u0935\u093f\u0915\u094d\u0930\u0947\u0924\u093e\u0913\u0902 \u0915\u094b \u092e\u0948\u091a \u0915\u0930\u0928\u0947 \u0915\u0947 \u092c\u091c\u093e\u092f, AMMs \u090f\u0932\u094d\u0917\u094b\u0930\u093f\u0926\u092e \u0914\u0930 \u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f\u094d\u0938 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0924\u093e\u0915\u093f \u090f\u0938\u0947\u091f \u0915\u0940 \u0915\u0940\u092e\u0924\u0947\u0902 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0940 \u091c\u093e \u0938\u0915\u0947\u0902 \u0914\u0930 \u091f\u094d\u0930\u0947\u0921\u094d\u0938 \u0928\u093f\u0937\u094d\u092a\u093e\u0926\u093f\u0924 \u0939\u094b \u0938\u0915\u0947\u0902\u0964 \u0907\u0938\u0947 \u090f\u0915 \u0910\u0938\u093e \u0930\u0949\u092c\u094b\u091f\u093f\u0915 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 \u0938\u092e\u091d\u0947\u0902 \u091c\u094b \u0939\u092e\u0947\u0936\u093e \u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u0932\u093f\u090f \u0924\u0948\u092f\u093e\u0930 \u0930\u0939\u0924\u093e \u0939\u0948, \u0915\u093f\u0938\u0940 \u092d\u0940 \u0938\u092e\u092f\u0964<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-1024x577.png\" alt=\"Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948?\" class=\"wp-image-9199\" srcset=\"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-1024x577.png 1024w, https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-300x169.png 300w, https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2-768x433.png 768w, https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Does-the-Future-of-DeFi-Look-Like-\u043a\u043e\u043f\u0438\u044f-2-2.png 1640w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>\u092a\u0930\u0902\u092a\u0930\u093e\u0917\u0924 \u092c\u093e\u091c\u093e\u0930\u094b\u0902 \u0915\u0947 \u0935\u093f\u092a\u0930\u0940\u0924, \u091c\u0939\u093e\u0901 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u0938\u0915\u094d\u0930\u093f\u092f \u092a\u094d\u0930\u0924\u093f\u092d\u093e\u0917\u093f\u092f\u094b\u0902 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0915\u0930\u0924\u0940 \u0939\u0948, AMMs <em><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932<\/a><\/em>\u2014\u0909\u092a\u092f\u094b\u0917\u0915\u0930\u094d\u0924\u093e\u0913\u0902 \u0926\u094d\u0935\u093e\u0930\u093e \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u093f\u090f \u0917\u090f \u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u0947 \u092a\u0942\u0932\u2014\u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0924\u093e\u0915\u093f \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0936\u093e \u092a\u0930\u094d\u092f\u093e\u092a\u094d\u0924 \u0924\u0930\u0932\u0924\u093e \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0930\u0939\u0947\u0964 Uniswap \u091c\u0948\u0938\u0947 \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e\u094d\u0938 \u0926\u094d\u0935\u093e\u0930\u093e \u0936\u0941\u0930\u0942 \u0915\u0940 \u0917\u0908 \u0907\u0938 \u0928\u0935\u092a\u094d\u0930\u0935\u0930\u094d\u0924\u0928 \u0928\u0947 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0935\u094d\u092f\u0915\u094d\u0924\u093f \u0915\u094b \u0907\u0902\u091f\u0930\u0928\u0947\u091f \u0915\u0928\u0947\u0915\u094d\u0936\u0928 \u0914\u0930 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0935\u0949\u0932\u0947\u091f \u0915\u0947 \u0938\u093e\u0925 <em>DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u0915\u093e \u0939\u093f\u0938\u094d\u0938\u093e \u092c\u0928\u0928\u0947 \u092e\u0947\u0902 \u0938\u0915\u094d\u0937\u092e \u092c\u0928\u093e\u092f\u093e \u0939\u0948\u0964 DeFiLlama \u0915\u0947 \u0921\u0947\u091f\u093e \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 (\u0938\u093f\u0924\u0902\u092c\u0930 2025 \u0924\u0915), DeFi \u092a\u094d\u0930\u094b\u091f\u094b\u0915\u0949\u0932\u094d\u0938 \u092e\u0947\u0902 \u0915\u0941\u0932 \u0932\u0949\u0915 \u0915\u0940 \u0917\u0908 \u0935\u0948\u0932\u094d\u092f\u0942 (TVL) $160 \u092c\u093f\u0932\u093f\u092f\u0928 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u0948, \u091c\u093f\u0928\u092e\u0947\u0902 \u0938\u0947 \u090f\u0915 \u092c\u0921\u093c\u093e \u0939\u093f\u0938\u094d\u0938\u093e AMM-\u0906\u0927\u093e\u0930\u093f\u0924 <em>\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c<\/em>\u094b\u0902 \u0915\u094b \u0936\u0915\u094d\u0924\u093f \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<h2 id=\"amms-%e0%a4%95%e0%a5%8d%e0%a4%af%e0%a5%8b%e0%a4%82-%e0%a4%ae%e0%a5%8c%e0%a4%9c%e0%a5%82%e0%a4%a6-%e0%a4%b9%e0%a5%88%e0%a4%82-%e0%a4%b5%e0%a5%87-%e0%a4%95%e0%a5%8c%e0%a4%a8-%e0%a4%b8%e0%a5%80\" class=\"wp-block-heading\">AMMs \u0915\u094d\u092f\u094b\u0902 \u092e\u094c\u091c\u0942\u0926 \u0939\u0948\u0902 \u2014 \u0935\u0947 \u0915\u094c\u0928 \u0938\u0940 \u0938\u092e\u0938\u094d\u092f\u093e \u0939\u0932 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902<\/h2>\n\n\n\n<p>AMMs \u0906\u0928\u0947 \u0938\u0947 \u092a\u0939\u0932\u0947, \u0915\u092e-\u091c\u094d\u091e\u093e\u0924 \u091f\u094b\u0915\u0928 \u0915\u093e \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0930\u0928\u093e \u090f\u0915 \u0926\u0941\u0903\u0938\u094d\u0935\u092a\u094d\u0928 \u091c\u0948\u0938\u093e \u0925\u093e\u0964 \u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u0905\u0915\u094d\u0938\u0930 \u0915\u092e \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0935\u0949\u0932\u094d\u092f\u0942\u092e \u0915\u0947 \u0915\u093e\u0930\u0923 \u091b\u094b\u091f\u0947 \u092f\u093e \u0928\u093f\u0936-\u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u094b \u0938\u0942\u091a\u0940\u092c\u0926\u094d\u0927 \u0915\u0930\u0928\u0947 \u0938\u0947 \u0907\u0928\u0915\u093e\u0930 \u0915\u0930 \u0926\u0947\u0924\u0947 \u0925\u0947, \u091c\u093f\u0938\u0938\u0947 \u0928\u093f\u0935\u0947\u0936\u0915\u094b\u0902 \u0915\u0947 \u092a\u093e\u0938 \u0935\u093f\u0915\u0932\u094d\u092a \u0938\u0940\u092e\u093f\u0924 \u0930\u0939\u0924\u0947 \u0925\u0947\u0964 \u092d\u0932\u0947 \u0939\u0940 \u091f\u094b\u0915\u0928 \u0938\u0942\u091a\u0940\u092c\u0926\u094d\u0927 \u0939\u094b\u0902, \u092a\u0924\u0932\u0940 \u0911\u0930\u094d\u0921\u0930-\u092c\u0941\u0915\u094d\u0938 \u0909\u091a\u094d\u091a \u0938\u094d\u0932\u093f\u092a\u0947\u091c \u0914\u0930 \u0916\u0930\u093e\u092c \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u0915\u093e \u0915\u093e\u0930\u0923 \u092c\u0928\u0924\u0940 \u0925\u0940\u0902\u0964 \u0907\u0938\u0932\u093f\u090f \u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 \u0928\u0947 \u0924\u0930\u0932\u0924\u093e \u0915\u0940 \u0938\u092e\u0938\u094d\u092f\u093e \u0915\u093e \u0938\u092e\u093e\u0927\u093e\u0928 \u092a\u0947\u0936 \u0915\u093f\u092f\u093e\u0964<\/p>\n\n\n\n<p>AMMs \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0932\u094b\u0915\u0924\u093e\u0902\u0924\u094d\u0930\u093f\u0915 \u092c\u0928\u093e\u0924\u0947 \u0939\u0948\u0902 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u0915\u094b\u0908 \u092d\u0940 \u0915\u093f\u0938\u0940 \u092d\u0940 \u091f\u094b\u0915\u0928 \u092a\u0947\u092f\u0930 \u0915\u0947 \u0932\u093f\u090f \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092c\u0928\u093e \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u0935\u0947 \u0915\u093e\u0909\u0902\u091f\u0930\u092a\u093e\u0930\u094d\u091f\u0940 \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0915\u094b \u0916\u0924\u094d\u092e \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u092f\u093e\u0928\u0940 \u0906\u092a\u0915\u094b \u0905\u092a\u0928\u0947 \u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u0926\u0942\u0938\u0930\u0947 \u092a\u0915\u094d\u0937 \u0915\u093e \u0907\u0902\u0924\u091c\u093c\u093e\u0930 \u0928\u0939\u0940\u0902 \u0915\u0930\u0928\u093e \u092a\u0921\u093c\u0924\u093e\u0964 \u092f\u0939 <em>DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u0915\u0947 \u0932\u093f\u090f \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948, \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092f\u0939 \u0915\u092e-\u0924\u0930\u0932\u0924\u093e \u092c\u093e\u091c\u093e\u0930\u094b\u0902 \u092e\u0947\u0902 \u092d\u0940 \u0938\u0902\u092a\u0924\u094d\u0924\u093f\u092f\u094b\u0902 \u0915\u093e \u0938\u0930\u0932 \u0914\u0930 \u0924\u094d\u0935\u0930\u093f\u0924 \u0935\u093f\u0928\u093f\u092e\u092f \u0938\u0915\u094d\u0937\u092e \u0915\u0930\u0924\u093e \u0939\u0948\u0964 \u0939\u092e\u093e\u0930\u0947 \u0935\u093f\u0936\u094d\u0932\u0947\u0937\u0915\u094b\u0902 \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930, AMMs \u0928\u0947 2020 \u0915\u0947 \u092c\u093e\u0926 \u0938\u0947 \u0932\u093e\u0916\u094b\u0902 \u0909\u092a\u092f\u094b\u0917\u0915\u0930\u094d\u0924\u093e\u0913\u0902 \u0915\u094b DeFi \u092e\u0947\u0902 \u0911\u0928\u092c\u094b\u0930\u094d\u0921 \u0915\u0930\u0928\u0947 \u092e\u0947\u0902 \u0905\u0939\u092e \u092d\u0942\u092e\u093f\u0915\u093e \u0928\u093f\u092d\u093e\u0908 \u0939\u0948\u0964<\/p>\n\n\n\n<h2 id=\"automated-market-maker-%e0%a4%95%e0%a5%88%e0%a4%b8%e0%a5%87-%e0%a4%95%e0%a4%be%e0%a4%ae-%e0%a4%95%e0%a4%b0%e0%a4%a4%e0%a4%be-%e0%a4%b9%e0%a5%88\" class=\"wp-block-heading\">Automated Market Maker \u0915\u0948\u0938\u0947 \u0915\u093e\u092e \u0915\u0930\u0924\u093e \u0939\u0948<\/h2>\n\n\n\n<p>\u0905\u092c \u091c\u092c \u0939\u092e\u0928\u0947 &#8220;\u0915\u094d\u092f\u094b\u0902&#8221; \u0915\u0935\u0930 \u0915\u0930 \u0932\u093f\u092f\u093e \u0939\u0948, \u0924\u094b \u0906\u0907\u090f &#8220;\u0915\u0948\u0938\u0947&#8221; \u092e\u0947\u0902 \u0917\u094b\u0924\u093e \u0932\u0917\u093e\u090f\u0901\u0964 \u092e\u0942\u0932 \u0930\u0942\u092a \u0938\u0947, AMMs \u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f\u094d\u0938\u2014Ethereum \u091c\u0948\u0938\u0947 \u092c\u094d\u0932\u0949\u0915\u091a\u0947\u0928 \u092a\u0930 \u0938\u094d\u0935-\u0928\u093f\u0937\u094d\u092a\u093e\u0926\u093f\u0924 \u0915\u094b\u0921\u2014\u0926\u094d\u0935\u093e\u0930\u093e \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u091f\u094d\u0930\u0947\u0921\u094d\u0938 \u0914\u0930 \u092a\u094d\u0930\u093e\u0907\u0938\u093f\u0902\u0917 \u0915\u094b \u0928\u093f\u092f\u0902\u0924\u094d\u0930\u093f\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u092a\u0930 \u0915\u094d\u092f\u093e \u091a\u0940\u091c\u093c \u0909\u0928\u094d\u0939\u0947\u0902 \u091a\u0932\u093e\u0924\u0940 \u0939\u0948? \u0906\u0907\u090f \u0907\u0938\u0947 \u092e\u0941\u0916\u094d\u092f \u0918\u091f\u0915\u094b\u0902 \u092e\u0947\u0902 \u092c\u093e\u0901\u091f\u0924\u0947 \u0939\u0948\u0902\u0964<\/p>\n\n\n\n<h3 id=\"%e0%a4%ae%e0%a5%81%e0%a4%96%e0%a5%8d%e0%a4%af-%e0%a4%85%e0%a4%b5%e0%a4%a7%e0%a4%be%e0%a4%b0%e0%a4%a3%e0%a4%be-%e0%a4%b2%e0%a4%bf%e0%a4%95%e0%a5%8d%e0%a4%b5%e0%a4%bf%e0%a4%a1%e0%a4%bf%e0%a4%9f\" class=\"wp-block-heading\">\u092e\u0941\u0916\u094d\u092f \u0905\u0935\u0927\u093e\u0930\u0923\u093e: \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932<\/h3>\n\n\n\n<p>\u0911\u0930\u094d\u0921\u0930-\u092c\u0941\u0915\u094d\u0938 \u0915\u0947 \u092c\u091c\u093e\u092f, AMMs <strong><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932<\/a><\/strong> \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0947 \u0926\u094b \u092f\u093e \u0905\u0927\u093f\u0915 \u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u0947 \u092a\u0942\u0932 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902 \u091c\u094b \u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u092e\u0947\u0902 \u0932\u0949\u0915 \u0915\u093f\u090f \u091c\u093e\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u091c\u093f\u0928\u094d\u0939\u0947\u0902 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u094b\u0935\u093e\u0907\u0921\u0930\u094d\u0938 (LPs) \u0928\u093e\u092e\u0915 \u0909\u092a\u092f\u094b\u0917\u0915\u0930\u094d\u0924\u093e\u0913\u0902 \u0926\u094d\u0935\u093e\u0930\u093e \u092f\u094b\u0917\u0926\u093e\u0928 \u0926\u093f\u092f\u093e \u091c\u093e\u0924\u093e \u0939\u0948\u0964 \u0909\u0926\u093e\u0939\u0930\u0923 \u0915\u0947 \u0924\u094c\u0930 \u092a\u0930, Uniswap \u092a\u0930 \u090f\u0915 \u092a\u0942\u0932 \u092e\u0947\u0902 ETH \u0914\u0930 USDC \u091c\u0948\u0938\u093e \u0938\u094d\u091f\u0947\u092c\u0932\u0915\u0949\u0907\u0928 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964 \u091c\u092c \u0906\u092a ETH \u0915\u094b USDC \u092e\u0947\u0902 \u0938\u094d\u0935\u0948\u092a \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b \u0906\u092a \u0915\u093f\u0938\u0940 \u0905\u0928\u094d\u092f \u091f\u094d\u0930\u0947\u0921\u0930 \u0915\u0947 \u0938\u093e\u0925 \u0907\u0902\u091f\u0930\u0948\u0915\u094d\u091f \u0928\u0939\u0940\u0902 \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b\u0924\u0947 \u2014 \u0906\u092a \u0909\u0938 \u092a\u0942\u0932 \u0915\u0947 \u0938\u093e\u0925 \u0907\u0902\u091f\u0930\u0948\u0915\u094d\u091f \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964 \u0939\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0947 \u0938\u093e\u0925 \u092a\u0942\u0932 \u0915\u093e \u092c\u0948\u0932\u0947\u0902\u0938 \u092c\u0926\u0932\u0924\u093e \u0939\u0948, \u0914\u0930 \u0915\u0940\u092e\u0924 \u0924\u0926\u0928\u0941\u0938\u093e\u0930 \u0938\u092e\u093e\u092f\u094b\u091c\u093f\u0924 \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948\u0964<\/p>\n\n\n\n<p>\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u094b\u0935\u093e\u0907\u0921\u0930\u094d\u0938 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u092b\u0940\u0938 \u0915\u093e \u0939\u093f\u0938\u094d\u0938\u093e \u0915\u092e\u093e\u0924\u0947 \u0939\u0948\u0902, \u091c\u094b \u0909\u0928\u094d\u0939\u0947\u0902 \u0905\u092a\u0928\u0947 \u091f\u094b\u0915\u0928 \u0938\u094d\u091f\u0947\u0915 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u092a\u094d\u0930\u0947\u0930\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948\u0964 \u092f\u0939 \u0938\u093f\u0938\u094d\u091f\u092e \u092f\u0939 \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948 \u0915\u093f <em>AMM \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u093e\u0901<\/em> \u0915\u0947 \u0932\u093f\u090f, \u092d\u0932\u0947 \u0939\u0940 \u091f\u094b\u0915\u0928 \u0905\u0938\u094d\u092a\u0937\u094d\u091f \u0939\u094b\u0902, \u0939\u092e\u0947\u0936\u093e \u0924\u0930\u0932\u0924\u093e \u0909\u092a\u0932\u092c\u094d\u0927 \u0930\u0939\u0947\u0964<\/p>\n\n\n\n<h3 id=\"automated-market-maker-%e0%a4%b8%e0%a5%82%e0%a4%a4%e0%a5%8d%e0%a4%b0-xyk\" class=\"wp-block-heading\">Automated Market Maker \u0938\u0942\u0924\u094d\u0930 (x*y=k)<\/h3>\n\n\n\n<p>\u092f\u0939\u093e\u0901 \u091c\u093e\u0926\u0942 \u0939\u094b\u0924\u093e \u0939\u0948\u0964 \u0905\u0927\u093f\u0915\u093e\u0902\u0936 AMMs \u0915\u0940\u092e\u0924 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0917\u0923\u093f\u0924\u0940\u092f \u0938\u0942\u0924\u094d\u0930 \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u091c\u093f\u0928\u092e\u0947\u0902 \u0938\u092c\u0938\u0947 \u0938\u093e\u092e\u093e\u0928\u094d\u092f \u0939\u0948 \u0938\u094d\u0925\u093f\u0930 \u0917\u0941\u0923\u0928\u092b\u0932 \u0938\u0942\u0924\u094d\u0930: <strong>x*y=k<\/strong>. \u0907\u0938 \u0938\u092e\u0940\u0915\u0930\u0923 \u092e\u0947\u0902, \u201cx\u201d \u0914\u0930 \u201cy\u201d \u092a\u0942\u0932 \u092e\u0947\u0902 \u092e\u094c\u091c\u0942\u0926 \u0926\u094b \u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u0940 \u092e\u093e\u0924\u094d\u0930\u093e\u090f\u0901 \u0926\u0930\u094d\u0936\u093e\u0924\u0947 \u0939\u0948\u0902, \u0914\u0930 \u201ck\u201d \u090f\u0915 \u0938\u094d\u0925\u093f\u0930\u093e\u0902\u0915 \u0939\u0948\u0964 \u092f\u0939 \u0938\u0942\u0924\u094d\u0930 \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948 \u0915\u093f \u0926\u094b\u0928\u094b\u0902 \u091f\u094b\u0915\u0928 \u092e\u093e\u0924\u094d\u0930\u093e\u0913\u0902 \u0915\u093e \u0917\u0941\u0923\u0928\u092b\u0932 \u091f\u094d\u0930\u0947\u0921\u094d\u0938 \u0915\u0947 \u0939\u094b\u0924\u0947 \u0939\u0941\u090f \u092d\u0940 \u0938\u094d\u0925\u093f\u0930 \u0930\u0939\u0924\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<p>\u092e\u093e\u0928 \u0932\u0940\u091c\u093f\u090f \u090f\u0915 \u092a\u0942\u0932 \u092e\u0947\u0902 100 ETH \u0914\u0930 200,000 USDC \u0939\u0948\u0902, \u091c\u093f\u0938\u0938\u0947 k = 20,000,000 \u092c\u0928\u0924\u093e \u0939\u0948\u0964 \u092f\u0926\u093f \u0915\u094b\u0908 1 ETH \u0916\u0930\u0940\u0926\u0924\u093e \u0939\u0948, \u0924\u094b \u092a\u0942\u0932 \u0915\u094b constant \u201ck\u201d \u0915\u094b \u092c\u0928\u093e\u090f \u0930\u0916\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f USDC \u0915\u0940 \u092e\u093e\u0924\u094d\u0930\u093e \u0938\u092e\u093e\u092f\u094b\u091c\u093f\u0924 \u0915\u0930\u0928\u0940 \u0939\u094b\u0917\u0940\u0964 \u092a\u0930\u093f\u0923\u093e\u092e? ETH \u0915\u0940 \u0915\u0940\u092e\u0924 \u092c\u0922\u093c \u091c\u093e\u0924\u0940 \u0939\u0948 \u0915\u094d\u092f\u094b\u0902\u0915\u093f \u092a\u0942\u0932 \u092e\u0947\u0902 \u0907\u0938\u0915\u0940 \u0906\u092a\u0942\u0930\u094d\u0924\u093f \u0915\u092e \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 \u092f\u0939 \u0924\u0902\u0924\u094d\u0930 <em>\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u0915\u0940 \u0930\u0940\u0922\u093c \u0939\u0948 \u0914\u0930 \u092c\u093f\u0928\u093e \u092e\u093e\u0928\u0935 \u0939\u0938\u094d\u0924\u0915\u094d\u0937\u0947\u092a \u0915\u0947 \u0938\u094d\u0935\u091a\u093e\u0932\u093f\u0924 \u0915\u0940\u092e\u0924 \u0916\u094b\u091c \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<h3 id=\"%e0%a4%ab%e0%a5%80%e0%a4%b8-%e0%a4%94%e0%a4%b0-%e0%a4%aa%e0%a5%8d%e0%a4%b0%e0%a5%8b%e0%a4%a4%e0%a5%8d%e0%a4%b8%e0%a4%be%e0%a4%b9%e0%a4%a8\" class=\"wp-block-heading\">\u092b\u0940\u0938 \u0914\u0930 \u092a\u094d\u0930\u094b\u0924\u094d\u0938\u093e\u0939\u0928<\/h3>\n\n\n\n<p>AMM \u092a\u0930 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0928\u093e \u092e\u0941\u092b\u093c\u094d\u0924 \u0928\u0939\u0940\u0902 \u0939\u0948\u0964 \u092a\u094d\u0930\u0924\u094d\u092f\u0947\u0915 \u0932\u0947\u0928-\u0926\u0947\u0928 \u092a\u0930 \u090f\u0915 \u091b\u094b\u091f\u0940 \u0938\u0940 \u092b\u0940\u0938 \u0932\u0917\u0924\u0940 \u0939\u0948\u2014\u0905\u0915\u094d\u0938\u0930 0.1% \u0938\u0947 0.3% \u0915\u0947 \u092c\u0940\u091a\u2014\u091c\u094b \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u094b\u0935\u093e\u0907\u0921\u0930\u094d\u0938 \u0915\u094b \u092a\u0941\u0930\u0938\u094d\u0915\u093e\u0930 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u0935\u093f\u0924\u0930\u093f\u0924 \u0915\u0940 \u091c\u093e\u0924\u0940 \u0939\u0948\u0964 \u092f\u0939 \u092b\u0940\u0938 \u0938\u0902\u0930\u091a\u0928\u093e \u0928 \u0938\u093f\u0930\u094d\u092b LPs \u0915\u094b \u092e\u0941\u0906\u0935\u091c\u093c\u093e \u0926\u0947\u0924\u0940 \u0939\u0948 \u092c\u0932\u094d\u0915\u093f \u0905\u0924\u094d\u092f\u0927\u093f\u0915 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u092d\u0940 \u0939\u0924\u094b\u0924\u094d\u0938\u093e\u0939\u093f\u0924 \u0915\u0930\u0924\u0940 \u0939\u0948 \u091c\u094b \u092a\u0942\u0932\u094d\u0938 \u0915\u094b \u0905\u0938\u094d\u0925\u093f\u0930 \u0915\u0930 \u0938\u0915\u0924\u0940 \u0939\u0948\u0964 \u0915\u0941\u091b \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e\u094d\u0938, \u091c\u0948\u0938\u0947 Curve, \u0905\u0924\u093f\u0930\u093f\u0915\u094d\u0924 \u092a\u094d\u0930\u094b\u0924\u094d\u0938\u093e\u0939\u0928 \u092d\u0940 \u0926\u0947\u0924\u0947 \u0939\u0948\u0902 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-yield-farming-in-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">yield farming<\/a> \u0915\u0947 \u092e\u093e\u0927\u094d\u092f\u092e \u0938\u0947, \u091c\u0939\u093e\u0901 LPs \u092b\u0940\u0938 \u0915\u0947 \u0905\u0932\u093e\u0935\u093e \u0928\u0947\u091f\u093f\u0935 \u091f\u094b\u0915\u0928 \u092d\u0940 \u0915\u092e\u093e\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0939 \u0909\u0928 \u0932\u094b\u0917\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u0932\u093e\u092d\u0915\u093e\u0930\u0940 \u0939\u0948 \u091c\u094b <em>DeFi \u092e\u0947\u0902 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928<\/em> \u0915\u0930\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948\u0902\u0964<\/p>\n\n\n\n<h2 id=\"%e0%a4%b2%e0%a5%8b%e0%a4%95%e0%a4%aa%e0%a5%8d%e0%a4%b0%e0%a4%bf%e0%a4%af-%e0%a4%aa%e0%a5%8d%e0%a4%b0%e0%a4%95%e0%a4%be%e0%a4%b0-%e0%a4%95%e0%a5%87-amms\" class=\"wp-block-heading\">\u0932\u094b\u0915\u092a\u094d\u0930\u093f\u092f \u092a\u094d\u0930\u0915\u093e\u0930 \u0915\u0947 AMMs<\/h2>\n\n\n\n<p>\u0938\u092d\u0940 AMMs \u0938\u092e\u093e\u0928 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u0947\u0964 \u0935\u0930\u094d\u0937\u094b\u0902 \u0915\u0947 \u0926\u094c\u0930\u093e\u0928 \u0921\u0947\u0935\u0932\u092a\u0930\u094d\u0938 \u0928\u0947 \u092c\u0941\u0928\u093f\u092f\u093e\u0926\u0940 \u092e\u0949\u0921\u0932 \u0915\u094b \u0935\u093f\u092d\u093f\u0928\u094d\u0928 \u0909\u092a\u092f\u094b\u0917 \u092e\u093e\u092e\u0932\u094b\u0902 \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u0905\u0928\u0941\u0915\u0942\u0932\u093f\u0924 \u0915\u093f\u092f\u093e \u0939\u0948\u0964 \u092f\u0939\u093e\u0902 \u0915\u0941\u091b \u0938\u092c\u0938\u0947 \u0932\u094b\u0915\u092a\u094d\u0930\u093f\u092f \u092a\u094d\u0930\u0915\u093e\u0930 \u0939\u0948\u0902 \u091c\u094b \u0906\u091c <em>DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u0915\u094b \u0906\u0915\u093e\u0930 \u0926\u0947 \u0930\u0939\u0947 \u0939\u0948\u0902:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Constant Product Market Makers (CPMMs):<\/strong> Uniswap \u0926\u094d\u0935\u093e\u0930\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u093f\u090f \u091c\u093e\u0928\u0947 \u0935\u093e\u0932\u0947 \u092f\u0947 x*y=k \u0938\u0942\u0924\u094d\u0930 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u092f\u0947 \u0938\u093e\u092e\u093e\u0928\u094d\u092f-\u0909\u0926\u094d\u0926\u0947\u0936\u094d\u092f \u091f\u094b\u0915\u0928 \u0938\u094d\u0935\u0948\u092a \u0915\u0947 \u0932\u093f\u090f \u0909\u092a\u092f\u0941\u0915\u094d\u0924 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>Constant Sum Market Makers (CSMMs):<\/strong> \u092f\u0947 \u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u0947 \u090f\u0915 \u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u092f\u094b\u0917 (x+y=k) \u0915\u094b \u092c\u0928\u093e\u090f \u0930\u0916\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0915\u092e \u092e\u0942\u0932\u094d\u092f \u0905\u0938\u094d\u0925\u093f\u0930\u0924\u093e \u0935\u093e\u0932\u0947 \u0938\u094d\u091f\u0947\u092c\u0932\u0915\u0949\u0907\u0928 \u092a\u0947\u092f\u0930\u094d\u0938 \u0915\u0947 \u0932\u093f\u090f \u092c\u0947\u0939\u0924\u0930 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>Hybrid AMMs:<\/strong> Balancer \u091c\u0948\u0938\u0947 \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e \u0915\u0908 \u0938\u0942\u0924\u094d\u0930\u094b\u0902 \u0915\u094b \u0938\u0902\u092f\u094b\u091c\u093f\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0924\u093e\u0915\u093f \u0926\u094b \u0938\u0947 \u0905\u0927\u093f\u0915 \u091f\u094b\u0915\u0928\u094b\u0902 \u0935\u093e\u0932\u0947 \u092a\u0942\u0932\u094d\u0938 \u0915\u093e \u0938\u092e\u0930\u094d\u0925\u0928 \u0915\u093f\u092f\u093e \u091c\u093e \u0938\u0915\u0947, \u091c\u094b \u091c\u091f\u093f\u0932 <em>AMM \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u094b\u0902<\/em> \u0915\u0947 \u0932\u093f\u090f \u0932\u091a\u0940\u0932\u093e\u092a\u0928 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<p>\u0939\u0930 \u092a\u094d\u0930\u0915\u093e\u0930 \u0915\u0940 \u0905\u092a\u0928\u0940 \u0924\u093e\u0915\u0924 \u0939\u094b\u0924\u0940 \u0939\u0948, \u0914\u0930 \u0915\u093f\u0938\u0947 \u091a\u0941\u0928\u0928\u093e \u0939\u0948 \u092f\u0939 \u0906\u092a\u0915\u0947 <em>\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u0915\u0947 \u0932\u0915\u094d\u0937\u094d\u092f\u094b\u0902 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0915\u0930\u0947\u0917\u093e\u0964<\/p>\n\n\n\n<h2 id=\"amms-%e0%a4%95%e0%a4%be-%e0%a4%89%e0%a4%aa%e0%a4%af%e0%a5%8b%e0%a4%97-%e0%a4%95%e0%a4%b0%e0%a4%a8%e0%a5%87-%e0%a4%95%e0%a5%87-%e0%a4%ab%e0%a4%be%e0%a4%af%e0%a4%a6%e0%a5%87\" class=\"wp-block-heading\">AMMs \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0928\u0947 \u0915\u0947 \u092b\u093e\u092f\u0926\u0947<\/h2>\n\n\n\n<p>AMMs \u0915\u0940 \u092a\u0930\u0935\u093e\u0939 \u0915\u094d\u092f\u094b\u0902 \u0915\u0930\u0928\u0940 \u091a\u093e\u0939\u093f\u090f? \u0936\u0941\u0930\u0942 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f, \u0907\u0928\u094d\u0939\u094b\u0902\u0928\u0947 <em>DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u0915\u094b \u092c\u0947\u0939\u0926 \u0938\u0941\u0932\u092d \u092c\u0928\u093e \u0926\u093f\u092f\u093e \u0939\u0948\u0964 \u092f\u0939\u093e\u0901 \u0915\u0941\u091b \u092a\u094d\u0930\u092e\u0941\u0916 \u092b\u093e\u092f\u0926\u0947 \u0939\u0948\u0902:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>24\/7 \u0924\u0930\u0932\u0924\u093e:<\/strong> \u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u0915\u0947 \u0935\u093f\u092a\u0930\u0940\u0924, AMMs \u0915\u092d\u0940 \u092c\u0902\u0926 \u0928\u0939\u0940\u0902 \u0939\u094b\u0924\u0947\u0964 \u0906\u092a \u0915\u092d\u0940 \u092d\u0940, \u0915\u0939\u0940\u0902 \u0938\u0947 \u092d\u0940 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0905\u0928\u0941\u092e\u0924\u093f-\u0930\u0939\u093f\u0924 \u092a\u0939\u0941\u0901\u091a:<\/strong> \u0915\u094b\u0908 KYC \u0928\u0939\u0940\u0902, \u0915\u094b\u0908 \u092c\u093e\u0927\u093e \u0928\u0939\u0940\u0902\u2014\u092c\u0938 \u0905\u092a\u0928\u093e \u0935\u0949\u0932\u0947\u091f \u0915\u0928\u0947\u0915\u094d\u091f \u0915\u0930\u0947\u0902 \u0914\u0930 \u0915\u093f\u0938\u0940 \u092d\u0940 <em>\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c<\/em> \u092a\u0930 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0936\u0941\u0930\u0942 \u0915\u0930\u0947\u0902\u0964<\/li>\n\n\n\n<li><strong>\u091f\u094b\u0915\u0928 \u0935\u093f\u0935\u093f\u0927\u0924\u093e:<\/strong> AMMs \u0905\u0928\u0947\u0915\u094b\u0902 \u091f\u094b\u0915\u0928 \u092a\u0947\u092f\u0930\u094d\u0938 \u0915\u093e \u0938\u092e\u0930\u094d\u0925\u0928 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u091c\u093f\u0928\u092e\u0947\u0902 \u0910\u0938\u0947 \u091f\u094b\u0915\u0928 \u092d\u0940 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902 \u091c\u094b \u092a\u094d\u0930\u092e\u0941\u0916 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u092a\u0930 \u0938\u0942\u091a\u0940\u092c\u0926\u094d\u0927 \u0928\u0939\u0940\u0902 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0915\u092e\u093e\u0908 \u0915\u0947 \u0905\u0935\u0938\u0930:<\/strong> DeFi \u092e\u0947\u0902 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0915\u0947 \u092f\u0942\u091c\u093c\u0930\u094d\u0938 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u092b\u0940\u0938 \u0914\u0930 \u092a\u0941\u0930\u0938\u094d\u0915\u093e\u0930\u094b\u0902 \u0938\u0947 \u0928\u093f\u0937\u094d\u0915\u094d\u0930\u093f\u092f \u0906\u092f \u0915\u092e\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<p>\u0907\u0928 \u0932\u093e\u092d\u094b\u0902 \u0928\u0947 AMMs \u0915\u0940 \u0935\u093f\u0938\u094d\u092b\u094b\u091f\u0915 \u0935\u0943\u0926\u094d\u0927\u093f \u0915\u094b \u0906\u0917\u093c\u093e\u091c\u093c \u0926\u093f\u092f\u093e \u0939\u0948, \u0914\u0930 Uniswap \u091c\u0948\u0938\u0947 \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e\u094d\u0938 \u0930\u094b\u091c\u093c\u093e\u0928\u093e \u0905\u0930\u092c\u094b\u0902 \u0921\u0949\u0932\u0930 \u0915\u0947 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0935\u0949\u0932\u094d\u092f\u0942\u092e \u0915\u094b \u0938\u0902\u092d\u093e\u0932\u0924\u0947 \u0939\u0948\u0902, \u091c\u0948\u0938\u093e \u0915\u093f Messari \u0928\u0947 \u0905\u092a\u0928\u0940 2025 \u0915\u0940 \u0926\u0942\u0938\u0930\u0940 \u0924\u093f\u092e\u093e\u0939\u0940 \u0915\u0940 \u0930\u093f\u092a\u094b\u0930\u094d\u091f \u092e\u0947\u0902 \u092c\u0924\u093e\u092f\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<h2 id=\"amms-%e0%a4%95%e0%a5%87-%e0%a4%9c%e0%a5%8b%e0%a4%96%e0%a4%bf%e0%a4%ae-%e0%a4%94%e0%a4%b0-%e0%a4%9a%e0%a5%81%e0%a4%a8%e0%a5%8c%e0%a4%a4%e0%a4%bf%e0%a4%af%e0%a4%be%e0%a4%81\" class=\"wp-block-heading\">AMMs \u0915\u0947 \u091c\u094b\u0916\u093f\u092e \u0914\u0930 \u091a\u0941\u0928\u094c\u0924\u093f\u092f\u093e\u0901<\/h2>\n\n\n\n<p>\u0939\u093e\u0932\u093e\u0901\u0915\u093f AMMs \u0915\u094d\u0930\u093e\u0902\u0924\u093f\u0915\u093e\u0930\u0940 \u0939\u0948\u0902, \u092a\u0930 \u0907\u0928\u0915\u0947 \u092d\u0940 \u0915\u0941\u091b \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u0948\u0902\u0964 \u092f\u0926\u093f \u0906\u092a <em>DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u092e\u0947\u0902 \u0909\u0924\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902, \u0924\u094b \u0906\u092a\u0915\u094b \u0907\u0928 \u091c\u094b\u0916\u093f\u092e\u094b\u0902 \u0938\u0947 \u0905\u0935\u0917\u0924 \u0939\u094b\u0928\u093e \u091a\u093e\u0939\u093f\u090f:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong><a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-impermanent-loss-how-to-protect-your-funds-in-liquidity-pools\/\" target=\"_blank\" rel=\"noreferrer noopener\">Impermanent Loss<\/a>:<\/strong> \u092f\u0926\u093f \u092a\u0942\u0932 \u092e\u0947\u0902 \u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u0940 \u0915\u0940\u092e\u0924\u0947\u0902 \u0915\u093e\u092b\u0940 \u092d\u093f\u0928\u094d\u0928 \u0939\u094b \u091c\u093e\u0924\u0940 \u0939\u0948\u0902 \u0924\u094b \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u094b\u0935\u093e\u0907\u0921\u0930\u094d\u0938 \u0915\u094b \u092e\u0942\u0932\u094d\u092f \u0939\u093e\u0928\u093f \u0939\u094b \u0938\u0915\u0924\u0940 \u0939\u0948\u0964 \u092f\u0939 <em>DeFi \u092e\u0947\u0902 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928<\/em> \u0915\u0930\u0928\u0947 \u0915\u0940 \u090f\u0915 \u091b\u093f\u092a\u0940 \u0939\u0941\u0908 \u0932\u093e\u0917\u0924 \u0939\u0948\u0964<\/li>\n\n\n\n<li><strong>\u0938\u094d\u0932\u093f\u092a\u0947\u091c:<\/strong> \u091b\u094b\u091f\u0947 \u092a\u0942\u0932\u094b\u0902 \u092e\u0947\u0902 \u092c\u0921\u093c\u0947 \u091f\u094d\u0930\u0947\u0921\u094d\u0938 \u0915\u0930\u0928\u0947 \u092a\u0930 \u0915\u0940\u092e\u0924\u094b\u0902 \u092e\u0947\u0902 \u092c\u0921\u093c\u0940 \u0909\u091b\u093e\u0932 \u0906 \u0938\u0915\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0905\u092a\u094d\u0930\u0924\u094d\u092f\u093e\u0936\u093f\u0924 \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u091c\u094b\u0916\u093f\u092e:<\/strong> AMM \u092a\u094d\u0930\u094b\u091f\u094b\u0915\u0949\u0932\u094d\u0938 \u092e\u0947\u0902 \u092c\u0917\u094d\u0938 \u092f\u093e \u0939\u0948\u0915\u094d\u0938 \u0939\u094b\u0928\u0947 \u092a\u0930 \u092b\u0902\u0921 \u0916\u094b \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u0939\u092e\u0947\u0936\u093e \u0915\u093f\u0938\u0940 \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e \u0915\u0947 \u0938\u0941\u0930\u0915\u094d\u0937\u093e \u091f\u094d\u0930\u0948\u0915 \u0930\u093f\u0915\u0949\u0930\u094d\u0921 \u0915\u0940 \u091c\u093e\u0902\u091a \u0915\u0930\u0947\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<p>\u0907\u0928 \u091a\u0941\u0928\u094c\u0924\u093f\u092f\u094b\u0902 \u0938\u0947 \u0928\u093f\u092a\u091f\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u0924\u0930\u094d\u0915\u0924\u093e \u0914\u0930 <em>AMM \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u093e\u0901<\/em> \u0915\u0940 \u0905\u091a\u094d\u091b\u0940 \u0938\u092e\u091d \u0906\u0935\u0936\u094d\u092f\u0915 \u0939\u0948\u0964 \u092c\u093f\u0928\u093e \u0924\u0948\u092f\u093e\u0930\u0940 \u0915\u0947 \u092e\u0924 \u0915\u0942\u0926\u0947\u0902\u2014\u0905\u092a\u0928\u093e \u0939\u094b\u092e\u0935\u0930\u094d\u0915 \u0915\u0930\u0947\u0902\u0964<\/p>\n\n\n\n<h2 id=\"amms-%e0%a4%95%e0%a5%87-%e0%a4%b8%e0%a4%be%e0%a4%a5-%e0%a4%b6%e0%a5%81%e0%a4%b0%e0%a5%81%e0%a4%86%e0%a4%a4-%e0%a4%95%e0%a5%88%e0%a4%b8%e0%a5%87-%e0%a4%95%e0%a4%b0%e0%a5%87%e0%a4%82\" class=\"wp-block-heading\">AMMs \u0915\u0947 \u0938\u093e\u0925 \u0936\u0941\u0930\u0941\u0906\u0924 \u0915\u0948\u0938\u0947 \u0915\u0930\u0947\u0902<\/h2>\n\n\n\n<p>\u0915\u094d\u092f\u093e \u0906\u092a <em>\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917<\/em> \u090f\u0915\u094d\u0938\u092a\u094d\u0932\u094b\u0930 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0924\u0948\u092f\u093e\u0930 \u0939\u0948\u0902? AMMs \u0915\u0947 \u0938\u093e\u0925 \u0936\u0941\u0930\u0941\u0906\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u090f\u0915 \u0924\u094d\u0935\u0930\u093f\u0924 \u0930\u094b\u0921\u092e\u0948\u092a \u092f\u0939\u093e\u0901 \u0939\u0948:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u0935\u0949\u0932\u0947\u091f \u0938\u0947\u091f \u0915\u0930\u0947\u0902:<\/strong> DeFi \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e\u094d\u0938 \u0915\u0947 \u0938\u093e\u0925 \u0907\u0902\u091f\u0930\u0948\u0915\u094d\u091f \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f MetaMask \u091c\u0948\u0938\u0947 \u0928\u0949\u0928-\u0915\u0938\u094d\u091f\u094b\u0921\u093f\u092f\u0932 \u0935\u0949\u0932\u0947\u091f \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0947\u0902\u0964<\/li>\n\n\n\n<li><strong>\u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e \u091a\u0941\u0928\u0947\u0902:<\/strong> \u0932\u094b\u0915\u092a\u094d\u0930\u093f\u092f AMMs \u092e\u0947\u0902 Uniswap, SushiSwap, \u0914\u0930 Curve \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964 \u0905\u092a\u0928\u0940 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e\u0913\u0902 \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u091a\u0941\u0928\u0947\u0902\u0964<\/li>\n\n\n\n<li><strong>\u0905\u092a\u0928\u0947 \u0935\u0949\u0932\u0947\u091f \u092e\u0947\u0902 \u092b\u0902\u0921 \u091c\u094b\u0921\u093c\u0947\u0902:<\/strong> \u0917\u0948\u0938 \u092b\u0940\u0938 \u0914\u0930 \u091f\u094d\u0930\u0947\u0921\u094d\u0938 \u0915\u0935\u0930 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f ETH \u092f\u093e \u0905\u0928\u094d\u092f \u092c\u0947\u0938 \u091f\u094b\u0915\u0928 \u091c\u094b\u0921\u093c\u0947\u0902\u0964<\/li>\n\n\n\n<li><strong>\u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0947\u0902 \u092f\u093e \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0947\u0902:<\/strong> \u0938\u0940\u0927\u0947 \u091f\u094b\u0915\u0928 \u0938\u094d\u0935\u0948\u092a \u0915\u0930\u0947\u0902 \u092f\u093e \u092b\u0940\u0938 \u0915\u092e\u093e\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f <em>\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932<\/em> \u092e\u0947\u0902 \u090f\u0938\u0947\u091f\u094d\u0938 \u0938\u094d\u091f\u0947\u0915 \u0915\u0930\u0947\u0902\u0964<\/li>\n<\/ul>\n\n\n\n<p>\u091b\u094b\u091f\u0947 \u0938\u0947 \u0936\u0941\u0930\u0942 \u0915\u0930\u0947\u0902, \u0935\u093f\u092d\u093f\u0928\u094d\u0928 <em>AMM \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u094b\u0902<\/em> \u0915\u0947 \u0938\u093e\u0925 \u092a\u094d\u0930\u092f\u094b\u0917 \u0915\u0930\u0947\u0902, \u0914\u0930 \u092e\u0939\u0901\u0917\u0940 \u0917\u0932\u0924\u093f\u092f\u094b\u0902 \u0938\u0947 \u092c\u091a\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0936\u093e \u091f\u094d\u0930\u093e\u0902\u091c\u093c\u0948\u0915\u094d\u0936\u0928 \u0935\u093f\u0935\u0930\u0923 \u0926\u094b\u092c\u093e\u0930\u093e \u091c\u093e\u0901\u091a\u0947\u0902\u0964 DeFi \u092e\u0947\u0902 \u092e\u0939\u093e\u0930\u0924 \u0939\u093e\u0938\u093f\u0932 \u0915\u0930\u0928\u0947 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0914\u0930 \u091c\u093e\u0928\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948\u0902? DeFi Academy \u092a\u0930 \u0939\u092e\u093e\u0930\u0947 \u0935\u094d\u092f\u093e\u092a\u0915 \u0917\u093e\u0907\u0921 \u0926\u0947\u0916\u0947\u0902\u0964<\/p>\n\n\n\n<h2 id=\"automated-market-maker-%e0%a4%95%e0%a4%be-%e0%a4%ad%e0%a4%b5%e0%a4%bf%e0%a4%b7%e0%a5%8d%e0%a4%af\" class=\"wp-block-heading\">Automated Market Maker \u0915\u093e \u092d\u0935\u093f\u0937\u094d\u092f<\/h2>\n\n\n\n<p>AMMs \u0915\u093e \u092d\u0935\u093f\u0937\u094d\u092f \u0915\u0948\u0938\u093e \u0926\u093f\u0916\u0924\u093e \u0939\u0948? \u091c\u0948\u0938\u0947-\u091c\u0948\u0938\u0947 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-defi\/\" target=\"_blank\" rel=\"noreferrer noopener\">DeFi<\/a> \u0906\u0917\u0947 \u092c\u0922\u093c \u0930\u0939\u093e \u0939\u0948, \u0910\u0938\u0947 \u0939\u0940 \u092f\u0947 \u092a\u094d\u0930\u094b\u091f\u094b\u0915\u0949\u0932 \u092d\u0940 \u0935\u093f\u0915\u0938\u093f\u0924 \u0939\u094b \u0930\u0939\u0947 \u0939\u0948\u0902\u0964 Uniswap V3 \u0926\u094d\u0935\u093e\u0930\u093e \u092a\u0947\u0936 \u0915\u093f\u092f\u093e \u0917\u092f\u093e concentrated liquidity \u091c\u0948\u0938\u0947 \u0928\u0935\u093e\u091a\u093e\u0930 \u092a\u0942\u0932\u094b\u0902 \u0915\u094b \u0905\u0927\u093f\u0915 \u0915\u0948\u092a\u093f\u091f\u0932-\u090f\u092b\u093f\u0936\u093f\u092f\u0947\u0902\u091f \u092c\u0928\u093e \u0930\u0939\u0947 \u0939\u0948\u0902, \u091c\u092c\u0915\u093f cross-chain AMMs \u0924\u0930\u0932\u0924\u093e \u0915\u094b \u092c\u094d\u0932\u0949\u0915\u091a\u0947\u0928 \u0915\u0947 \u092a\u093e\u0930 <a href=\"https:\/\/academy.tokonomo.com\/defi\/what-is-a-blockchain-bridge-exploring-the-connection-between-different-blockchain-networks\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u092c\u094d\u0930\u093f\u091c\u093f\u0902\u0917<\/a> \u0915\u0930 \u0930\u0939\u0947 \u0939\u0948\u0902\u0964 \u0915\u0947\u0935\u0932 AMMs \u0938\u0947 \u091c\u0941\u0921\u093c\u0940 TVL $50 \u092c\u093f\u0932\u093f\u092f\u0928 \u0938\u0947 \u0905\u0927\u093f\u0915 \u0939\u0948 (DeFiLlama, \u0938\u093f\u0924\u0902\u092c\u0930 2025 \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930), \u0907\u0938\u0932\u093f\u090f \u092d\u0935\u093f\u0937\u094d\u092f \u0909\u091c\u094d\u091c\u0935\u0932 \u0926\u093f\u0916\u0924\u093e \u0939\u0948\u0964<\/p>\n\n\n\n<p>\u0939\u093e\u0932\u093e\u0901\u0915\u093f, \u0928\u093f\u092f\u093e\u092e\u0915 \u0915\u0921\u093c\u0940 \u0928\u093f\u0917\u0930\u093e\u0928\u0940 \u0914\u0930 \u0938\u094d\u0915\u0947\u0932\u0947\u092c\u093f\u0932\u093f\u091f\u0940 \u0915\u0940 \u091a\u0941\u0928\u094c\u0924\u093f\u092f\u093e\u0901 \u092c\u0921\u093c\u0940 \u0939\u0948\u0902\u0964 \u0915\u094d\u092f\u093e AMMs \u0915\u0921\u093c\u0947 \u0928\u093f\u092f\u092e\u094b\u0902 \u0915\u0947 \u0905\u0928\u0941\u0930\u0942\u092a \u0922\u0932 \u092a\u093e\u090f\u0902\u0917\u0947, \u092f\u093e \u0935\u0947 \u0935\u093f\u0924\u094d\u0924 \u0915\u0947 &#8216;\u0935\u093e\u0907\u0932\u094d\u0921 \u0935\u0947\u0938\u094d\u091f&#8217; \u092c\u0928\u0947 \u0930\u0939\u0947\u0902\u0917\u0947? \u0938\u092e\u092f \u0939\u0940 \u092c\u0924\u093e\u090f\u0917\u093e, \u0932\u0947\u0915\u093f\u0928 \u090f\u0915 \u092c\u093e\u0924 \u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0939\u0948: \u0905\u0917\u0932\u0947 \u0915\u0908 \u0935\u0930\u094d\u0937\u094b\u0902 \u0924\u0915 AMMs DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0906\u0915\u093e\u0930 \u0926\u0947\u0924\u0947 \u0930\u0939\u0947\u0902\u0917\u0947\u0964<\/p>\n\n\n\n<h2 id=\"%e0%a4%a8%e0%a4%bf%e0%a4%b7%e0%a5%8d%e0%a4%95%e0%a4%b0%e0%a5%8d%e0%a4%b7\" class=\"wp-block-heading\">\u0928\u093f\u0937\u094d\u0915\u0930\u094d\u0937<\/h2>\n\n\n\n<p>\u0924\u0930\u0932\u0924\u093e \u0915\u0940 \u0938\u092e\u0938\u094d\u092f\u093e\u0913\u0902 \u0915\u094b \u0939\u0932 \u0915\u0930\u0928\u0947 \u0938\u0947 \u0932\u0947\u0915\u0930 \u0905\u0928\u0941\u092e\u0924\u093f-\u0930\u0939\u093f\u0924 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0938\u0915\u094d\u0937\u092e \u0915\u0930\u0928\u0947 \u0924\u0915, <strong>Automated Market Maker (AMM)<\/strong> \u0928\u0947 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u092e\u0947\u0902 \u0938\u0902\u092d\u093e\u0935\u0928\u093e\u0913\u0902 \u0915\u094b \u092b\u093f\u0930 \u0938\u0947 \u092a\u0930\u093f\u092d\u093e\u0937\u093f\u0924 \u0915\u093f\u092f\u093e \u0939\u0948\u0964 \u091a\u093e\u0939\u0947 \u0906\u092a \u0915\u093f\u0938\u0940 <em>\u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c<\/em> \u092a\u0930 \u091f\u094b\u0915\u0928 \u0938\u094d\u0935\u0948\u092a \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b\u0902 \u092f\u093e <em><a href=\"https:\/\/academy.tokonomo.com\/defi\/understanding-dex-liquidity-pools-what-they-are-and-how-they-work\/\" target=\"_blank\" rel=\"noreferrer noopener\">\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932<\/a><\/em> \u092e\u0947\u0902 \u090f\u0938\u0947\u091f\u094d\u0938 \u0938\u094d\u091f\u0947\u0915 \u0915\u0930 \u0930\u0939\u0947 \u0939\u094b\u0902, AMMs \u092e\u0927\u094d\u092f\u0938\u094d\u0925\u094b\u0902 \u0938\u0947 \u092e\u0941\u0915\u094d\u0924 \u090f\u0915 \u0935\u093f\u0924\u094d\u0924\u0940\u092f \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0924\u0915 \u092a\u0939\u0941\u0902\u091a \u0915\u093e \u092e\u093e\u0930\u094d\u0917 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u0932\u0947\u0915\u093f\u0928 \u092c\u0921\u093c\u0940 \u0936\u0915\u094d\u0924\u093f \u0915\u0947 \u0938\u093e\u0925 \u092c\u0921\u093c\u0940 \u091c\u093f\u092e\u094d\u092e\u0947\u0926\u093e\u0930\u0940 \u092d\u0940 \u0906\u0924\u0940 \u0939\u0948\u2014\u091c\u094b\u0916\u093f\u092e\u094b\u0902 \u0915\u094b \u0938\u092e\u091d\u0947\u0902, \u0905\u092a\u0928\u0940 <em>AMM \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u093e\u0901<\/em> \u092a\u0930 \u0915\u093e\u092e \u0915\u0930\u0947\u0902, \u0914\u0930 \u0907\u0938 \u0924\u0947\u091c\u093c\u0940 \u0938\u0947 \u092c\u0926\u0932\u0924\u0947 \u0915\u094d\u0937\u0947\u0924\u094d\u0930 \u0915\u0947 \u092c\u093e\u0930\u0947 \u092e\u0947\u0902 \u0905\u092a\u0921\u0947\u091f \u0930\u0939\u0947\u0902\u0964 DeFi Academy \u0915\u0947 \u0938\u093e\u0925 \u092c\u0928\u0947 \u0930\u0939\u0947\u0902 \u0905\u0917\u0930 \u0906\u092a DeFi \u092e\u0947\u0902 \u0917\u0939\u0930\u093e\u0908 \u0938\u0947 \u0909\u0924\u0930\u0928\u093e \u091a\u093e\u0939\u0924\u0947 \u0939\u0948\u0902\u2014\u0939\u092e\u093e\u0930\u0940 \u0924\u0930\u092b \u0938\u0947 \u0914\u0930 \u092d\u0940 \u0907\u0928\u0938\u093e\u0907\u091f\u094d\u0938 \u0914\u0930 \u0935\u093f\u0936\u0947\u0937\u091c\u094d\u091e \u0938\u0941\u091d\u093e\u0935 \u092e\u093f\u0932\u0924\u0947 \u0930\u0939\u0947\u0902\u0917\u0947\u0964<\/p>\n\n\n\n<h2 id=\"%e0%a4%85%e0%a4%95%e0%a5%8d%e0%a4%b8%e0%a4%b0-%e0%a4%aa%e0%a5%82%e0%a4%9b%e0%a5%87-%e0%a4%9c%e0%a4%be%e0%a4%a8%e0%a5%87-%e0%a4%b5%e0%a4%be%e0%a4%b2%e0%a5%87-%e0%a4%aa%e0%a5%8d%e0%a4%b0%e0%a4%b6\" class=\"wp-block-heading\">\u0905\u0915\u094d\u0938\u0930 \u092a\u0942\u091b\u0947 \u091c\u093e\u0928\u0947 \u0935\u093e\u0932\u0947 \u092a\u094d\u0930\u0936\u094d\u0928 (FAQs)<\/h2>\n\n\n<div class=\"saswp-faq-block-section\"><ol style=\"list-style-type:none\"><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0938\u093e\u0927\u093e\u0930\u0923 \u0936\u092c\u094d\u0926\u094b\u0902 \u092e\u0947\u0902 Automated Market Maker \u0915\u094d\u092f\u093e \u0939\u0948?<\/strong><p class=\"saswp-faq-answer-text\">\u090f\u0915 AMM \u090f\u0915 \u092a\u094d\u0930\u0915\u093e\u0930 \u0915\u0940 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u0939\u0948 \u091c\u094b \u0906\u092a\u0915\u094b \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u091f\u094b\u0915\u0928\u094d\u0938 \u0915\u094b \u0938\u094d\u0935\u0948\u092a \u0915\u0930\u0928\u0947 \u0926\u0947\u0924\u0940 \u0939\u0948 \u092c\u093f\u0928\u093e \u0938\u093e\u092e\u0928\u0947 \u0915\u093f\u0938\u0940 \u0916\u0930\u0940\u0926\u093e\u0930 \u092f\u093e \u0935\u093f\u0915\u094d\u0930\u0947\u0924\u093e \u0915\u0940 \u0906\u0935\u0936\u094d\u092f\u0915\u0924\u093e \u0915\u0947\u0964 \u092a\u093e\u0930\u0902\u092a\u0930\u093f\u0915 \u0911\u0930\u094d\u0921\u0930-\u092c\u0941\u0915\u094d\u0938 \u0915\u0947 \u092c\u091c\u093e\u092f, AMMs \u0915\u0940\u092e\u0924\u0947\u0902 \u0938\u094d\u0935\u091a\u093e\u0932\u093f\u0924 \u0930\u0942\u092a \u0938\u0947 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932 \u0914\u0930 \u090f\u0932\u094d\u0917\u094b\u0930\u093f\u0926\u092e \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMM \u090f\u0915 \u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u091c\u0948\u0938\u0947 Binance \u092f\u093e Coinbase \u0938\u0947 \u0915\u0948\u0938\u0947 \u0905\u0932\u0917 \u0939\u0948?<\/strong><p class=\"saswp-faq-answer-text\">\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c \u0911\u0930\u094d\u0921\u0930-\u092c\u0941\u0915\u094d\u0938 \u0915\u0947 \u092e\u093e\u0927\u094d\u092f\u092e \u0938\u0947 \u0916\u0930\u0940\u0926\u093e\u0930\u094b\u0902 \u0914\u0930 \u0935\u093f\u0915\u094d\u0930\u0947\u0924\u093e\u0913\u0902 \u0915\u094b \u092e\u0948\u091a \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u091c\u092c\u0915\u093f AMMs \u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f\u094d\u0938 \u0914\u0930 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932\u094d\u0938 \u092a\u0930 \u0928\u093f\u0930\u094d\u092d\u0930 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 AMMs \u0915\u0947 \u0938\u093e\u0925, \u0915\u094b\u0908 \u092d\u0940 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948 \u0914\u0930 KYC \u092f\u093e \u0915\u093f\u0938\u0940 \u0915\u0947\u0902\u0926\u094d\u0930\u0940\u092f \u092a\u094d\u0930\u093e\u0927\u093f\u0915\u0930\u0923 \u0915\u0947 \u092c\u093f\u0928\u093e \u091f\u094d\u0930\u0947\u0921 \u0915\u0930 \u0938\u0915\u0924\u093e \u0939\u0948\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932 \u0915\u094d\u092f\u093e \u0939\u094b\u0924\u0947 \u0939\u0948\u0902, \u0914\u0930 \u0935\u0947 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0902?<\/strong><p class=\"saswp-faq-answer-text\">\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932 \u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f\u094d\u0938 \u092e\u0947\u0902 \u0932\u0949\u0915 \u0915\u093f\u090f \u0917\u090f \u091f\u094b\u0915\u0928\u094b\u0902 \u0915\u093e \u0938\u0902\u0917\u094d\u0930\u0939 \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964 \u0935\u0947 \u092f\u0939 \u0938\u0941\u0928\u093f\u0936\u094d\u091a\u093f\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902 \u0915\u093f \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0939\u092e\u0947\u0936\u093e \u0924\u0930\u0932\u0924\u093e \u0909\u092a\u0932\u092c\u094d\u0927 \u0930\u0939\u0947 \u0914\u0930 \u0915\u093f\u0938\u0940 \u092d\u0940 \u0935\u094d\u092f\u0915\u094d\u0924\u093f \u0915\u094b \u0905\u092a\u0928\u0947 \u091f\u094b\u0915\u0928 \u091c\u092e\u093e \u0915\u0930\u0915\u0947 \u092b\u0940\u0938 \u0915\u092e\u093e\u0928\u0947 \u0915\u0940 \u0905\u0928\u0941\u092e\u0924\u093f \u0926\u0947\u0924\u0947 \u0939\u0948\u0902\u0964 \u092c\u093f\u0928\u093e \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u0942\u0932\u094d\u0938 \u0915\u0947, AMMs \u0915\u093e\u092e \u0928\u0939\u0940\u0902 \u0915\u0930 \u0938\u0915\u0924\u0947\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMMs \u091f\u094b\u0915\u0928 \u0915\u0940 \u0915\u0940\u092e\u0924\u0947\u0902 \u0915\u0948\u0938\u0947 \u0928\u093f\u0930\u094d\u0927\u093e\u0930\u093f\u0924 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902?<\/strong><p class=\"saswp-faq-answer-text\">\u0905\u0927\u093f\u0915\u093e\u0902\u0936 AMMs <strong>constant product formula (x*y=k)<\/strong> \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0924\u0947 \u0939\u0948\u0902\u0964 \u091c\u0948\u0938\u0947 \u0939\u0940 \u090f\u0915 \u091f\u094b\u0915\u0928 \u0916\u0930\u0940\u0926\u093e \u091c\u093e\u0924\u093e \u0939\u0948, \u0909\u0938\u0915\u0940 \u0915\u0940\u092e\u0924 \u0938\u094d\u0935\u091a\u093e\u0932\u093f\u0924 \u0930\u0942\u092a \u0938\u0947 \u092c\u0922\u093c\u0924\u0940 \u0939\u0948, \u091c\u092c\u0915\u093f \u0926\u0942\u0938\u0930\u0947 \u091f\u094b\u0915\u0928 \u0915\u0940 \u092e\u093e\u0924\u094d\u0930\u093e \u0918\u091f\u0924\u0940 \u0939\u0948, \u091c\u093f\u0938\u0938\u0947 \u0917\u0941\u0923\u0928\u092b\u0932 \u0938\u094d\u0925\u093f\u0930 \u0930\u0939\u0924\u093e \u0939\u0948\u0964 \u092f\u0939 \u092a\u094d\u0930\u0923\u093e\u0932\u0940 \u092c\u093f\u0928\u093e \u092e\u093e\u0928\u0935\u0940\u092f \u0939\u0938\u094d\u0924\u0915\u094d\u0937\u0947\u092a \u0915\u0947 \u0938\u0924\u0924 \u092e\u0942\u0932\u094d\u092f \u0916\u094b\u091c \u0915\u0940 \u0905\u0928\u0941\u092e\u0924\u093f \u0926\u0947\u0924\u0940 \u0939\u0948\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMMs \u0915\u093e \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0928\u0947 \u0915\u0947 \u092e\u0941\u0916\u094d\u092f \u091c\u094b\u0916\u093f\u092e \u0915\u094d\u092f\u093e \u0939\u0948\u0902?<\/strong><p class=\"saswp-faq-answer-text\">\u0938\u092c\u0938\u0947 \u092c\u0921\u093c\u0947 \u091c\u094b\u0916\u093f\u092e\u094b\u0902 \u092e\u0947\u0902 \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902:<br><br>&#8211; <strong>\u0905\u0938\u094d\u0925\u093e\u092f\u0940 \u0928\u0941\u0915\u0938\u093e\u0928 (Impermanent Loss):<\/strong> \u091c\u092c \u0906\u092a\u0915\u0947 \u091c\u092e\u093e \u0915\u093f\u090f \u0917\u090f \u091f\u094b\u0915\u0928 \u0915\u093e \u092e\u0942\u0932\u094d\u092f \u092c\u093e\u091c\u093e\u0930 \u0915\u0947 \u092c\u0926\u0932\u093e\u0935\u094b\u0902 \u0915\u0947 \u0915\u093e\u0930\u0923 \u0905\u0932\u0917 \u0939\u094b \u091c\u093e\u0924\u093e \u0939\u0948\u0964<br>&#8211; <strong>\u0938\u094d\u0932\u093f\u092a\u0947\u091c:<\/strong> \u091b\u094b\u091f\u0947 \u092a\u0942\u0932\u094b\u0902 \u092e\u0947\u0902 \u092c\u0921\u093c\u0947 \u091f\u094d\u0930\u0947\u0921\u094d\u0938 \u0915\u0947 \u0926\u094c\u0930\u093e\u0928 \u0915\u0940\u092e\u0924\u094b\u0902 \u092e\u0947\u0902 \u092c\u0926\u0932\u093e\u0935 \u091c\u093f\u0938\u0915\u0947 \u0915\u093e\u0930\u0923 \u0928\u0941\u0915\u0938\u093e\u0928 \u0939\u094b \u0938\u0915\u0924\u093e \u0939\u0948\u0964<br>&#8211; <strong>\u0938\u094d\u092e\u093e\u0930\u094d\u091f-\u0915\u0949\u0928\u094d\u091f\u094d\u0930\u0948\u0915\u094d\u091f \u092c\u0917\u094d\u0938 \u092f\u093e \u0939\u0948\u0915\u094d\u0938:<\/strong> \u0905\u0917\u0930 AMM \u0915\u093e \u0915\u094b\u0921 \u0924\u094d\u0930\u0941\u091f\u093f\u092a\u0942\u0930\u094d\u0923 \u0939\u094b \u0924\u094b \u092b\u0902\u0921 \u091c\u094b\u0916\u093f\u092e \u092e\u0947\u0902 \u092a\u0921\u093c \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMMs \u0938\u0947 \u092e\u0948\u0902 \u092a\u0948\u0938\u0947 \u0915\u0948\u0938\u0947 \u0915\u092e\u093e \u0938\u0915\u0924\u093e\/\u0938\u0915\u0924\u0940 \u0939\u0942\u0901?<\/strong><p class=\"saswp-faq-answer-text\">\u0906\u092a <strong>\u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u094b\u0935\u093e\u0907\u0921\u0930 (LP)<\/strong> \u092c\u0928\u0915\u0930 \u0915\u092e\u093e \u0938\u0915\u0924\u0947 \u0939\u0948\u0902\u0964 \u091c\u092c \u0906\u092a \u0915\u093f\u0938\u0940 \u092a\u0942\u0932 \u092e\u0947\u0902 \u091f\u094b\u0915\u0928 \u091c\u092e\u093e \u0915\u0930\u0924\u0947 \u0939\u0948\u0902, \u0924\u094b \u0906\u092a\u0915\u094b \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u092b\u0940\u0938 \u0915\u093e \u090f\u0915 \u0939\u093f\u0938\u094d\u0938\u093e \u092e\u093f\u0932\u0924\u093e \u0939\u0948\u0964 \u0915\u0941\u091b \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e \u0905\u0924\u093f\u0930\u093f\u0915\u094d\u0924 \u092a\u0941\u0930\u0938\u094d\u0915\u093e\u0930 \u092d\u0940 \u0926\u0947\u0924\u0947 \u0939\u0948\u0902 \u091c\u0948\u0938\u0947 yield farming \u092f\u093e \u0917\u0935\u0930\u094d\u0928\u0947\u0902\u0938 \u091f\u094b\u0915\u0928\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0906\u091c \u0915\u0947 \u0938\u092c\u0938\u0947 \u0932\u094b\u0915\u092a\u094d\u0930\u093f\u092f AMMs \u0915\u094c\u0928 \u0938\u0947 \u0939\u0948\u0902?<\/strong><p class=\"saswp-faq-answer-text\">2025 \u0915\u0947 \u0905\u0928\u0941\u0938\u093e\u0930 \u092a\u094d\u0930\u092e\u0941\u0916 AMMs \u092e\u0947\u0902 <strong>Uniswap<\/strong>, <strong>SushiSwap<\/strong>, <strong>Curve<\/strong>, \u0914\u0930 <strong>Balancer<\/strong> \u0936\u093e\u092e\u093f\u0932 \u0939\u0948\u0902\u0964 \u0939\u0930 \u090f\u0915 \u0915\u0940 \u0935\u093f\u0936\u0947\u0937\u0924\u093e\u090f\u0901 \u0905\u0932\u0917 \u0939\u0948\u0902\u2014Uniswap \u0938\u093e\u092e\u093e\u0928\u094d\u092f \u091f\u094b\u0915\u0928 \u0938\u094d\u0935\u0948\u092a \u0915\u0947 \u0932\u093f\u090f, Curve \u0938\u094d\u091f\u0947\u092c\u0932\u0915\u0949\u0907\u0928\u094d\u0938 \u0915\u0947 \u0932\u093f\u090f, \u0914\u0930 Balancer \u092e\u0932\u094d\u091f\u0940-\u091f\u094b\u0915\u0928 \u092a\u0942\u0932\u094d\u0938 \u0915\u0947 \u0932\u093f\u090f \u0909\u092a\u092f\u0941\u0915\u094d\u0924 \u0939\u0948\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0915\u094d\u092f\u093e \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0915\u0947 \u092e\u0948\u0902 \u092a\u0948\u0938\u093e \u0916\u094b \u0938\u0915\u0924\u093e\/\u0938\u0915\u0924\u0940 \u0939\u0942\u0901?<\/strong><p class=\"saswp-faq-answer-text\">\u0939\u093e\u0901\u0964 \u092d\u0932\u0947 \u0939\u0940 \u0906\u092a \u092b\u0940\u0938 \u0915\u092e\u093e\u090f\u0901, <strong>impermanent loss<\/strong> \u0906\u092a\u0915\u0947 \u0938\u092e\u0917\u094d\u0930 \u0930\u093f\u091f\u0930\u094d\u0928 \u0915\u094b \u0918\u091f\u093e \u0938\u0915\u0924\u093e \u0939\u0948 \u092f\u0926\u093f \u0906\u092a\u0928\u0947 \u091c\u094b \u091f\u094b\u0915\u0928 \u091c\u092e\u093e \u0915\u093f\u090f \u0939\u0948\u0902 \u0909\u0928\u0915\u0940 \u0915\u0940\u092e\u0924\u0947\u0902 \u0915\u093e\u092b\u0940 \u092c\u0926\u0932 \u091c\u093e\u0924\u0940 \u0939\u0948\u0902\u0964 \u0905\u092a\u0928\u0947 \u090f\u0938\u0947\u091f\u094d\u0938 \u0915\u094b \u0938\u094d\u091f\u0947\u0915 \u0915\u0930\u0928\u0947 \u0938\u0947 \u092a\u0939\u0932\u0947 \u0938\u0902\u092d\u093e\u0935\u093f\u0924 \u091c\u094b\u0916\u093f\u092e\u094b\u0902 \u0915\u0940 \u0917\u0923\u0928\u093e \u0915\u0930\u0928\u093e \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">Concentrated liquidity \u0915\u094d\u092f\u093e \u0939\u0948, \u0914\u0930 \u0907\u0938\u0915\u093e \u092e\u0939\u0924\u094d\u0935 \u0915\u094d\u092f\u093e \u0939\u0948?<\/strong><p class=\"saswp-faq-answer-text\">Concentrated liquidity, \u091c\u093f\u0938\u0947 Uniswap V3 \u0928\u0947 \u092a\u0947\u0936 \u0915\u093f\u092f\u093e, LPs \u0915\u094b \u0905\u092a\u0928\u0947 \u092b\u0902\u0921\u094d\u0938 \u0915\u0947 \u0932\u093f\u090f \u0935\u093f\u0936\u093f\u0937\u094d\u091f \u092a\u094d\u0930\u093e\u0907\u0938 \u0930\u0947\u0902\u091c \u091a\u0941\u0928\u0928\u0947 \u0915\u0940 \u0905\u0928\u0941\u092e\u0924\u093f \u0926\u0947\u0924\u0940 \u0939\u0948\u0964 \u0907\u0938\u0938\u0947 \u092a\u0942\u0932 \u0905\u0927\u093f\u0915 \u0915\u0941\u0936\u0932 \u092c\u0928\u0924\u0947 \u0939\u0948\u0902 \u0914\u0930 \u0930\u093f\u091f\u0930\u094d\u0928 \u092c\u0922\u093c \u0938\u0915\u0924\u0947 \u0939\u0948\u0902, \u0938\u093e\u0925 \u0939\u0940 \u0905\u0928\u093e\u0935\u0936\u094d\u092f\u0915 \u090f\u0915\u094d\u0938\u092a\u094b\u091c\u093c\u0930 \u0915\u092e \u0939\u094b\u0924\u093e \u0939\u0948\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u0915\u094d\u092f\u093e AMMs \u0909\u092a\u092f\u094b\u0917 \u0915\u0930\u0928\u0947 \u0915\u0947 \u0932\u093f\u090f \u0938\u0941\u0930\u0915\u094d\u0937\u093f\u0924 \u0939\u0948\u0902?<\/strong><p class=\"saswp-faq-answer-text\">\u0935\u093f\u0936\u094d\u0935\u0938\u0928\u0940\u092f AMMs \u0938\u093e\u092e\u093e\u0928\u094d\u092f\u0924\u0903 \u0938\u0941\u0930\u0915\u094d\u0937\u093f\u0924 \u092e\u093e\u0928\u0947 \u091c\u093e\u0924\u0947 \u0939\u0948\u0902, \u0932\u0947\u0915\u093f\u0928 DeFi \u092e\u0947\u0902 \u0939\u092e\u0947\u0936\u093e \u091c\u094b\u0916\u093f\u092e \u0939\u094b\u0924\u0947 \u0939\u0948\u0902\u0964 \u092a\u094d\u0930\u0938\u093f\u0926\u094d\u0927 \u092a\u094d\u0932\u0947\u091f\u092b\u093c\u0949\u0930\u094d\u092e\u094d\u0938 \u092a\u0930 \u091f\u093f\u0915\u0947 \u0930\u0939\u0947\u0902, \u0911\u0921\u093f\u091f\u094d\u0938 \u091c\u093e\u0902\u091a\u0947\u0902, \u0914\u0930 \u0915\u092d\u0940 \u092d\u0940 \u0905\u092a\u0928\u0940 \u0935\u0939 \u0930\u093e\u0936\u093f \u0928\u093f\u0935\u0947\u0936 \u0928 \u0915\u0930\u0947\u0902 \u091c\u094b \u0906\u092a \u0916\u094b\u0928\u0947 \u0915\u093e \u091c\u094b\u0916\u093f\u092e \u0909\u0920\u093e \u0928 \u0938\u0915\u0947\u0902\u0964 \u0938\u0941\u0930\u0915\u094d\u0937\u093e \u0906\u092a\u0915\u0947 \u092b\u0902\u0921\u094d\u0938 \u0915\u0940 \u0930\u0915\u094d\u0937\u093e \u092e\u0947\u0902 \u0905\u0939\u092e \u0939\u0948\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">\u090f\u0915 \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u0915\u0947 \u0930\u0942\u092a \u092e\u0947\u0902 \u092e\u0948\u0902 AMM \u0915\u0947 \u0938\u093e\u0925 \u0915\u0948\u0938\u0947 \u0936\u0941\u0930\u0941\u0906\u0924 \u0915\u0930\u0942\u0901?<\/strong><p class=\"saswp-faq-answer-text\">1. MetaMask \u091c\u0948\u0938\u0947 <strong>\u0928\u0949\u0928-\u0915\u0938\u094d\u091f\u094b\u0921\u093f\u092f\u0932 \u0935\u0949\u0932\u0947\u091f<\/strong> \u092a\u094d\u0930\u093e\u092a\u094d\u0924 \u0915\u0930\u0947\u0902\u0964<br>2. \u092b\u0902\u0921 \u091c\u094b\u0921\u093c\u0947\u0902 (ETH \u092f\u093e \u0915\u094b\u0908 \u0905\u0928\u094d\u092f \u092c\u0947\u0938 \u091f\u094b\u0915\u0928)\u0964<br>3. Uniswap \u092f\u093e Curve \u091c\u0948\u0938\u0947 \u092d\u0930\u094b\u0938\u0947\u092e\u0902\u0926 AMM \u091a\u0941\u0928\u0947\u0902\u0964<br>4. \u092a\u0939\u0932\u0947 \u091b\u094b\u091f\u0947-\u091b\u094b\u091f\u0947 \u091f\u094d\u0930\u0947\u0921 \u0915\u0930\u0915\u0947 \u092f\u093e \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u092a\u094d\u0930\u0926\u093e\u0928 \u0915\u0930\u0915\u0947 \u0938\u0941\u0930\u0915\u094d\u0937\u093f\u0924 \u0924\u0930\u0940\u0915\u0947 \u0938\u0947 \u0938\u0940\u0916\u0928\u093e \u0936\u0941\u0930\u0942 \u0915\u0930\u0947\u0902\u0964<\/p><li style=\"list-style-type: none\"><strong class=\"saswp-faq-question-title\">AMMs \u0915\u093e \u092d\u0935\u093f\u0937\u094d\u092f \u0915\u094d\u092f\u093e \u0939\u0948?<\/strong><p class=\"saswp-faq-answer-text\">\u0939\u092e cross-chain AMMs, \u0909\u0928\u094d\u0928\u0924 \u0932\u093f\u0915\u094d\u0935\u093f\u0921\u093f\u091f\u0940 \u0930\u0923\u0928\u0940\u0924\u093f\u092f\u093e\u0901, \u0914\u0930 \u0932\u0947\u092f\u0930-2 \u0938\u0949\u0932\u094d\u092f\u0942\u0936\u0902\u0938 \u0915\u0947 \u0938\u093e\u0925 \u0907\u0902\u091f\u0940\u0917\u094d\u0930\u0947\u0936\u0928 \u091c\u0948\u0938\u0947 \u0928\u0935\u093e\u091a\u093e\u0930 \u0926\u0947\u0916 \u0930\u0939\u0947 \u0939\u0948\u0902 \u0924\u093e\u0915\u093f \u092b\u0940\u0938 \u0915\u092e \u0939\u094b \u0938\u0915\u0947\u0902\u0964 \u092d\u0935\u093f\u0937\u094d\u092f \u0915\u093e \u0932\u0915\u094d\u0937\u094d\u092f AMMs \u0915\u094b \u0914\u0930 \u0905\u0927\u093f\u0915 \u0915\u0941\u0936\u0932, \u0938\u094d\u0915\u0947\u0932\u0947\u092c\u0932 \u0914\u0930 \u0935\u093f\u0936\u094d\u0935\u092d\u0930 \u092e\u0947\u0902 \u0938\u0941\u0932\u092d \u092c\u0928\u093e\u0928\u093e \u0939\u0948\u0964<\/p><\/ul><\/div>","protected":false},"excerpt":{"rendered":"\u092a\u0930\u093f\u091a\u092f \u0921\u0947\u0938\u0947\u0902\u091f\u094d\u0930\u0932\u093e\u0907\u091c\u093c\u094d\u0921 \u092b\u093e\u0907\u0928\u0947\u0902\u0938, \u092f\u093e DeFi, \u0928\u0947 \u0915\u094d\u0930\u093f\u092a\u094d\u091f\u094b \u0926\u0941\u0928\u093f\u092f\u093e \u092e\u0947\u0902 \u0915\u094d\u0930\u093e\u0902\u0924\u093f \u0932\u093e \u0926\u0940 \u0939\u0948 \u2014 \u092f\u0939 \u092c\u093f\u0928\u093e \u092e\u0927\u094d\u092f\u0938\u094d\u0925\u094b\u0902 \u0915\u0947&hellip;\n","protected":false},"author":2,"featured_media":9203,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_yoast_wpseo_focuskw":"\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM)","_yoast_wpseo_title":"\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? %%page%% %%sep%% %%sitename%%","_yoast_wpseo_metadesc":"\u091c\u093e\u0928\u0947\u0902 Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948, \u092f\u0939 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0915\u0948\u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964","csco_singular_sidebar":"","csco_page_header_type":"large","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[211],"tags":[324,325,326],"wf_post_folders":[],"class_list":{"0":"post-9343","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-211","8":"tag-amm-hi","9":"tag-automated-market-maker-hi","10":"tag-what-is-hi","11":"cs-entry","12":"cs-video-wrap"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? | Tokonomo Academy<\/title>\n<meta name=\"description\" content=\"\u091c\u093e\u0928\u0947\u0902 Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948, \u092f\u0939 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0915\u0948\u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/\" \/>\n<meta property=\"og:locale\" content=\"hi_IN\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? | Tokonomo Academy\" \/>\n<meta property=\"og:description\" content=\"\u091c\u093e\u0928\u0947\u0902 Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948, \u092f\u0939 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0915\u0948\u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964\" \/>\n<meta property=\"og:url\" content=\"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/\" \/>\n<meta property=\"og:site_name\" content=\"Tokonomo Academy\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/tokonomo.defi\/\" \/>\n<meta property=\"article:published_time\" content=\"2025-09-12T18:15:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-21T23:57:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Is-an-Automated-Market-Maker-AMM-A-Beginners-Guide-to-DeFi-Trading.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1500\" \/>\n\t<meta property=\"og:image:height\" content=\"500\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Artem Bondarenko\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/artem_ayon\" \/>\n<meta name=\"twitter:site\" content=\"@Tokonomo_DeFi\" \/>\n<meta name=\"twitter:label1\" content=\"\u0926\u094d\u0935\u093e\u0930\u093e \u0932\u093f\u0916\u093f\u0924\" \/>\n\t<meta name=\"twitter:data1\" content=\"Artem Bondarenko\" \/>\n\t<meta name=\"twitter:label2\" content=\"\u0905\u0928\u0941\u092e\u093e\u0928\u093f\u0924 \u092a\u0922\u093c\u0928\u0947 \u0915\u093e \u0938\u092e\u092f\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 \u092e\u093f\u0928\u091f\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? | Tokonomo Academy","description":"\u091c\u093e\u0928\u0947\u0902 Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948, \u092f\u0939 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0915\u0948\u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/","og_locale":"hi_IN","og_type":"article","og_title":"\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? | Tokonomo Academy","og_description":"\u091c\u093e\u0928\u0947\u0902 Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948, \u092f\u0939 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0915\u0948\u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964","og_url":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/","og_site_name":"Tokonomo Academy","article_publisher":"https:\/\/www.facebook.com\/tokonomo.defi\/","article_published_time":"2025-09-12T18:15:30+00:00","article_modified_time":"2025-09-21T23:57:04+00:00","og_image":[{"width":1500,"height":500,"url":"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2025\/09\/What-Is-an-Automated-Market-Maker-AMM-A-Beginners-Guide-to-DeFi-Trading.png","type":"image\/png"}],"author":"Artem Bondarenko","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/twitter.com\/artem_ayon","twitter_site":"@Tokonomo_DeFi","twitter_misc":{"\u0926\u094d\u0935\u093e\u0930\u093e \u0932\u093f\u0916\u093f\u0924":"Artem Bondarenko","\u0905\u0928\u0941\u092e\u093e\u0928\u093f\u0924 \u092a\u0922\u093c\u0928\u0947 \u0915\u093e \u0938\u092e\u092f":"1 \u092e\u093f\u0928\u091f"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/#article","isPartOf":{"@id":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/"},"author":{"name":"Artem Bondarenko","@id":"https:\/\/academy.tokonomo.com\/hi\/#\/schema\/person\/af00053d142e71a56b5fbd5b0b5d0407"},"headline":"Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u092e\u093e\u0930\u094d\u0917\u0926\u0930\u094d\u0936\u0915","datePublished":"2025-09-12T18:15:30+00:00","dateModified":"2025-09-21T23:57:04+00:00","mainEntityOfPage":{"@id":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/"},"wordCount":183,"commentCount":0,"publisher":{"@id":"https:\/\/academy.tokonomo.com\/hi\/#organization"},"keywords":["AMM","Automated Market Maker","What is"],"articleSection":["\u0921\u0947\u092b\u0940"],"inLanguage":"hi-IN","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/#respond"]}],"copyrightYear":"2025","copyrightHolder":{"@id":"https:\/\/academy.tokonomo.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/","url":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/","name":"\u0911\u091f\u094b\u092e\u0947\u091f\u0947\u0921 \u092e\u093e\u0930\u094d\u0915\u0947\u091f \u092e\u0947\u0915\u0930 (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? | Tokonomo Academy","isPartOf":{"@id":"https:\/\/academy.tokonomo.com\/hi\/#website"},"datePublished":"2025-09-12T18:15:30+00:00","dateModified":"2025-09-21T23:57:04+00:00","description":"\u091c\u093e\u0928\u0947\u0902 Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948, \u092f\u0939 DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u094b \u0915\u0948\u0938\u0947 \u0938\u0902\u091a\u093e\u0932\u093f\u0924 \u0915\u0930\u0924\u093e \u0939\u0948, \u0914\u0930 \u0935\u093f\u0915\u0947\u0902\u0926\u094d\u0930\u0940\u0915\u0943\u0924 \u090f\u0915\u094d\u0938\u091a\u0947\u0902\u091c\u094b\u0902 \u0915\u0947 \u0932\u093f\u090f \u092f\u0939 \u0915\u094d\u092f\u094b\u0902 \u092e\u0939\u0924\u094d\u0935\u092a\u0942\u0930\u094d\u0923 \u0939\u0948\u0964","breadcrumb":{"@id":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/#breadcrumb"},"inLanguage":"hi-IN","potentialAction":[{"@type":"ReadAction","target":["https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/academy.tokonomo.com\/hi\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/automated-market-maker-amm-ky-h-defi-trdg-k-le-shraat-mrgdrshk\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/academy.tokonomo.com\/hi\/"},{"@type":"ListItem","position":2,"name":"\u0921\u0947\u092b\u0940","item":"https:\/\/academy.tokonomo.com\/hi\/category\/%e0%a4%a1%e0%a5%87%e0%a4%ab%e0%a5%80\/"},{"@type":"ListItem","position":3,"name":"Automated Market Maker (AMM) \u0915\u094d\u092f\u093e \u0939\u0948? DeFi \u091f\u094d\u0930\u0947\u0921\u093f\u0902\u0917 \u0915\u0947 \u0932\u093f\u090f \u0936\u0941\u0930\u0941\u0906\u0924\u0940 \u092e\u093e\u0930\u094d\u0917\u0926\u0930\u094d\u0936\u0915"}]},{"@type":"WebSite","@id":"https:\/\/academy.tokonomo.com\/hi\/#website","url":"https:\/\/academy.tokonomo.com\/hi\/","name":"Tokonomo Academy","description":"Interested in learning about DeFi, NFT, technology, or following along with tutorials? Tokonomo Academy has all that and more!","publisher":{"@id":"https:\/\/academy.tokonomo.com\/hi\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/academy.tokonomo.com\/hi\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"hi-IN"},{"@type":"Organization","@id":"https:\/\/academy.tokonomo.com\/hi\/#organization","name":"Tokonomo Academy","url":"https:\/\/academy.tokonomo.com\/hi\/","logo":{"@type":"ImageObject","inLanguage":"hi-IN","@id":"https:\/\/academy.tokonomo.com\/hi\/#\/schema\/logo\/image\/","url":"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2022\/08\/tokonomo-L.png","contentUrl":"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2022\/08\/tokonomo-L.png","width":2421,"height":393,"caption":"Tokonomo Academy"},"image":{"@id":"https:\/\/academy.tokonomo.com\/hi\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/tokonomo.defi\/","https:\/\/twitter.com\/Tokonomo_DeFi","https:\/\/t.me\/tokonomo","https:\/\/t.me\/tokonomo_community","https:\/\/www.instagram.com\/tokonomo.defi","https:\/\/discord.gg\/UJc5qgJRQx"]},{"@type":"Person","@id":"https:\/\/academy.tokonomo.com\/hi\/#\/schema\/person\/af00053d142e71a56b5fbd5b0b5d0407","name":"Artem Bondarenko","image":{"@type":"ImageObject","inLanguage":"hi-IN","@id":"https:\/\/academy.tokonomo.com\/hi\/#\/schema\/person\/image\/","url":"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2024\/12\/photo_2023-08-25_15-19-05.jpg","contentUrl":"https:\/\/academy.tokonomo.com\/wp-content\/uploads\/2024\/12\/photo_2023-08-25_15-19-05.jpg","caption":"Artem Bondarenko"},"description":"Co-Founder and COO of Tokonomo DAO. With a degree in International Finance, Artem combines deep financial expertise with a strong operational focus in GameFi and NFT sectors. As a highly experienced COO, Artem has been instrumental in building and scaling Web3 projects, leveraging 5 years of hands-on experience in the DeFi sphere. His extensive network includes partnerships with leading crypto alpha communities and collaborations with over 50 Web3 Key Opinion Leaders (KOLs), driving impactful marketing and strategic initiatives. Artem, also known as Ayon.eth, is passionate about advancing blockchain adoption and creating innovative solutions within the decentralized economy, making him a key figure in the Web3 and DeFi space.","sameAs":["https:\/\/twitter.com\/https:\/\/twitter.com\/artem_ayon"],"url":"https:\/\/academy.tokonomo.com\/hi\/author\/ayon-eth\/"}]}},"_links":{"self":[{"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/posts\/9343","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/comments?post=9343"}],"version-history":[{"count":2,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/posts\/9343\/revisions"}],"predecessor-version":[{"id":9365,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/posts\/9343\/revisions\/9365"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/media\/9203"}],"wp:attachment":[{"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/media?parent=9343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/categories?post=9343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/tags?post=9343"},{"taxonomy":"wf_post_folders","embeddable":true,"href":"https:\/\/academy.tokonomo.com\/hi\/wp-json\/wp\/v2\/wf_post_folders?post=9343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}