- [Automated market makers and decentralized exchanges: a DeFi primer](https://jfin-swufe.springeropen.com/track/pdf/10.1186/s40854-021-00314-5.pdf)

https://www.gemini.com/cryptopedia/amm-what-are-automated-market-makers#section-constant-product-formula

## Path Dependence https://vitalik.ca/general/2017/06/22/marketmakers.html