“AMMs are simple price machines” — and why that’s misleading for your next Uniswap trade
One common misconception among DeFi users is that automated market makers (AMMs) like Uniswap simply sit there and supply “market prices” in the same way a centralized exchange does. That framing hides key mechanics that determine execution price, fee capture, and risk allocation. The constant product formula (x * y = k) is elegant, but […]








































