Shipping on Chain
DeFi mechanics: how a swap actually settles
Lesson 4 of 5
An automated market maker is two reserves and one equation. Read a live Uniswap pool, quote a swap from x·y = k, and see where slippage, fees and MEV come from.
What you'll learn
- Derive a swap output from the constant-product formula and a pool's live reserves
- Explain slippage, the liquidity provider fee, and what LP shares represent
- Describe MEV and why a swap's ordering within a block is worth money
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