An Automated Market Maker (AMM) is a type of decentralized exchange protocol that allows users to trade cryptocurrencies without the need for a traditional order book. Instead of matching buyers and sellers, AMMs use smart contracts to create liquidity pools, where users can deposit their assets. These pools enable trades to occur at any time, with prices determined by algorithms based on supply and demand. AMMs are commonly used in the DeFi (Decentralized Finance) space, providing a more accessible way for users to swap tokens. Popular AMM platforms include Uniswap and SushiSwap, which have gained traction for their user-friendly interfaces and innovative features.