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What is an Automated Market Maker? (AMM)

Do you know what an Automated Market Maker is? Can you remember what special functions they utilize? Take this AMM lesson quiz and confirm you know.

What do Automated Market Makers (AMMs) do?
How do AMMs work?
Where do AMMs store currency?
What is the formula called that AMMs use to calculate a fair exchange rate?
How does the XRPL order book differ from a typical AMM?