In this episode, we discuss the workings of Automated Market Makers (AMMs), which are the key technology behind the functioning of Decentralized Exchanges (DEXs) today such as Uniswap, Sushiswap, Curve, etc. We look at what Automated Market Marking is, how it differs from the conventional mechanism of using Order Books. Also, we discuss the basics of liquidity pools, yields, etc. and the various pricing algorithms used by AMMs.