Depth, slippage, and price impact — why a $1M trade in one pool is free and ruinous in another.

An AMM tuned for assets that should trade 1:1 — flat curve near parity, deep stable liquidity, the engine of the Curve wars.

Liquidity is fragmented across hundreds of pools; aggregators and solvers find best execution and shield you from MEV.

Price isn't a number a protocol stores — it's an emergent result of where liquidity sits. Thin books move on a whisper; deep ones absorb a shout.

The exact arithmetic behind a swap quote: how a constant-product curve turns reserves into a price and a trade into impact.