  Automated Market Makers (AMMs) are a class of smart contracts on Ethereum and
other blockchains that "make markets" autonomously. In other words, AMMs stand
ready to trade with other market participants that interact with them, at the
conditions determined by the AMM. In this this paper, which relies on the
existing and growing corpus of literature available, we review and present the
key mathematical and quantitative finance aspects that underpin their
operations, including the interesting relationship between AMMs and derivatives
pricing and hedging.
