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Q.

What is an AMM?

A.

AMM stands for "Automated Market Maker".
AMMs are programs that allow users to buy and sell digital assets without the need for traditional buyers and sellers. Instead, AMMs use algorithms to set prices based on the amount of assets being traded, and users trade directly with the program. This creates a decentralized market where anyone can participate.
The AMM is only live on AMM devnet; you can find more information at XLS-30 discussion.
You can find a detailed explanation about AMM on XRPL here.

Unique points

• The AMM engine is built into the XRP Ledger itself, unlike other chains
• Liquidity is aggregated natively across the whole XRPL—no liquidity separation across different projects
• Votable Trading Fee for liquidity providers
• Interoperable with order book DEX
• Continuous Auction Mechanism reduces trading fees for arbitrageurs and provides benefits to liquidity providers

We're preparing separate documentation for these features!

Q.

What is Devnet?

A.

XRPL has parallel test networks, that are used for testing changes to the XRP Ledger and software built on it without using real funds.

Orchestra AMM DEX is now live on XRPL Devnet.

• Devnet tokens are intended for testing only and have no monetary value.
• All balances and XRP on these networks are separate from Mainnet. As a precaution, do not use Devnet credentials on the Mainnet.

You can find a list of all parallel networks here.

TL/DR;

• You don't require actual funds to explore new AMM features.
• It's not possible to earn tokens with real monetary value on the Devnet.

Through the use of the Devnet, you can acquire fundamental knowledge of AMM.
It's priceless!