Traditional exchanges and automated market maker (AMM) exchanges are the two main types of exchanges that allow users to trade Bitcoin and other cryptocurrencies. To link customers trying to purchase tokens with those wishing to sell, traditional exchanges employ an order book. Instead of trading between buyers and sellers, participants on an AMM platform trade against a pool of tokens known as a liquidity pool. Unlike previous AMM systems, Raydium's AMM delivers on-chain liquidity to Solana's central limit order book, allowing Raydium's users and liquidity pools complete access to the whole of Solana's ecosystem order flow and liquidity, and vice versa.