AMM and Dex (Decentralized Exchange) are related concepts but represent different aspects of decentralized trading. An AMM is a decentralized exchange mechanism that utilizes liquidity pools and automated algorithms to determine token prices and facilitate trading. It eliminates the need for traditional order books and relies on user-provided liquidity. On the other hand, Dex is a broader term encompassing various decentralized exchange models, including AMMs. Dex refers to the overarching concept of a decentralized exchange, which can contain different mechanisms such as order book-based exchanges, peer-to-peer trading platforms, or AMMs.