> ## Documentation Index
> Fetch the complete documentation index at: https://docs.ezpz.fi/llms.txt
> Use this file to discover all available pages before exploring further.

# Venues (AMM vs CLOB)

> How ezpz.fi routes trades through different execution venues.

## Two execution venues

ezpz.fi supports two ways to trade outcome tokens:

| Venue    | How it works                                  | M1 status                                 |
| -------- | --------------------------------------------- | ----------------------------------------- |
| **AMM**  | Swap against a liquidity pool                 | **Live** — default for retail predictions |
| **CLOB** | Match limit orders off-chain, settle on-chain | **Future** — v2 release                   |

Makers choose the venue when creating a market (`/authoring`).

## AMM (current default)

* Prices set by the pool curve (LS-LMSR cost function; legacy CPMM phased out)
* Always available as long as the pool has liquidity
* Best for players who want instant execution
* Makers seed liquidity at publish time

See [Prices & AMM](/concepts/prices-amm) for details.

## CLOB (coming soon)

The CLOB (central limit order book) works like Polymarket's order book:

1. You sign an **order intent** off-chain
2. The matching engine pairs buy and sell orders
3. Matched fills settle atomically on-chain via the exchange program

Key properties:

* No custody — the exchange program verifies signatures and swaps tokens between makers
* Limit orders rest on the book until filled or cancelled
* Requires delegate approval on your token account (similar to Polymarket's `setApprovalForAll`)

<Note>
  Retail CLOB trading is gated off in M1. Limit orders and Count Bars derivatives are planned for v2.
</Note>

## Why two venues?

| Use case                        | Better venue       |
| ------------------------------- | ------------------ |
| Quick retail predictions        | AMM                |
| Professional market making      | CLOB               |
| Tight spreads on liquid markets | CLOB               |
| New markets with thin liquidity | AMM (maker-seeded) |

Both venues settle against the same YES/NO outcome tokens and the same resolution process.