> For the complete documentation index, see [llms.txt](https://docs.metric.xyz/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.metric.xyz/start-here/readme.md).

# Introduction

Metric is a decentralized exchange for **active pools**: pools with custom pricing and liquidity that proactively change with new information.

**Active pools** split pricing and liquidity into two parts. The [**Price Provider**](/how-pools-work/price-providers.md) sets prices: a bid, an ask and a **reference price**, from oracles, onchain data or custom rules. The **pool** holds the liquidity in [percentage ranges](/how-pools-work/liquidity-and-bins.md) around the provider's quote and executes trades. Unlike most AMMs, the pool isn't its own price oracle: trades move price only relative to the reference. When the reference moves, the ranges move with it.

**Curators** choose the Price Provider and the pool's settings. **Liquidity providers** choose which ranges to fund.

Pools can be **public** and accept outside liquidity or run as **private pools** using the curator's own capital.

Pools can be **update-dependent**, relying on price updates pushed onchain, or **update-independent**, deriving quotes from onchain state and logic without price updates.

Where the chain allows it, an update-dependent pool's latest quote update can be placed ahead of the trades that use it, protecting the market maker. See [Freshness and ordering](/how-pools-work/freshness-and-ordering.md).

## What can Metric pools do?

* **Follow offchain markets.** Use oracle feeds to price tokenized stocks, forex, gold or crypto majors.

With a custom Price Provider or extension, a pool could also:

* **Follow onchain markets.** Use another pool's prices as a reference. The provider must guard against that price being moved.
* **Price yield-bearing assets.** Use a token's conversion rate into its underlying asset as a pricing input.
* **Price custom instruments.** Use custom pricing models for options, prediction-market outcomes or other synthetic assets.
* **Run custom trading strategies.** Grid orders, limit orders, deep OTC orders and volatility-adjusted pricing.

**PropAMMs** and **oracle-guided pools** are the two best-known kinds of active pools.

## What it means for you

| You are a…                          | Start here                                                                                                         |
| ----------------------------------- | ------------------------------------------------------------------------------------------------------------------ |
| Trader                              | [Trade](/use-metric/trade.md)                                                                                      |
| Liquidity provider                  | [Provide liquidity](/use-metric/provide-and-manage-liquidity.md)                                                   |
| Public-pool curator or token issuer | [Curators](/use-metric/provide-and-manage-liquidity/public-pools-and-curation.md)                                  |
| Market maker                        | [Run a private pool](/run-a-pool/getting-started.md)                                                               |
| Aggregator, solver or app developer | [Integrate liquidity](/integrate/integrate-metric-liquidity.md)                                                    |
| Pool developer                      | [Build custom pool logic](/run-a-pool/build-a-price-provider.md) · [Extensions](/run-a-pool/build-an-extension.md) |

Learn [how Metric works](/start-here/how-metric-works.md), check [supported chains and deployments](/reference/supported-chains-and-deployments.md) or look up a term in the [Glossary](/reference/glossary.md).