An AMM doesn’t necessarily rely on just one fixed formula for pricing. Haedal places HMM and PropAMM in parallel positions: each handles its own market-making logic, and PropAMM is not a replacement “new version” of HMM.

The core of HMM is to actively reference oracle prices to quote. PropAMM is Haedal’s proprietary AMM engine, controlled by quantitative market-making strategies that determine executable on-chain buy and sell quotes, and can adjust its prices, depth, inventory balance, and risk controls according to its own logic.

This difference can be understood as follows: HMM’s pricing anchor leans toward external oracles, while PropAMM adds an extra layer of customizable strategic judgment. Therefore, both engines can coexist to handle different market-making conditions, rather than being limited to choosing only one.

#Haedal The official design goal is to have PropAMM capture the transaction flow brought by aggregators and other Sui transaction entry points, and convert related activities into protocol revenue.