Fun fact, AMMs were considered well before cryptocurrency.
" The most popular automated market maker used in Internet prediction markets is
Hanson’s logarithmic market scoring rule (LMSR), an automated market maker with
particularly desirable properties [Hanson 2003, 2007]. The LMSR is used by a number of companies including Inkling Markets, Consensus Point, Yahoo!, Microsoft, and the large-scale non-commercial Gates Hillman Prediction Market at Carnegie Mellon [Othman and Sandholm 2010a]."
From https://www.cs.cmu.edu/~sandholm/liquidity-sensitive%20autom...
" The most popular automated market maker used in Internet prediction markets is Hanson’s logarithmic market scoring rule (LMSR), an automated market maker with particularly desirable properties [Hanson 2003, 2007]. The LMSR is used by a number of companies including Inkling Markets, Consensus Point, Yahoo!, Microsoft, and the large-scale non-commercial Gates Hillman Prediction Market at Carnegie Mellon [Othman and Sandholm 2010a]." From https://www.cs.cmu.edu/~sandholm/liquidity-sensitive%20autom...