What is STEAMM?

What is STEAMM?

STEAMM is Sui’s first Superfluid AMM, designed to maximize capital efficiency by integrating directly with Suilend’s lending markets. While many traditional AMMs leave a large portion of their liquidity idle, STEAMM puts those unused funds to work on Suilend, earning additional yield without compromising swap liquidity.

STEAMM features a modular swap architecture - supporting constant-product (CPMM), virtual constant-product (vCPMM), and oracle market maker (OMM) quoters - making it highly adaptable to various token types and market conditions on Sui.

Example from the WAL-USDC pair showing how idle liquidity on STEAMM is redeposited into Suilend for additional yield.

What pools types does STEAMM support?

STEAMM supports three types of pricing curves: constant-product (CPMM), virtual constant-product (vCPMM), and oracle market maker (OMM).

  • CPMM is the classic AMM model (used by Uniswap v2), where reserves follow the formula xy=k*. It requires both sides of the trading pair (e.g., SUI and MEME) to be supplied upfront, and pricing is entirely determined by the current reserve ratio.

  • vCPMM behaves similarly to CPMM in terms of pricing, but introduces a “virtual reserve” on one side of the pool. This allows a pool to launch with liquidity on only one side - say, just MEME and no SUI - and still simulate balanced pricing. It’s ideal for token launches where the issuer wants to bootstrap liquidity without needing to pair against a base asset like SUI.

  • OMM combines oracle pricing with dynamic fees. Rather than using reserve ratios to determine price, OMM uses an external oracle price (e.g., from Pyth) as the base price, then adds a liquidity fee that scales with trade size. This protects against toxic flow and price manipulation while keeping slippage realistic for large trades.

CPMM: Best for: everyday trading pairs like SUI/USDC or SUI/MEME

vCPMM: Best for: launching new tokens or bootstrapping liquidity with just one token

OMM: Best for: stable pairs, low-slippage trades and more efficient pricing for large or volatile assets

What fees does STEAMM have?

When swaps are made via STEAMM, a protocol fee of 20% is incurred. For example, if a swap is made from a pool with a fee tier of 0.3%, 80% of the fee (0.24%) is distributed to liquidity providers (LPs), while the remaining 20% (0.06%) is reserved as the protocol fee.

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