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.

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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 (Oracle Market Maker) 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.