Swap: Inside Uniswap V2’s Core Operation

Three posts in. We've established what AMMs are and how the constant product formula works, mapped out the contract architecture, and walked through how liquidity gets added to a pool. If you haven't read those, this post will still make sense in isolation, but some things will click harder with the context. This is the one most people care about. Everything else in Uniswap exists to support this. The swap is what users actually come for, and it's where the x · y = k formula stops being a concep