> For the complete documentation index, see [llms.txt](https://nekoswap.gitbook.io/nekoswap/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://nekoswap.gitbook.io/nekoswap/product-features.md).

# Product Features

Neko Swap is an Automated Market Maker (AMM) where trading of runes and tokens is at its core.

The Neko Swap exchange offers a variety of features that support decentralized trading:

<br>

Swapping/Trading

Neko Swap allows users to trade without going through a centralized exchange. Everything you do on Neko Swap is done directly through your own wallet — no need to entrust your tokens to anyone else!

<br>

Liquidity Pools

You can only swap tokens on Neko Swap when there is enough liquidity for those tokens. If no one has added significant liquidity for the tokens you want to swap, doing so would be difficult, expensive, or impossible.

<br>

Providing liquidity will earn you LP (Liquidity Provider) tokens, which will reward you with a share of the trading fees, ensuring that the exchange always has liquidity available.

<br>

Liquidity Mining

Liquidity mining rewards users who provide liquidity by locking their LP tokens into a smart contract with Future Token rewards. The motivation for doing so is to offset the risk of impermanent loss that comes with locking liquidity.

<br>

Initial Farm Offerings (IFOs and IDOs)

Initial Farm Offerings are events that allow users to purchase new tokens at a discounted rate for a limited time. The prices for IFO & IDO are typically very favorable.

<br>

<br>


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