# Trade

MoDex Swap is an Automated Market Maker (AMM), and the Exchange is at the heart of it.&#x20;

The Exchange offers several features that support decentralized trading:

### Swapping/Trading

MoDex Swap lets users trade without the need to go through a Centralized Exchange. Everything you do on MoDex Swap is routed directly through your own wallet—no need to trust someone else with your coins!

### Liquidity Pools

You can only swap tokens on MoDex Swap if there is enough liquidity for those tokens. If nobody has added much liquidity for the token or tokens you want to swap, it will be difficult, expensive, or impossible to do so.

Providing liquidity will get you LP Tokens, which will earn you rewards in the form of trading fees for making sure there's always liquidity for the exchange to use.

### Yield Farming

Yield farming lets users that are providing liquidity earn MoDex Tokens as rewards by locking their LP tokens into a smart contract.&#x20;

### Initial Farm Offerings (IFOs)

An Initial Farm Offering is an event that lets users buy into a limited-time offer to purchase new tokens. The IFO price is usually very generous.
