Do Automated Market Makers (AMMs) in DeFi Have an Equivalent to a Traditional Order Book?

No, AMMs do not use a traditional order book. Instead, they use a liquidity pool of two or more tokens and a mathematical formula (like $x y=k$) to determine the price and execute trades.

The liquidity pool and the pricing formula serve as the functional equivalent of the order book, providing liquidity and setting the price for trades. Trades are executed directly against the pool, not against other individual limit orders.