> ## Documentation Index > Fetch the complete documentation index at: https://docs.meteora.ag/llms.txt > Use this file to discover all available pages before exploring further. # What is DAMM v1? > Learn how Meteora DAMM v1 combines two-token AMM liquidity, stable pools, LST-aware pools, liquidity locks, and Dynamic Vault-backed reserves into one legacy liquidity product. DAMM v1 is Meteora's original Dynamic AMM on Solana. It is a legacy liquidity product for teams, integrators, and liquidity providers who need to understand existing Meteora LP-token pools. At the surface, a DAMM v1 pool feels familiar: two SPL tokens, shared liquidity, LP tokens, swaps, trading fees, and pool ownership represented by LP shares. Under the hood, each side of the pool is represented by a Meteora Dynamic Vault position. The AMM converts those vault LP positions back into token amounts when it prices swaps, mints LP tokens, processes withdrawals, or calculates virtual price. DAMM v1 runs on the mainnet program `Eo7WjKq67rjJQSZxS6z3YkapzY3eMj6Xy8X5EQVn5UaB`. ## Why DAMM v1 matters DAMM v1 was built for a simple problem: liquidity is expensive to attract and even more expensive to keep. Traditional AMMs usually rely on two sources of LP return: swap fees and token incentives. DAMM v1 adds vault-backed composition: when the connected Dynamic Vault for an asset has supported strategies, idle liquidity may earn additional yield while the AMM continues to support swaps and withdrawals. That makes DAMM v1 especially useful for: * **Long-tail token markets** that need dependable full-range liquidity. * **Stable asset pairs** that need low-slippage swaps near a target peg. * **LST markets** where the staking token appreciates against SOL over time. * **Partner-incentivized pools** where projects use external farms or campaigns on top of AMM fees. * **Community confidence pools** where teams want to lock liquidity while fees continue to accrue. ## Product pillars DAMM v1 supports classic full-range AMM liquidity for assets that can trade across a wide price range. Stable pools use a StableSwap-style curve to create deeper liquidity around assets expected to trade close to each other. LST pools account for staking-token appreciation by using a depeg-aware stable pool design for SOL/LST pairs. Eligible pool assets can sit inside Dynamic Vaults, where idle liquidity may be allocated to supported lending strategies. Projects can use external farming programs so staked DAMM v1 LP tokens earn campaign rewards. LP tokens can be locked to signal long-term commitment while the locked liquidity remains part of the pool. ## How DAMM v1 works A DAMM v1 pool has two token sides: token A and token B. When LPs deposit both assets, they receive LP tokens that represent their share of the pool. Traders swap against the pool, and the pool updates its reserves according to the curve selected for that market. DAMM v1 supports two major curve families: * **Constant-product pools** use the familiar `x × y = k` model. They are best for volatile assets where the price can move freely across a wide range. * **Stable pools** use an amplified StableSwap curve. They are best for assets that should trade close together, such as stablecoins or certain SOL/LST pairs. The pool itself does not simply hold raw token balances. Each side points to a Dynamic Vault. The DAMM v1 program tracks the pool's vault LP position and converts it back into total token value when swaps, deposits, withdrawals, and locks happen. For exact limits, see [Implementation and Limits](/legacy-products/damm-v1/implementation-and-limits). ## LP return stack DAMM v1 LPs can earn from multiple layers depending on the pool configuration: 1. **Trading fees** from swaps through the pool. 2. **Dynamic Vault yield** when eligible assets such as USDC, USDT, or SOL are routed through supported vault strategies. 3. **External farming rewards** when a project or partner funds a separate reward program for staked DAMM v1 LP tokens. 4. **Partner or campaign incentives** when additional programs reward DAMM v1 liquidity. Not every DAMM v1 pool has every yield source. A volatile pool without a farm is different from a stable pool with Dynamic Vault yield and partner incentives. Always evaluate the specific pool's fee, vault, farm, activation, and risk profile. ## DAMM v1 vs DAMM v2 DAMM v1 is a legacy product. It remains important because many pools and integrations were built around its LP-token model, Dynamic Vault composition, stable pool design, and farming program. DAMM v2 is the newer configurable AMM. It adds modern product controls such as NFT positions, concentrated liquidity options, launch-ready fee modes, built-in liquidity mining, Token 2022 support, and more granular pool configuration. Use the DAMM v1 documentation to reference details about existing legacy pools, stable pools, LST pools, earlier farm structures, or vault-backed liquidity. **If you are creating a new pool or want to leverage the latest features, integrations, and controls, we recommend using DAMM v2.** Please refer to the [DAMM v2 documentation](/core-products/damm-v2/what-is-damm-v2) for guidance on building with the current Meteora AMM product suite. ## Explore DAMM v1 Learn why stable pools are optimized for assets that should trade close to a target price. See how DAMM v1 supports SOL/LST liquidity while accounting for staking-token appreciation. Understand how eligible idle liquidity can earn additional lending yield. Learn how external reward pools add token incentives for LPs. Understand how locked LP tokens keep liquidity committed while the pool remains active. See how trading fees, vault yield, and external rewards affect displayed returns. Choose the right DAMM v1 pool type, fee setup, reward design, and LP experience. See constraints for curves, fees, activation, depeg pools, liquidity operations, and locks. Use the math appendix for constant-product pricing, StableSwap behavior, LP share value, fees, and rewards.