> For the complete documentation index, see [llms.txt](https://lixir-finance.gitbook.io/lixir-doc/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://lixir-finance.gitbook.io/lixir-doc/resources/risks/amm-risk.md).

# AMM risk

Every Lixir Vault utilizes one or more external AMMs. This means that a deposit made in a Lixir Vault will end up in a smart contract that belongs to one of these external AMMs. Although Lixir will do their due diligence before integrating an AMM, there is smart contract risk in play that Lixir has no control over. This is also something to take into account when buying a DeFi insurance policy that covers Lixir Finance smart contract exploits - these policies typically don't cover any exploits of external contracts used.


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