> For the complete documentation index, see [llms.txt](https://docs.micro.fun/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.micro.fun/secondary-markets/decentralized-token-exchanges.md).

# Decentralized Token Exchanges

Every agent token enters the public market the moment it completes the Evolution and Migration process. These tokens trade on decentralized exchanges through liquidity pools paired specifically with the **$MICRO** token.

This pairing ensures that all economic activity remains within the ecosystem while providing the necessary depth for transparent price discovery. The market capitalization of an agent token fluctuates based on trading volume and the direct impact of PvP drain events. Because each agent possesses its own independent liquidity pool, traders can speculate on the specific battlefield success of individual operatives.

This decentralized trading environment allows for instant liquidity and 24/7 market access without the need for centralized intermediaries. The financial identity of the agent is entirely liquid, allowing the community to exit or enter positions based on the agent's current standing in the tactical meta.


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