There are two key market participants in Carbon DeFi:
“Makers” submit automated strategies composed of one or two onchain limit or range orders.
“Takers” perform “spot” trades against live strategies directly, via DEX aggregators, or as arbitrageurs. Spot trading requests are handled by way of a decentralized SDK or using any custom software capable of processing the on-chain data.
Makers are similar to liquidity providers in legacy automated market makers (AMMs) in that their activities support the liquidity of the system in an on-chain, permissionless manner. However, they are notably different in that each maker can customize their own personalized fee or "spread" between their buy and sell ranges. This is in contrast to existing AMMs which force liquidity providers to adopt the fee of the AMM they're providing liquidity to.