# Participants There are two key market participants in Carbon DeFi: 1. “Makers” submit automated strategies composed of one or two onchain limit or range orders. 2. “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](broken://pages/3p7P9Hdjypektrb5MncV) 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 spread or "fee tier" 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. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://faq.carbondefi.xyz/getting-started/participants.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.