Tokemak is a decentralized market maker which aims to create sustainable DeFi liquidity and capital efficient markets through a convenient disaggregated market making protocol. The protocol decentralizes the scarce resources that traditional market makers control: capital, market knowledge,** and technology**. In the Tokemak model, the protocol acts as the technology component with capital and market knowledge being sourced from third-parties which are referred to as Liquidity Providers (LPs), Liquidity Directors (LDs), and Pricers. Tokemak achieves this business model by establishing two-sided liquidity pools for individual assets, the liquidity pools are then directed to various exchanges or venues by Liquidity Directors which vote on the specific target via staking Tokemak's native TOKE token.