Nabla is a novel Automated Market Maker for Crypto and Real World Assets, including Forex. Its innovative architecture offers optimal capital efficiency and thus lowest swap costs. But the main innovation is the intrinsic separation of providing token liquidity from taking on the market making risks. This enables low-risk single-sided token liquidity provision into the Swap Pools, and thus can attract deep swap liquidity at relatively low costs. The market making risks are reduced as much as possible, with the remaining risks confined into a dedicated incentivised Backstop Pool.