Stellar developers discussed two competing proposals, CAP 37 and CAP 38, for adding automated market makers (AMMs) to the protocol. Key topics included reserve requirements, DEX integration approaches, pool parameter updates, and governance for multiple pools per asset pair.
The Stellar Open Protocol discussion covered two draft CAPs designed to introduce automated market makers at the protocol level to improve network liquidity. CAP 37 and CAP 38 differ on reserve requirements, DEX integration strategy, and support for multiple pools. Participants debated whether AMMs should interleave with the existing order book (CAP 37) or execute trades entirely on one venue (CAP 38). Discussion also covered pool parameter mutability, governance models for introducing new pools, and liquidity fragmentation concerns. The group agreed to continue detailed debate on the Stellar Developers mailing list.