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Stellar Development Foundation held an open protocol discussion on CAP 37 and CAP 38, two competing proposals to introduce automated market makers (AMMs) at the protocol level. After extensive debate on implementation approaches, the CAP committee unanimously voted to move CAP 38 into final comment period, choosing the simpler best-venue routing model over CAP 37's more complex interleaved approach.

Stellar protocol discussion on automated market makers (AMMs) focusing on asset authorization and revocation mechanisms. Two approaches debated: one mirroring existing offer revocation semantics, another requiring issuer opt-in for liquidity pool participation.

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.

Tyler Vanderhoeven from SDF presented progress on Turing Signing Servers, a proposal for enabling decentralized transaction creation on Stellar through programmable smart contract-like functionality without modifying the core protocol.

Nikhil Saraf from the Stellar Development Foundation presents Kelp, an automated trading bot that solves liquidity problems on Stellar's decentralized exchange by enabling market makers, traders, and anchors to create instant liquidity across asset pairs.

Tyler Vanderhoeven presents SEP X, a proposal for Turing complete smart contracts on Stellar via decentralized Turing signing servers. These servers enable programmable transaction creation while maintaining Stellar's safety guarantees, offering functional feature parity with Ethereum without requiring assets to be first-class citizens.

Nicholas Haraf from the Stellar Development Foundation demonstrates Kelp GUI v1, a graphical interface for managing trading bots on the Stellar Decentralized Exchange. The tool allows users to create and manage multiple bot instances with customizable trading strategies without coding.

Tyler Vanderhoeven explains path payments, a core Stellar feature that moves value through the decentralized exchange by routing assets across multiple order books. Path payments enable market orders, cross-asset payments, and liquidity provision without manual exchange interaction.