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stellar/stellar-protocol CAP-38 (Automated Market Makers) is now accepted.

Preamble CAP: 0038 Title: Automated Market Makers Working Group: Owner: Jonathan Jove <@jonjove> Authors: Jonathan Jove <@jonjove>, Siddharth Suresh <@sisuresh> Consulted: OrbitLens <@orbitLens>, Nikhil Saraf <@nikhilsaraf>, Tamir Sen <@tamirms>, Phil Meng <@phil-stellar>, Leigh McCulloch <@leighmcculloch>, Nicolas Barry <@monsieurnicolas> Status: Accepted Created: 2021-03-22 Discussion: Protocol version: TBD Simple Summary

Automated market makers provide a simple way to provide liquidity and exchange assets.

Working Group

This proposal was initially authored by Jonathan Jove based on the results of numerous discussions. The working group includes the author of a similar proposal (OrbitLens), people with knowledge of market making (Nikhil Saraf and Phil Meng), and a maintainer of Horizon and its SDKs (Tamir Sen).


Projects such as Uniswap have shown that automated market makers are effective at providing easy-to-access liquidity at scale. The simplicity and non-interactivity of liquidity pools can attract large amounts of capital and enable high volumes of trading. We believe adding automated market makers to Stellar will improve overall liquidity on the network.

Goals Alignment

This proposal is aligned with several Stellar Network Goals, among them:

The Stellar Network should run at scale and at low cost to all participants of the network The Stellar Network should enable cross-border payments, i.e. payments via exchange of assets, throughout the globe, enabling users to make payments between assets in a manner that is fast, cheap, and highly usable. The Stellar Network should make it easy for developers of Stellar projects to create highly usable products. Abstract

This proposal introduces automated market makers to the Stellar network. LiquidityPoolEntry is introduced...

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