diff --git a/crates/bdk/src/wallet/mod.rs b/crates/bdk/src/wallet/mod.rs
index 3850bc30a..4074c4310 100644
--- a/crates/bdk/src/wallet/mod.rs
+++ b/crates/bdk/src/wallet/mod.rs
@@ -54,6 +54,7 @@ pub mod tx_builder;
 pub(crate) mod utils;
 
 pub mod error;
+
 pub use utils::IsDust;
 
 use coin_selection::DefaultCoinSelectionAlgorithm;
@@ -305,6 +306,8 @@ pub enum LoadError {
     MissingNetwork,
     /// Data loaded from persistence is missing genesis hash.
     MissingGenesis,
+    /// Data loaded from persistence is missing descriptor.
+    MissingDescriptor,
 }
 
 impl fmt::Display for LoadError {
@@ -317,6 +320,7 @@ impl fmt::Display for LoadError {
             }
             LoadError::MissingNetwork => write!(f, "loaded data is missing network type"),
             LoadError::MissingGenesis => write!(f, "loaded data is missing genesis hash"),
+            LoadError::MissingDescriptor => write!(f, "loaded data is missing descriptor"),
         }
     }
 }
@@ -352,6 +356,13 @@ pub enum NewOrLoadError {
         /// The network type loaded from persistence.
         got: Option<Network>,
     },
+    /// The loaded desccriptor does not match what was provided.
+    LoadedDescriptorDoesNotMatch {
+        /// The descriptor loaded from persistence.
+        got: Option<ExtendedDescriptor>,
+        /// The keychain of the descriptor not matching
+        keychain: KeychainKind,
+    },
 }
 
 impl fmt::Display for NewOrLoadError {
@@ -372,6 +383,13 @@ impl fmt::Display for NewOrLoadError {
             NewOrLoadError::LoadedNetworkDoesNotMatch { expected, got } => {
                 write!(f, "loaded network type is not {}, got {:?}", expected, got)
             }
+            NewOrLoadError::LoadedDescriptorDoesNotMatch { got, keychain } => {
+                write!(
+                    f,
+                    "loaded descriptor is different from what was provided, got {:?} for keychain {:?}",
+                    got, keychain
+                )
+            }
         }
     }
 }
@@ -499,21 +517,57 @@ impl Wallet {
     }
 
     /// Load [`Wallet`] from the given persistence backend.
-    pub fn load<E: IntoWalletDescriptor>(
-        descriptor: E,
-        change_descriptor: Option<E>,
+    ///
+    /// Note that the descriptor secret keys are not persisted to the db; this means that after
+    /// calling this method the [`Wallet`] **won't** know the secret keys, and as such, won't be
+    /// able to sign transactions.
+    ///
+    /// If you wish to use the wallet to sign transactions, you need to add the secret keys
+    /// manually to the [`Wallet`]:
+    ///
+    /// ```rust,no_run
+    /// # use bdk::Wallet;
+    /// # use bdk::signer::{SignersContainer, SignerOrdering};
+    /// # use bdk::descriptor::Descriptor;
+    /// # use bitcoin::key::Secp256k1;
+    /// # use bdk::KeychainKind;
+    /// # use bdk_file_store::Store;
+    /// #
+    /// # fn main() -> Result<(), anyhow::Error> {
+    /// # let temp_dir = tempfile::tempdir().expect("must create tempdir");
+    /// # let file_path = temp_dir.path().join("store.db");
+    /// # let db: Store<bdk::wallet::ChangeSet> = Store::create_new(&[], &file_path).expect("must create db");
+    /// let secp = Secp256k1::new();
+    ///
+    /// let (external_descriptor, external_keymap) = Descriptor::parse_descriptor(&secp, "wpkh(tprv8ZgxMBicQKsPdy6LMhUtFHAgpocR8GC6QmwMSFpZs7h6Eziw3SpThFfczTDh5rW2krkqffa11UpX3XkeTTB2FvzZKWXqPY54Y6Rq4AQ5R8L/84'/1'/0'/0/*)").unwrap();
+    /// let (internal_descriptor, internal_keymap) = Descriptor::parse_descriptor(&secp, "wpkh(tprv8ZgxMBicQKsPdy6LMhUtFHAgpocR8GC6QmwMSFpZs7h6Eziw3SpThFfczTDh5rW2krkqffa11UpX3XkeTTB2FvzZKWXqPY54Y6Rq4AQ5R8L/84'/1'/0'/1/*)").unwrap();
+    ///
+    /// let external_signer_container = SignersContainer::build(external_keymap, &external_descriptor, &secp);
+    /// let internal_signer_container = SignersContainer::build(internal_keymap, &internal_descriptor, &secp);
+    ///
+    /// let mut wallet = Wallet::load(db)?;
+    ///
+    /// external_signer_container.signers().into_iter()
+    ///     .for_each(|s| wallet.add_signer(KeychainKind::External, SignerOrdering::default(), s.clone()));
+    /// internal_signer_container.signers().into_iter()
+    ///     .for_each(|s| wallet.add_signer(KeychainKind::Internal, SignerOrdering::default(), s.clone()));
+    /// # Ok(())
+    /// # }
+    /// ```
+    ///
+    /// Alternatively, you can call [`Wallet::new_or_load`], which will add the private keys of the
+    /// passed-in descriptors to the [`Wallet`].
+    pub fn load(
         mut db: impl PersistBackend<ChangeSet> + Send + Sync + 'static,
     ) -> Result<Self, LoadError> {
         let changeset = db
             .load_from_persistence()
             .map_err(LoadError::Persist)?
             .ok_or(LoadError::NotInitialized)?;
-        Self::load_from_changeset(descriptor, change_descriptor, db, changeset)
+        Self::load_from_changeset(db, changeset)
     }
 
-    fn load_from_changeset<E: IntoWalletDescriptor>(
-        descriptor: E,
-        change_descriptor: Option<E>,
+    fn load_from_changeset(
         db: impl PersistBackend<ChangeSet> + Send + Sync + 'static,
         changeset: ChangeSet,
     ) -> Result<Self, LoadError> {
@@ -522,10 +576,23 @@ impl Wallet {
         let chain =
             LocalChain::from_changeset(changeset.chain).map_err(|_| LoadError::MissingGenesis)?;
         let mut index = KeychainTxOutIndex::<KeychainKind>::default();
+        let descriptor = changeset
+            .indexed_tx_graph
+            .indexer
+            .keychains_added
+            .get(&KeychainKind::External)
+            .ok_or(LoadError::MissingDescriptor)?
+            .clone();
+        let change_descriptor = changeset
+            .indexed_tx_graph
+            .indexer
+            .keychains_added
+            .get(&KeychainKind::Internal)
+            .cloned();
 
         let (signers, change_signers) =
             create_signers(&mut index, &secp, descriptor, change_descriptor, network)
-                .map_err(LoadError::Descriptor)?;
+                .expect("Can't fail: we passed in valid descriptors, recovered from the changeset");
 
         let mut indexed_graph = IndexedTxGraph::new(index);
         indexed_graph.apply_changeset(changeset.indexed_tx_graph);
@@ -562,8 +629,8 @@ impl Wallet {
         )
     }
 
-    /// Either loads [`Wallet`] from persistence, or initializes it if it does not exist (with a
-    /// custom genesis hash).
+    /// Either loads [`Wallet`] from persistence, or initializes it if it does not exist, using the
+    /// provided descriptor, change descriptor, network, and custom genesis hash.
     ///
     /// This method will fail if the loaded [`Wallet`] has different parameters to those provided.
     /// This is like [`Wallet::new_or_load`] with an additional `genesis_hash` parameter. This is
@@ -580,25 +647,23 @@ impl Wallet {
             .map_err(NewOrLoadError::Persist)?;
         match changeset {
             Some(changeset) => {
-                let wallet =
-                    Self::load_from_changeset(descriptor, change_descriptor, db, changeset)
-                        .map_err(|e| match e {
-                            LoadError::Descriptor(e) => NewOrLoadError::Descriptor(e),
-                            LoadError::Persist(e) => NewOrLoadError::Persist(e),
-                            LoadError::NotInitialized => NewOrLoadError::NotInitialized,
-                            LoadError::MissingNetwork => {
-                                NewOrLoadError::LoadedNetworkDoesNotMatch {
-                                    expected: network,
-                                    got: None,
-                                }
-                            }
-                            LoadError::MissingGenesis => {
-                                NewOrLoadError::LoadedGenesisDoesNotMatch {
-                                    expected: genesis_hash,
-                                    got: None,
-                                }
-                            }
-                        })?;
+                let mut wallet = Self::load_from_changeset(db, changeset).map_err(|e| match e {
+                    LoadError::Descriptor(e) => NewOrLoadError::Descriptor(e),
+                    LoadError::Persist(e) => NewOrLoadError::Persist(e),
+                    LoadError::NotInitialized => NewOrLoadError::NotInitialized,
+                    LoadError::MissingNetwork => NewOrLoadError::LoadedNetworkDoesNotMatch {
+                        expected: network,
+                        got: None,
+                    },
+                    LoadError::MissingGenesis => NewOrLoadError::LoadedGenesisDoesNotMatch {
+                        expected: genesis_hash,
+                        got: None,
+                    },
+                    LoadError::MissingDescriptor => NewOrLoadError::LoadedDescriptorDoesNotMatch {
+                        got: None,
+                        keychain: KeychainKind::External,
+                    },
+                })?;
                 if wallet.network != network {
                     return Err(NewOrLoadError::LoadedNetworkDoesNotMatch {
                         expected: network,
@@ -611,6 +676,73 @@ impl Wallet {
                         got: Some(wallet.chain.genesis_hash()),
                     });
                 }
+
+                let (expected_descriptor, expected_descriptor_keymap) = descriptor
+                    .into_wallet_descriptor(&wallet.secp, network)
+                    .map_err(NewOrLoadError::Descriptor)?;
+                let wallet_descriptor = wallet.public_descriptor(KeychainKind::External).cloned();
+                if wallet_descriptor != Some(expected_descriptor.clone()) {
+                    return Err(NewOrLoadError::LoadedDescriptorDoesNotMatch {
+                        got: wallet_descriptor,
+                        keychain: KeychainKind::External,
+                    });
+                }
+                // if expected descriptor has private keys add them as new signers
+                if !expected_descriptor_keymap.is_empty() {
+                    let signer_container = SignersContainer::build(
+                        expected_descriptor_keymap,
+                        &expected_descriptor,
+                        &wallet.secp,
+                    );
+                    signer_container.signers().into_iter().for_each(|signer| {
+                        wallet.add_signer(
+                            KeychainKind::External,
+                            SignerOrdering::default(),
+                            signer.clone(),
+                        )
+                    });
+                }
+
+                let expected_change_descriptor = if let Some(c) = change_descriptor {
+                    Some(
+                        c.into_wallet_descriptor(&wallet.secp, network)
+                            .map_err(NewOrLoadError::Descriptor)?,
+                    )
+                } else {
+                    None
+                };
+                let wallet_change_descriptor =
+                    wallet.public_descriptor(KeychainKind::Internal).cloned();
+
+                match (expected_change_descriptor, wallet_change_descriptor) {
+                    (Some((expected_descriptor, expected_keymap)), Some(wallet_descriptor))
+                        if wallet_descriptor == expected_descriptor =>
+                    {
+                        // if expected change descriptor has private keys add them as new signers
+                        if !expected_keymap.is_empty() {
+                            let signer_container = SignersContainer::build(
+                                expected_keymap,
+                                &expected_descriptor,
+                                &wallet.secp,
+                            );
+                            signer_container.signers().into_iter().for_each(|signer| {
+                                wallet.add_signer(
+                                    KeychainKind::Internal,
+                                    SignerOrdering::default(),
+                                    signer.clone(),
+                                )
+                            });
+                        }
+                    }
+                    (None, None) => (),
+                    (_, wallet_descriptor) => {
+                        return Err(NewOrLoadError::LoadedDescriptorDoesNotMatch {
+                            got: wallet_descriptor,
+                            keychain: KeychainKind::Internal,
+                        });
+                    }
+                }
+
                 Ok(wallet)
             }
             None => Self::new_with_genesis_hash(
@@ -636,7 +768,7 @@ impl Wallet {
     }
 
     /// Iterator over all keychains in this wallet
-    pub fn keychains(&self) -> &BTreeMap<KeychainKind, ExtendedDescriptor> {
+    pub fn keychains(&self) -> impl Iterator<Item = (&KeychainKind, &ExtendedDescriptor)> {
         self.indexed_graph.index.keychains()
     }
 
@@ -650,7 +782,11 @@ impl Wallet {
     /// [BIP32](https://github.com/bitcoin/bips/blob/master/bip-0032.mediawiki) max index.
     pub fn peek_address(&self, keychain: KeychainKind, mut index: u32) -> AddressInfo {
         let keychain = self.map_keychain(keychain);
-        let mut spk_iter = self.indexed_graph.index.unbounded_spk_iter(&keychain);
+        let mut spk_iter = self
+            .indexed_graph
+            .index
+            .unbounded_spk_iter(&keychain)
+            .expect("Must exist (we called map_keychain)");
         if !spk_iter.descriptor().has_wildcard() {
             index = 0;
         }
@@ -677,7 +813,11 @@ impl Wallet {
     /// If writing to persistent storage fails.
     pub fn reveal_next_address(&mut self, keychain: KeychainKind) -> anyhow::Result<AddressInfo> {
         let keychain = self.map_keychain(keychain);
-        let ((index, spk), index_changeset) = self.indexed_graph.index.reveal_next_spk(&keychain);
+        let ((index, spk), index_changeset) = self
+            .indexed_graph
+            .index
+            .reveal_next_spk(&keychain)
+            .expect("Must exist (we called map_keychain)");
 
         self.persist
             .stage_and_commit(indexed_tx_graph::ChangeSet::from(index_changeset).into())?;
@@ -705,8 +845,11 @@ impl Wallet {
         index: u32,
     ) -> anyhow::Result<impl Iterator<Item = AddressInfo> + '_> {
         let keychain = self.map_keychain(keychain);
-        let (spk_iter, index_changeset) =
-            self.indexed_graph.index.reveal_to_target(&keychain, index);
+        let (spk_iter, index_changeset) = self
+            .indexed_graph
+            .index
+            .reveal_to_target(&keychain, index)
+            .expect("must exist (we called map_keychain)");
 
         self.persist
             .stage_and_commit(indexed_tx_graph::ChangeSet::from(index_changeset).into())?;
@@ -729,7 +872,11 @@ impl Wallet {
     /// If writing to persistent storage fails.
     pub fn next_unused_address(&mut self, keychain: KeychainKind) -> anyhow::Result<AddressInfo> {
         let keychain = self.map_keychain(keychain);
-        let ((index, spk), index_changeset) = self.indexed_graph.index.next_unused_spk(&keychain);
+        let ((index, spk), index_changeset) = self
+            .indexed_graph
+            .index
+            .next_unused_spk(&keychain)
+            .expect("must exist (we called map_keychain)");
 
         self.persist
             .stage_and_commit(indexed_tx_graph::ChangeSet::from(index_changeset).into())?;
@@ -799,7 +946,7 @@ impl Wallet {
             .filter_chain_unspents(
                 &self.chain,
                 self.chain.tip().block_id(),
-                self.indexed_graph.index.outpoints().iter().cloned(),
+                self.indexed_graph.index.outpoints(),
             )
             .map(|((k, i), full_txo)| new_local_utxo(k, i, full_txo))
     }
@@ -813,7 +960,7 @@ impl Wallet {
             .filter_chain_txouts(
                 &self.chain,
                 self.chain.tip().block_id(),
-                self.indexed_graph.index.outpoints().iter().cloned(),
+                self.indexed_graph.index.outpoints(),
             )
             .map(|((k, i), full_txo)| new_local_utxo(k, i, full_txo))
     }
@@ -851,7 +998,11 @@ impl Wallet {
         &self,
         keychain: KeychainKind,
     ) -> impl Iterator<Item = (u32, ScriptBuf)> + Clone {
-        self.indexed_graph.index.unbounded_spk_iter(&keychain)
+        let keychain = self.map_keychain(keychain);
+        self.indexed_graph
+            .index
+            .unbounded_spk_iter(&keychain)
+            .expect("Must exist (we called map_keychain)")
     }
 
     /// Returns the utxo owned by this wallet corresponding to `outpoint` if it exists in the
@@ -1133,7 +1284,7 @@ impl Wallet {
         self.indexed_graph.graph().balance(
             &self.chain,
             self.chain.tip().block_id(),
-            self.indexed_graph.index.outpoints().iter().cloned(),
+            self.indexed_graph.index.outpoints(),
             |&(k, _), _| k == KeychainKind::Internal,
         )
     }
@@ -1220,17 +1371,9 @@ impl Wallet {
         coin_selection: Cs,
         params: TxParams,
     ) -> Result<Psbt, CreateTxError> {
-        let external_descriptor = self
-            .indexed_graph
-            .index
-            .keychains()
-            .get(&KeychainKind::External)
-            .expect("must exist");
-        let internal_descriptor = self
-            .indexed_graph
-            .index
-            .keychains()
-            .get(&KeychainKind::Internal);
+        let keychains: BTreeMap<_, _> = self.indexed_graph.index.keychains().collect();
+        let external_descriptor = keychains.get(&KeychainKind::External).expect("must exist");
+        let internal_descriptor = keychains.get(&KeychainKind::Internal);
 
         let external_policy = external_descriptor
             .extract_policy(&self.signers, BuildSatisfaction::None, &self.secp)?
@@ -1464,8 +1607,11 @@ impl Wallet {
             Some(ref drain_recipient) => drain_recipient.clone(),
             None => {
                 let change_keychain = self.map_keychain(KeychainKind::Internal);
-                let ((index, spk), index_changeset) =
-                    self.indexed_graph.index.next_unused_spk(&change_keychain);
+                let ((index, spk), index_changeset) = self
+                    .indexed_graph
+                    .index
+                    .next_unused_spk(&change_keychain)
+                    .expect("Keychain exists (we called map_keychain)");
                 let spk = spk.into();
                 self.indexed_graph.index.mark_used(change_keychain, index);
                 self.persist
@@ -1825,7 +1971,11 @@ impl Wallet {
     ///
     /// This can be used to build a watch-only version of a wallet
     pub fn public_descriptor(&self, keychain: KeychainKind) -> Option<&ExtendedDescriptor> {
-        self.indexed_graph.index.keychains().get(&keychain)
+        self.indexed_graph
+            .index
+            .keychains()
+            .find(|(k, _)| *k == &keychain)
+            .map(|(_, d)| d)
     }
 
     /// Finalize a PSBT, i.e., for each input determine if sufficient data is available to pass
@@ -1876,17 +2026,9 @@ impl Wallet {
                 .get_utxo_for(n)
                 .and_then(|txout| self.get_descriptor_for_txout(&txout))
                 .or_else(|| {
-                    self.indexed_graph
-                        .index
-                        .keychains()
-                        .iter()
-                        .find_map(|(_, desc)| {
-                            desc.derive_from_psbt_input(
-                                psbt_input,
-                                psbt.get_utxo_for(n),
-                                &self.secp,
-                            )
-                        })
+                    self.indexed_graph.index.keychains().find_map(|(_, desc)| {
+                        desc.derive_from_psbt_input(psbt_input, psbt.get_utxo_for(n), &self.secp)
+                    })
                 });
 
             match desc {
@@ -1952,7 +2094,12 @@ impl Wallet {
 
     /// The index of the next address that you would get if you were to ask the wallet for a new address
     pub fn next_derivation_index(&self, keychain: KeychainKind) -> u32 {
-        self.indexed_graph.index.next_index(&keychain).0
+        let keychain = self.map_keychain(keychain);
+        self.indexed_graph
+            .index
+            .next_index(&keychain)
+            .expect("Keychain must exist (we called map_keychain)")
+            .0
     }
 
     /// Informs the wallet that you no longer intend to broadcast a tx that was built from it.
@@ -2119,7 +2266,6 @@ impl Wallet {
         if params.add_global_xpubs {
             let all_xpubs = self
                 .keychains()
-                .iter()
                 .flat_map(|(_, desc)| desc.get_extended_keys())
                 .collect::<Vec<_>>();
 
@@ -2496,13 +2642,13 @@ fn create_signers<E: IntoWalletDescriptor>(
 ) -> Result<(Arc<SignersContainer>, Arc<SignersContainer>), crate::descriptor::error::Error> {
     let (descriptor, keymap) = into_wallet_descriptor_checked(descriptor, secp, network)?;
     let signers = Arc::new(SignersContainer::build(keymap, &descriptor, secp));
-    index.add_keychain(KeychainKind::External, descriptor);
+    let _ = index.insert_descriptor(KeychainKind::External, descriptor);
 
     let change_signers = match change_descriptor {
         Some(descriptor) => {
             let (descriptor, keymap) = into_wallet_descriptor_checked(descriptor, secp, network)?;
             let signers = Arc::new(SignersContainer::build(keymap, &descriptor, secp));
-            index.add_keychain(KeychainKind::Internal, descriptor);
+            let _ = index.insert_descriptor(KeychainKind::Internal, descriptor);
             signers
         }
         None => Arc::new(SignersContainer::new()),
diff --git a/crates/bdk/tests/wallet.rs b/crates/bdk/tests/wallet.rs
index 42ec7d39a..9da65d542 100644
--- a/crates/bdk/tests/wallet.rs
+++ b/crates/bdk/tests/wallet.rs
@@ -1,7 +1,7 @@
 use std::str::FromStr;
 
 use assert_matches::assert_matches;
-use bdk::descriptor::calc_checksum;
+use bdk::descriptor::{calc_checksum, IntoWalletDescriptor};
 use bdk::psbt::PsbtUtils;
 use bdk::signer::{SignOptions, SignerError};
 use bdk::wallet::coin_selection::{self, LargestFirstCoinSelection};
@@ -10,9 +10,11 @@ use bdk::wallet::tx_builder::AddForeignUtxoError;
 use bdk::wallet::NewError;
 use bdk::wallet::{AddressInfo, Balance, Wallet};
 use bdk::KeychainKind;
+use bdk_chain::collections::BTreeMap;
 use bdk_chain::COINBASE_MATURITY;
 use bdk_chain::{BlockId, ConfirmationTime};
 use bitcoin::hashes::Hash;
+use bitcoin::key::Secp256k1;
 use bitcoin::psbt;
 use bitcoin::script::PushBytesBuf;
 use bitcoin::sighash::{EcdsaSighashType, TapSighashType};
@@ -84,14 +86,24 @@ fn load_recovers_wallet() {
     // recover wallet
     {
         let db = bdk_file_store::Store::open(DB_MAGIC, &file_path).expect("must recover db");
-        let wallet =
-            Wallet::load(get_test_tr_single_sig_xprv(), None, db).expect("must recover wallet");
+        let wallet = Wallet::load(db).expect("must recover wallet");
         assert_eq!(wallet.network(), Network::Testnet);
-        assert_eq!(wallet.spk_index().keychains(), wallet_spk_index.keychains());
+        assert_eq!(
+            wallet.spk_index().keychains().collect::<Vec<_>>(),
+            wallet_spk_index.keychains().collect::<Vec<_>>()
+        );
         assert_eq!(
             wallet.spk_index().last_revealed_indices(),
             wallet_spk_index.last_revealed_indices()
         );
+        let secp = Secp256k1::new();
+        assert_eq!(
+            *wallet.get_descriptor_for_keychain(KeychainKind::External),
+            get_test_tr_single_sig_xprv()
+                .into_wallet_descriptor(&secp, wallet.network())
+                .unwrap()
+                .0
+        );
     }
 
     // `new` can only be called on empty db
@@ -108,12 +120,12 @@ fn new_or_load() {
     let file_path = temp_dir.path().join("store.db");
 
     // init wallet when non-existent
-    let wallet_keychains = {
+    let wallet_keychains: BTreeMap<_, _> = {
         let db = bdk_file_store::Store::open_or_create_new(DB_MAGIC, &file_path)
             .expect("must create db");
         let wallet = Wallet::new_or_load(get_test_wpkh(), None, db, Network::Testnet)
             .expect("must init wallet");
-        wallet.keychains().clone()
+        wallet.keychains().map(|(k, v)| (*k, v.clone())).collect()
     };
 
     // wrong network
@@ -162,6 +174,49 @@ fn new_or_load() {
         );
     }
 
+    // wrong external descriptor
+    {
+        let exp_descriptor = get_test_tr_single_sig();
+        let got_descriptor = get_test_wpkh()
+            .into_wallet_descriptor(&Secp256k1::new(), Network::Testnet)
+            .unwrap()
+            .0;
+
+        let db =
+            bdk_file_store::Store::open_or_create_new(DB_MAGIC, &file_path).expect("must open db");
+        let err = Wallet::new_or_load(exp_descriptor, None, db, Network::Testnet)
+            .expect_err("wrong external descriptor");
+        assert!(
+            matches!(
+                err,
+                bdk::wallet::NewOrLoadError::LoadedDescriptorDoesNotMatch { ref got, keychain }
+                if got == &Some(got_descriptor) && keychain == KeychainKind::External
+            ),
+            "err: {}",
+            err,
+        );
+    }
+
+    // wrong internal descriptor
+    {
+        let exp_descriptor = Some(get_test_tr_single_sig());
+        let got_descriptor = None;
+
+        let db =
+            bdk_file_store::Store::open_or_create_new(DB_MAGIC, &file_path).expect("must open db");
+        let err = Wallet::new_or_load(get_test_wpkh(), exp_descriptor, db, Network::Testnet)
+            .expect_err("wrong internal descriptor");
+        assert!(
+            matches!(
+                err,
+                bdk::wallet::NewOrLoadError::LoadedDescriptorDoesNotMatch { ref got, keychain }
+                if got == &got_descriptor && keychain == KeychainKind::Internal
+            ),
+            "err: {}",
+            err,
+        );
+    }
+
     // all parameters match
     {
         let db =
@@ -169,7 +224,10 @@ fn new_or_load() {
         let wallet = Wallet::new_or_load(get_test_wpkh(), None, db, Network::Testnet)
             .expect("must recover wallet");
         assert_eq!(wallet.network(), Network::Testnet);
-        assert_eq!(wallet.keychains(), &wallet_keychains);
+        assert!(wallet
+            .keychains()
+            .map(|(k, v)| (*k, v.clone()))
+            .eq(wallet_keychains));
     }
 }
 
@@ -181,7 +239,6 @@ fn test_descriptor_checksum() {
 
     let raw_descriptor = wallet
         .keychains()
-        .iter()
         .next()
         .unwrap()
         .1
diff --git a/crates/chain/Cargo.toml b/crates/chain/Cargo.toml
index f66006ecb..1f4ca9c5a 100644
--- a/crates/chain/Cargo.toml
+++ b/crates/chain/Cargo.toml
@@ -26,6 +26,6 @@ rand = "0.8"
 proptest = "1.2.0"
 
 [features]
-default = ["std"]
-std = ["bitcoin/std", "miniscript/std"]
-serde = ["serde_crate", "bitcoin/serde"]
+default = ["std", "miniscript"]
+std = ["bitcoin/std", "miniscript?/std"]
+serde = ["serde_crate", "bitcoin/serde", "miniscript?/serde"]
diff --git a/crates/chain/src/descriptor_ext.rs b/crates/chain/src/descriptor_ext.rs
index 4c77c160b..af7175525 100644
--- a/crates/chain/src/descriptor_ext.rs
+++ b/crates/chain/src/descriptor_ext.rs
@@ -1,10 +1,29 @@
-use crate::miniscript::{Descriptor, DescriptorPublicKey};
+use crate::{
+    alloc::{string::ToString, vec::Vec},
+    miniscript::{Descriptor, DescriptorPublicKey},
+};
+use bitcoin::hashes::{hash_newtype, sha256, Hash};
+
+hash_newtype! {
+    /// Represents the ID of a descriptor, defined as the sha256 hash of
+    /// the descriptor string, checksum excluded.
+    ///
+    /// This is useful for having a fixed-length unique representation of a descriptor,
+    /// in particular, we use it to persist application state changes related to the
+    /// descriptor without having to re-write the whole descriptor each time.
+    ///
+    pub struct DescriptorId(pub sha256::Hash);
+}
 
 /// A trait to extend the functionality of a miniscript descriptor.
 pub trait DescriptorExt {
     /// Returns the minimum value (in satoshis) at which an output is broadcastable.
     /// Panics if the descriptor wildcard is hardened.
     fn dust_value(&self) -> u64;
+
+    /// Returns the descriptor id, calculated as the sha256 of the descriptor, checksum not
+    /// included.
+    fn descriptor_id(&self) -> DescriptorId;
 }
 
 impl DescriptorExt for Descriptor<DescriptorPublicKey> {
@@ -15,4 +34,11 @@ impl DescriptorExt for Descriptor<DescriptorPublicKey> {
             .dust_value()
             .to_sat()
     }
+
+    fn descriptor_id(&self) -> DescriptorId {
+        let desc = self.to_string();
+        let desc_without_checksum = desc.split('#').next().expect("Must be here");
+        let descriptor_bytes = <Vec<u8>>::from(desc_without_checksum.as_bytes());
+        DescriptorId(sha256::Hash::hash(&descriptor_bytes))
+    }
 }
diff --git a/crates/chain/src/indexed_tx_graph.rs b/crates/chain/src/indexed_tx_graph.rs
index c2b83600b..e5e1f7536 100644
--- a/crates/chain/src/indexed_tx_graph.rs
+++ b/crates/chain/src/indexed_tx_graph.rs
@@ -4,7 +4,6 @@ use alloc::vec::Vec;
 use bitcoin::{Block, OutPoint, Transaction, TxOut, Txid};
 
 use crate::{
-    keychain,
     tx_graph::{self, TxGraph},
     Anchor, AnchorFromBlockPosition, Append, BlockId,
 };
@@ -320,8 +319,9 @@ impl<A, IA: Default> From<tx_graph::ChangeSet<A>> for ChangeSet<A, IA> {
     }
 }
 
-impl<A, K> From<keychain::ChangeSet<K>> for ChangeSet<A, keychain::ChangeSet<K>> {
-    fn from(indexer: keychain::ChangeSet<K>) -> Self {
+#[cfg(feature = "miniscript")]
+impl<A, K> From<crate::keychain::ChangeSet<K>> for ChangeSet<A, crate::keychain::ChangeSet<K>> {
+    fn from(indexer: crate::keychain::ChangeSet<K>) -> Self {
         Self {
             graph: Default::default(),
             indexer,
diff --git a/crates/chain/src/keychain.rs b/crates/chain/src/keychain.rs
index 240d944ef..b822dc901 100644
--- a/crates/chain/src/keychain.rs
+++ b/crates/chain/src/keychain.rs
@@ -10,78 +10,12 @@
 //!
 //! [`SpkTxOutIndex`]: crate::SpkTxOutIndex
 
-use crate::{collections::BTreeMap, Append};
-
 #[cfg(feature = "miniscript")]
 mod txout_index;
 use bitcoin::Amount;
 #[cfg(feature = "miniscript")]
 pub use txout_index::*;
 
-/// Represents updates to the derivation index of a [`KeychainTxOutIndex`].
-/// It maps each keychain `K` to its last revealed index.
-///
-/// It can be applied to [`KeychainTxOutIndex`] with [`apply_changeset`]. [`ChangeSet`]s are
-/// monotone in that they will never decrease the revealed derivation index.
-///
-/// [`KeychainTxOutIndex`]: crate::keychain::KeychainTxOutIndex
-/// [`apply_changeset`]: crate::keychain::KeychainTxOutIndex::apply_changeset
-#[derive(Clone, Debug, PartialEq)]
-#[cfg_attr(
-    feature = "serde",
-    derive(serde::Deserialize, serde::Serialize),
-    serde(
-        crate = "serde_crate",
-        bound(
-            deserialize = "K: Ord + serde::Deserialize<'de>",
-            serialize = "K: Ord + serde::Serialize"
-        )
-    )
-)]
-#[must_use]
-pub struct ChangeSet<K>(pub BTreeMap<K, u32>);
-
-impl<K> ChangeSet<K> {
-    /// Get the inner map of the keychain to its new derivation index.
-    pub fn as_inner(&self) -> &BTreeMap<K, u32> {
-        &self.0
-    }
-}
-
-impl<K: Ord> Append for ChangeSet<K> {
-    /// Append another [`ChangeSet`] into self.
-    ///
-    /// If the keychain already exists, increase the index when the other's index > self's index.
-    /// If the keychain did not exist, append the new keychain.
-    fn append(&mut self, mut other: Self) {
-        self.0.iter_mut().for_each(|(key, index)| {
-            if let Some(other_index) = other.0.remove(key) {
-                *index = other_index.max(*index);
-            }
-        });
-        // We use `extend` instead of `BTreeMap::append` due to performance issues with `append`.
-        // Refer to https://github.com/rust-lang/rust/issues/34666#issuecomment-675658420
-        self.0.extend(other.0);
-    }
-
-    /// Returns whether the changeset are empty.
-    fn is_empty(&self) -> bool {
-        self.0.is_empty()
-    }
-}
-
-impl<K> Default for ChangeSet<K> {
-    fn default() -> Self {
-        Self(Default::default())
-    }
-}
-
-impl<K> AsRef<BTreeMap<K, u32>> for ChangeSet<K> {
-    fn as_ref(&self) -> &BTreeMap<K, u32> {
-        &self.0
-    }
-}
-
 /// Balance, differentiated into various categories.
 #[derive(Debug, PartialEq, Eq, Clone, Default)]
 #[cfg_attr(
@@ -137,40 +71,3 @@ impl core::ops::Add for Balance {
         }
     }
 }
-
-#[cfg(test)]
-mod test {
-    use super::*;
-
-    #[test]
-    fn append_keychain_derivation_indices() {
-        #[derive(Ord, PartialOrd, Eq, PartialEq, Clone, Debug)]
-        enum Keychain {
-            One,
-            Two,
-            Three,
-            Four,
-        }
-        let mut lhs_di = BTreeMap::<Keychain, u32>::default();
-        let mut rhs_di = BTreeMap::<Keychain, u32>::default();
-        lhs_di.insert(Keychain::One, 7);
-        lhs_di.insert(Keychain::Two, 0);
-        rhs_di.insert(Keychain::One, 3);
-        rhs_di.insert(Keychain::Two, 5);
-        lhs_di.insert(Keychain::Three, 3);
-        rhs_di.insert(Keychain::Four, 4);
-
-        let mut lhs = ChangeSet(lhs_di);
-        let rhs = ChangeSet(rhs_di);
-        lhs.append(rhs);
-
-        // Exiting index doesn't update if the new index in `other` is lower than `self`.
-        assert_eq!(lhs.0.get(&Keychain::One), Some(&7));
-        // Existing index updates if the new index in `other` is higher than `self`.
-        assert_eq!(lhs.0.get(&Keychain::Two), Some(&5));
-        // Existing index is unchanged if keychain doesn't exist in `other`.
-        assert_eq!(lhs.0.get(&Keychain::Three), Some(&3));
-        // New keychain gets added if the keychain is in `other` but not in `self`.
-        assert_eq!(lhs.0.get(&Keychain::Four), Some(&4));
-    }
-}
diff --git a/crates/chain/src/keychain/txout_index.rs b/crates/chain/src/keychain/txout_index.rs
index 789db6c6f..994553b3f 100644
--- a/crates/chain/src/keychain/txout_index.rs
+++ b/crates/chain/src/keychain/txout_index.rs
@@ -3,9 +3,9 @@ use crate::{
     indexed_tx_graph::Indexer,
     miniscript::{Descriptor, DescriptorPublicKey},
     spk_iter::BIP32_MAX_INDEX,
-    SpkIterator, SpkTxOutIndex,
+    DescriptorExt, DescriptorId, SpkIterator, SpkTxOutIndex,
 };
-use bitcoin::{Amount, OutPoint, Script, SignedAmount, Transaction, TxOut, Txid};
+use bitcoin::{hashes::Hash, Amount, OutPoint, Script, SignedAmount, Transaction, TxOut, Txid};
 use core::{
     fmt::Debug,
     ops::{Bound, RangeBounds},
@@ -13,6 +13,79 @@ use core::{
 
 use crate::Append;
 
+/// Represents updates to the derivation index of a [`KeychainTxOutIndex`].
+/// It maps each keychain `K` to a descriptor and its last revealed index.
+///
+/// It can be applied to [`KeychainTxOutIndex`] with [`apply_changeset`]. [`ChangeSet] are
+/// monotone in that they will never decrease the revealed derivation index.
+///
+/// [`KeychainTxOutIndex`]: crate::keychain::KeychainTxOutIndex
+/// [`apply_changeset`]: crate::keychain::KeychainTxOutIndex::apply_changeset
+#[derive(Clone, Debug, PartialEq)]
+#[cfg_attr(
+    feature = "serde",
+    derive(serde::Deserialize, serde::Serialize),
+    serde(
+        crate = "serde_crate",
+        bound(
+            deserialize = "K: Ord + serde::Deserialize<'de>",
+            serialize = "K: Ord + serde::Serialize"
+        )
+    )
+)]
+#[must_use]
+pub struct ChangeSet<K> {
+    /// Contains the keychains that have been added and their respective descriptor
+    pub keychains_added: BTreeMap<K, Descriptor<DescriptorPublicKey>>,
+    /// Contains for each descriptor_id the last revealed index of derivation
+    pub last_revealed: BTreeMap<DescriptorId, u32>,
+}
+
+impl<K: Ord> Append for ChangeSet<K> {
+    /// Append another [`ChangeSet`] into self.
+    ///
+    /// For each keychain in `keychains_added` in the given [`ChangeSet`]:
+    /// If the keychain already exist with a different descriptor, we overwrite the old descriptor.
+    ///
+    /// For each `last_revealed` in the given [`ChangeSet`]:
+    /// If the keychain already exists, increase the index when the other's index > self's index.
+    fn append(&mut self, other: Self) {
+        // We use `extend` instead of `BTreeMap::append` due to performance issues with `append`.
+        // Refer to https://github.com/rust-lang/rust/issues/34666#issuecomment-675658420
+        self.keychains_added.extend(other.keychains_added);
+
+        // for `last_revealed`, entries of `other` will take precedence ONLY if it is greater than
+        // what was originally in `self`.
+        for (desc_id, index) in other.last_revealed {
+            use crate::collections::btree_map::Entry;
+            match self.last_revealed.entry(desc_id) {
+                Entry::Vacant(entry) => {
+                    entry.insert(index);
+                }
+                Entry::Occupied(mut entry) => {
+                    if *entry.get() < index {
+                        entry.insert(index);
+                    }
+                }
+            }
+        }
+    }
+
+    /// Returns whether the changeset are empty.
+    fn is_empty(&self) -> bool {
+        self.last_revealed.is_empty() && self.keychains_added.is_empty()
+    }
+}
+
+impl<K> Default for ChangeSet<K> {
+    fn default() -> Self {
+        Self {
+            last_revealed: BTreeMap::default(),
+            keychains_added: BTreeMap::default(),
+        }
+    }
+}
+
 const DEFAULT_LOOKAHEAD: u32 = 25;
 
 /// [`KeychainTxOutIndex`] controls how script pubkeys are revealed for multiple keychains, and
@@ -54,7 +127,7 @@ const DEFAULT_LOOKAHEAD: u32 = 25;
 ///
 /// # Change sets
 ///
-/// Methods that can update the last revealed index will return [`super::ChangeSet`] to report
+/// Methods that can update the last revealed index or add keychains will return [`super::ChangeSet`] to report
 /// these changes. This can be persisted for future recovery.
 ///
 /// ## Synopsis
@@ -79,14 +152,43 @@ const DEFAULT_LOOKAHEAD: u32 = 25;
 /// # let secp = bdk_chain::bitcoin::secp256k1::Secp256k1::signing_only();
 /// # let (external_descriptor,_) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/0/*)").unwrap();
 /// # let (internal_descriptor,_) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/*)").unwrap();
-/// # let (descriptor_for_user_42, _) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/2/*)").unwrap();
-/// txout_index.add_keychain(MyKeychain::External, external_descriptor);
-/// txout_index.add_keychain(MyKeychain::Internal, internal_descriptor);
-/// txout_index.add_keychain(MyKeychain::MyAppUser { user_id: 42 }, descriptor_for_user_42);
+/// # let (descriptor_42, _) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/2/*)").unwrap();
+/// let _ = txout_index.insert_descriptor(MyKeychain::External, external_descriptor);
+/// let _ = txout_index.insert_descriptor(MyKeychain::Internal, internal_descriptor);
+/// let _ = txout_index.insert_descriptor(MyKeychain::MyAppUser { user_id: 42 }, descriptor_42);
 ///
 /// let new_spk_for_user = txout_index.reveal_next_spk(&MyKeychain::MyAppUser{ user_id: 42 });
 /// ```
 ///
+/// # Non-recommend keychain to descriptor assignments
+///
+/// A keychain (`K`) is used to identify a descriptor. However, the following keychain to descriptor
+/// arrangements result in behavior that is harder to reason about and is not recommended.
+///
+/// ## Multiple keychains identifying the same descriptor
+///
+/// Although a single keychain variant can only identify a single descriptor, multiple keychain
+/// variants can identify the same descriptor.
+///
+/// If multiple keychains identify the same descriptor:
+/// 1. Methods that take in a keychain (such as [`reveal_next_spk`]) will work normally when any
+/// keychain (that identifies that descriptor) is passed in.
+/// 2. Methods that return data which associates with a descriptor (such as [`outpoints`],
+/// [`txouts`], [`unused_spks`], etc.) the method will return the highest-ranked keychain variant
+/// that identifies the descriptor. Rank is determined by the [`Ord`] implementation of the keychain
+/// type.
+///
+/// This arrangement is not recommended since some methods will return a single keychain variant
+/// even though multiple keychain variants identify the same descriptor.
+///
+/// ## Reassigning the descriptor of a single keychain
+///
+/// Descriptors added to [`KeychainTxOutIndex`] are never removed. However, a keychain that
+/// identifies a descriptor can be reassigned to identify a different descriptor. This may result in
+/// a situation where a descriptor has no associated keychain(s), and relevant [`TxOut`]s,
+/// [`OutPoint`]s and [`Script`]s (of that descriptor) will not be return by [`KeychainTxOutIndex`].
+/// Therefore, reassigning the descriptor of a single keychain is not recommended.
+///
 /// [`Ord`]: core::cmp::Ord
 /// [`SpkTxOutIndex`]: crate::spk_txout_index::SpkTxOutIndex
 /// [`Descriptor`]: crate::miniscript::Descriptor
@@ -99,13 +201,27 @@ const DEFAULT_LOOKAHEAD: u32 = 25;
 /// [`new`]: KeychainTxOutIndex::new
 /// [`unbounded_spk_iter`]: KeychainTxOutIndex::unbounded_spk_iter
 /// [`all_unbounded_spk_iters`]: KeychainTxOutIndex::all_unbounded_spk_iters
+/// [`outpoints`]: KeychainTxOutIndex::outpoints
+/// [`txouts`]: KeychainTxOutIndex::txouts
+/// [`unused_spks`]: KeychainTxOutIndex::unused_spks
 #[derive(Clone, Debug)]
 pub struct KeychainTxOutIndex<K> {
-    inner: SpkTxOutIndex<(K, u32)>,
-    // descriptors of each keychain
-    keychains: BTreeMap<K, Descriptor<DescriptorPublicKey>>,
+    inner: SpkTxOutIndex<(DescriptorId, u32)>,
+    // keychain -> (descriptor, descriptor id) map
+    keychains_to_descriptors: BTreeMap<K, (DescriptorId, Descriptor<DescriptorPublicKey>)>,
+    // descriptor id -> keychain set
+    // Because different keychains can have the same descriptor, we rank keychains by `Ord` so that
+    // that the first keychain variant (according to `Ord`) has the highest rank. When associated
+    // data (such as spks, outpoints) are returned with a keychain, we return the highest-ranked
+    // keychain with it.
+    descriptor_ids_to_keychain_set: HashMap<DescriptorId, BTreeSet<K>>,
+    // descriptor_id -> descriptor map
+    // This is a "monotone" map, meaning that its size keeps growing, i.e., we never delete
+    // descriptors from it. This is useful for revealing spks for descriptors that don't have
+    // keychains associated.
+    descriptor_ids_to_descriptors: BTreeMap<DescriptorId, Descriptor<DescriptorPublicKey>>,
     // last revealed indexes
-    last_revealed: BTreeMap<K, u32>,
+    last_revealed: BTreeMap<DescriptorId, u32>,
     // lookahead settings for each keychain
     lookahead: u32,
 }
@@ -121,7 +237,13 @@ impl<K: Clone + Ord + Debug> Indexer for KeychainTxOutIndex<K> {
 
     fn index_txout(&mut self, outpoint: OutPoint, txout: &TxOut) -> Self::ChangeSet {
         match self.inner.scan_txout(outpoint, txout).cloned() {
-            Some((keychain, index)) => self.reveal_to_target(&keychain, index).1,
+            Some((descriptor_id, index)) => {
+                // We want to reveal spks for descriptors that aren't tracked by any keychain, and
+                // so we call reveal with descriptor_id
+                let (_, changeset) = self.reveal_to_target_with_id(descriptor_id, index)
+                    .expect("descriptors are added in a monotone manner, there cannot be a descriptor id with no corresponding descriptor");
+                changeset
+            }
             None => super::ChangeSet::default(),
         }
     }
@@ -135,7 +257,13 @@ impl<K: Clone + Ord + Debug> Indexer for KeychainTxOutIndex<K> {
     }
 
     fn initial_changeset(&self) -> Self::ChangeSet {
-        super::ChangeSet(self.last_revealed.clone())
+        super::ChangeSet {
+            keychains_added: self
+                .keychains()
+                .map(|(k, v)| (k.clone(), v.clone()))
+                .collect(),
+            last_revealed: self.last_revealed.clone(),
+        }
     }
 
     fn apply_changeset(&mut self, changeset: Self::ChangeSet) {
@@ -161,7 +289,9 @@ impl<K> KeychainTxOutIndex<K> {
     pub fn new(lookahead: u32) -> Self {
         Self {
             inner: SpkTxOutIndex::default(),
-            keychains: BTreeMap::new(),
+            keychains_to_descriptors: BTreeMap::new(),
+            descriptor_ids_to_keychain_set: HashMap::new(),
+            descriptor_ids_to_descriptors: BTreeMap::new(),
             last_revealed: BTreeMap::new(),
             lookahead,
         }
@@ -170,26 +300,37 @@ impl<K> KeychainTxOutIndex<K> {
 
 /// Methods that are *re-exposed* from the internal [`SpkTxOutIndex`].
 impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
+    /// Get the highest-ranked keychain that is currently associated with the given `desc_id`.
+    fn keychain_of_desc_id(&self, desc_id: &DescriptorId) -> Option<&K> {
+        let keychains = self.descriptor_ids_to_keychain_set.get(desc_id)?;
+        keychains.iter().next()
+    }
+
     /// Return a reference to the internal [`SpkTxOutIndex`].
     ///
     /// **WARNING:** The internal index will contain lookahead spks. Refer to
     /// [struct-level docs](KeychainTxOutIndex) for more about `lookahead`.
-    pub fn inner(&self) -> &SpkTxOutIndex<(K, u32)> {
+    pub fn inner(&self) -> &SpkTxOutIndex<(DescriptorId, u32)> {
         &self.inner
     }
 
-    /// Get a reference to the set of indexed outpoints.
-    pub fn outpoints(&self) -> &BTreeSet<((K, u32), OutPoint)> {
-        self.inner.outpoints()
+    /// Get the set of indexed outpoints, corresponding to tracked keychains.
+    pub fn outpoints(&self) -> impl DoubleEndedIterator<Item = ((K, u32), OutPoint)> + '_ {
+        self.inner
+            .outpoints()
+            .iter()
+            .filter_map(|((desc_id, index), op)| {
+                let keychain = self.keychain_of_desc_id(desc_id)?;
+                Some(((keychain.clone(), *index), *op))
+            })
     }
 
     /// Iterate over known txouts that spend to tracked script pubkeys.
-    pub fn txouts(
-        &self,
-    ) -> impl DoubleEndedIterator<Item = (K, u32, OutPoint, &TxOut)> + ExactSizeIterator {
-        self.inner
-            .txouts()
-            .map(|((k, i), op, txo)| (k.clone(), *i, op, txo))
+    pub fn txouts(&self) -> impl DoubleEndedIterator<Item = (K, u32, OutPoint, &TxOut)> + '_ {
+        self.inner.txouts().filter_map(|((desc_id, i), op, txo)| {
+            let keychain = self.keychain_of_desc_id(desc_id)?;
+            Some((keychain.clone(), *i, op, txo))
+        })
     }
 
     /// Finds all txouts on a transaction that has previously been scanned and indexed.
@@ -199,32 +340,39 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ) -> impl DoubleEndedIterator<Item = (K, u32, OutPoint, &TxOut)> {
         self.inner
             .txouts_in_tx(txid)
-            .map(|((k, i), op, txo)| (k.clone(), *i, op, txo))
+            .filter_map(|((desc_id, i), op, txo)| {
+                let keychain = self.keychain_of_desc_id(desc_id)?;
+                Some((keychain.clone(), *i, op, txo))
+            })
     }
 
-    /// Return the [`TxOut`] of `outpoint` if it has been indexed.
+    /// Return the [`TxOut`] of `outpoint` if it has been indexed, and if it corresponds to a
+    /// tracked keychain.
     ///
     /// The associated keychain and keychain index of the txout's spk is also returned.
     ///
     /// This calls [`SpkTxOutIndex::txout`] internally.
     pub fn txout(&self, outpoint: OutPoint) -> Option<(K, u32, &TxOut)> {
-        self.inner
-            .txout(outpoint)
-            .map(|((k, i), txo)| (k.clone(), *i, txo))
+        let ((descriptor_id, index), txo) = self.inner.txout(outpoint)?;
+        let keychain = self.keychain_of_desc_id(descriptor_id)?;
+        Some((keychain.clone(), *index, txo))
     }
 
     /// Return the script that exists under the given `keychain`'s `index`.
     ///
     /// This calls [`SpkTxOutIndex::spk_at_index`] internally.
     pub fn spk_at_index(&self, keychain: K, index: u32) -> Option<&Script> {
-        self.inner.spk_at_index(&(keychain, index))
+        let descriptor_id = self.keychains_to_descriptors.get(&keychain)?.0;
+        self.inner.spk_at_index(&(descriptor_id, index))
     }
 
     /// Returns the keychain and keychain index associated with the spk.
     ///
     /// This calls [`SpkTxOutIndex::index_of_spk`] internally.
     pub fn index_of_spk(&self, script: &Script) -> Option<(K, u32)> {
-        self.inner.index_of_spk(script).cloned()
+        let (desc_id, last_index) = self.inner.index_of_spk(script)?;
+        let keychain = self.keychain_of_desc_id(desc_id)?;
+        Some((keychain.clone(), *last_index))
     }
 
     /// Returns whether the spk under the `keychain`'s `index` has been used.
@@ -234,7 +382,11 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// This calls [`SpkTxOutIndex::is_used`] internally.
     pub fn is_used(&self, keychain: K, index: u32) -> bool {
-        self.inner.is_used(&(keychain, index))
+        let descriptor_id = self.keychains_to_descriptors.get(&keychain).map(|k| k.0);
+        match descriptor_id {
+            Some(descriptor_id) => self.inner.is_used(&(descriptor_id, index)),
+            None => false,
+        }
     }
 
     /// Marks the script pubkey at `index` as used even though the tracker hasn't seen an output
@@ -242,7 +394,9 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// This only has an effect when the `index` had been added to `self` already and was unused.
     ///
-    /// Returns whether the `index` was initially present as `unused`.
+    /// Returns whether the spk under the given `keychain` and `index` is successfully
+    /// marked as used. Returns false either when there is no descriptor under the given
+    /// keychain, or when the spk is already marked as used.
     ///
     /// This is useful when you want to reserve a script pubkey for something but don't want to add
     /// the transaction output using it to the index yet. Other callers will consider `index` on
@@ -252,7 +406,11 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// [`unmark_used`]: Self::unmark_used
     pub fn mark_used(&mut self, keychain: K, index: u32) -> bool {
-        self.inner.mark_used(&(keychain, index))
+        let descriptor_id = self.keychains_to_descriptors.get(&keychain).map(|k| k.0);
+        match descriptor_id {
+            Some(descriptor_id) => self.inner.mark_used(&(descriptor_id, index)),
+            None => false,
+        }
     }
 
     /// Undoes the effect of [`mark_used`]. Returns whether the `index` is inserted back into
@@ -265,7 +423,11 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// [`mark_used`]: Self::mark_used
     pub fn unmark_used(&mut self, keychain: K, index: u32) -> bool {
-        self.inner.unmark_used(&(keychain, index))
+        let descriptor_id = self.keychains_to_descriptors.get(&keychain).map(|k| k.0);
+        match descriptor_id {
+            Some(descriptor_id) => self.inner.unmark_used(&(descriptor_id, index)),
+            None => false,
+        }
     }
 
     /// Computes the total value transfer effect `tx` has on the script pubkeys belonging to the
@@ -279,7 +441,7 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
         range: impl RangeBounds<K>,
     ) -> (Amount, Amount) {
         self.inner
-            .sent_and_received(tx, Self::map_to_inner_bounds(range))
+            .sent_and_received(tx, self.map_to_inner_bounds(range))
     }
 
     /// Computes the net value that this transaction gives to the script pubkeys in the index and
@@ -290,34 +452,76 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// [`sent_and_received`]: Self::sent_and_received
     pub fn net_value(&self, tx: &Transaction, range: impl RangeBounds<K>) -> SignedAmount {
-        self.inner.net_value(tx, Self::map_to_inner_bounds(range))
+        self.inner.net_value(tx, self.map_to_inner_bounds(range))
     }
 }
 
 impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
-    /// Return a reference to the internal map of keychain to descriptors.
-    pub fn keychains(&self) -> &BTreeMap<K, Descriptor<DescriptorPublicKey>> {
-        &self.keychains
+    /// Return the map of the keychain to descriptors.
+    pub fn keychains(
+        &self,
+    ) -> impl DoubleEndedIterator<Item = (&K, &Descriptor<DescriptorPublicKey>)> + ExactSizeIterator + '_
+    {
+        self.keychains_to_descriptors
+            .iter()
+            .map(|(k, (_, d))| (k, d))
     }
 
-    /// Add a keychain to the tracker's `txout_index` with a descriptor to derive addresses.
+    /// Insert a descriptor with a keychain associated to it.
     ///
-    /// Adding a keychain means you will be able to derive new script pubkeys under that keychain
+    /// Adding a descriptor means you will be able to derive new script pubkeys under it
     /// and the txout index will discover transaction outputs with those script pubkeys.
     ///
-    /// # Panics
-    ///
-    /// This will panic if a different `descriptor` is introduced to the same `keychain`.
-    pub fn add_keychain(&mut self, keychain: K, descriptor: Descriptor<DescriptorPublicKey>) {
-        let old_descriptor = &*self
-            .keychains
-            .entry(keychain.clone())
-            .or_insert_with(|| descriptor.clone());
-        assert_eq!(
-            &descriptor, old_descriptor,
-            "keychain already contains a different descriptor"
-        );
+    /// When trying to add a keychain that already existed under a different descriptor, or a descriptor
+    /// that already existed with a different keychain, the old keychain (or descriptor) will be
+    /// overwritten.
+    pub fn insert_descriptor(
+        &mut self,
+        keychain: K,
+        descriptor: Descriptor<DescriptorPublicKey>,
+    ) -> super::ChangeSet<K> {
+        let mut changeset = super::ChangeSet::<K>::default();
+        let desc_id = descriptor.descriptor_id();
+
+        let old_desc = self
+            .keychains_to_descriptors
+            .insert(keychain.clone(), (desc_id, descriptor.clone()));
+
+        if let Some((old_desc_id, _)) = old_desc {
+            // nothing needs to be done if caller reinsterted the same descriptor under the same
+            // keychain
+            if old_desc_id == desc_id {
+                return changeset;
+            }
+            // we should remove old descriptor that is associated with this keychain as the index
+            // is designed to track one descriptor per keychain (however different keychains can
+            // share the same descriptor)
+            let _is_keychain_removed = self
+                .descriptor_ids_to_keychain_set
+                .get_mut(&old_desc_id)
+                .expect("we must have already inserted this descriptor")
+                .remove(&keychain);
+            debug_assert!(_is_keychain_removed);
+        }
+
+        self.descriptor_ids_to_keychain_set
+            .entry(desc_id)
+            .or_default()
+            .insert(keychain.clone());
+        self.descriptor_ids_to_descriptors
+            .insert(desc_id, descriptor.clone());
         self.replenish_lookahead(&keychain, self.lookahead);
+
+        changeset
+            .keychains_added
+            .insert(keychain.clone(), descriptor);
+        changeset
+    }
+
+    /// Gets the descriptor associated with the keychain. Returns `None` if the keychain doesn't
+    /// have a descriptor associated with it.
+    pub fn get_descriptor(&self, keychain: &K) -> Option<&Descriptor<DescriptorPublicKey>> {
+        self.keychains_to_descriptors.get(keychain).map(|(_, d)| d)
     }
 
     /// Get the lookahead setting.
@@ -333,63 +537,60 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// This does not change the global `lookahead` setting.
     pub fn lookahead_to_target(&mut self, keychain: &K, target_index: u32) {
-        let (next_index, _) = self.next_index(keychain);
+        if let Some((next_index, _)) = self.next_index(keychain) {
+            let temp_lookahead = (target_index + 1)
+                .checked_sub(next_index)
+                .filter(|&index| index > 0);
 
-        let temp_lookahead = (target_index + 1)
-            .checked_sub(next_index)
-            .filter(|&index| index > 0);
-
-        if let Some(temp_lookahead) = temp_lookahead {
-            self.replenish_lookahead(keychain, temp_lookahead);
+            if let Some(temp_lookahead) = temp_lookahead {
+                self.replenish_lookahead(keychain, temp_lookahead);
+            }
         }
     }
 
     fn replenish_lookahead(&mut self, keychain: &K, lookahead: u32) {
-        let descriptor = self.keychains.get(keychain).expect("keychain must exist");
-        let next_store_index = self.next_store_index(keychain);
-        let next_reveal_index = self.last_revealed.get(keychain).map_or(0, |v| *v + 1);
-
-        for (new_index, new_spk) in
-            SpkIterator::new_with_range(descriptor, next_store_index..next_reveal_index + lookahead)
-        {
-            let _inserted = self
-                .inner
-                .insert_spk((keychain.clone(), new_index), new_spk);
-            debug_assert!(_inserted, "replenish lookahead: must not have existing spk: keychain={:?}, lookahead={}, next_store_index={}, next_reveal_index={}", keychain, lookahead, next_store_index, next_reveal_index);
+        let descriptor_opt = self.keychains_to_descriptors.get(keychain).cloned();
+        if let Some((descriptor_id, descriptor)) = descriptor_opt {
+            let next_store_index = self.next_store_index(descriptor_id);
+            let next_reveal_index = self.last_revealed.get(&descriptor_id).map_or(0, |v| *v + 1);
+
+            for (new_index, new_spk) in SpkIterator::new_with_range(
+                descriptor,
+                next_store_index..next_reveal_index + lookahead,
+            ) {
+                let _inserted = self.inner.insert_spk((descriptor_id, new_index), new_spk);
+                debug_assert!(_inserted, "replenish lookahead: must not have existing spk: keychain={:?}, lookahead={}, next_store_index={}, next_reveal_index={}", keychain, lookahead, next_store_index, next_reveal_index);
+            }
         }
     }
 
-    fn next_store_index(&self, keychain: &K) -> u32 {
+    fn next_store_index(&self, descriptor_id: DescriptorId) -> u32 {
         self.inner()
             .all_spks()
-            // This range is filtering out the spks with a keychain different than
-            // `keychain`. We don't use filter here as range is more optimized.
-            .range((keychain.clone(), u32::MIN)..(keychain.clone(), u32::MAX))
+            // This range is keeping only the spks with descriptor_id equal to
+            // `descriptor_id`. We don't use filter here as range is more optimized.
+            .range((descriptor_id, u32::MIN)..(descriptor_id, u32::MAX))
             .last()
             .map_or(0, |((_, index), _)| *index + 1)
     }
 
-    /// Get an unbounded spk iterator over a given `keychain`.
-    ///
-    /// # Panics
-    ///
-    /// This will panic if the given `keychain`'s descriptor does not exist.
-    pub fn unbounded_spk_iter(&self, keychain: &K) -> SpkIterator<Descriptor<DescriptorPublicKey>> {
-        SpkIterator::new(
-            self.keychains
-                .get(keychain)
-                .expect("keychain does not exist")
-                .clone(),
-        )
+    /// Get an unbounded spk iterator over a given `keychain`. Returns `None` if the provided
+    /// keychain doesn't exist
+    pub fn unbounded_spk_iter(
+        &self,
+        keychain: &K,
+    ) -> Option<SpkIterator<Descriptor<DescriptorPublicKey>>> {
+        let descriptor = self.keychains_to_descriptors.get(keychain)?.1.clone();
+        Some(SpkIterator::new(descriptor))
     }
 
     /// Get unbounded spk iterators for all keychains.
     pub fn all_unbounded_spk_iters(
         &self,
     ) -> BTreeMap<K, SpkIterator<Descriptor<DescriptorPublicKey>>> {
-        self.keychains
+        self.keychains_to_descriptors
             .iter()
-            .map(|(k, descriptor)| (k.clone(), SpkIterator::new(descriptor.clone())))
+            .map(|(k, (_, descriptor))| (k.clone(), SpkIterator::new(descriptor.clone())))
             .collect()
     }
 
@@ -398,18 +599,27 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
         &self,
         range: impl RangeBounds<K>,
     ) -> impl DoubleEndedIterator<Item = (&K, u32, &Script)> + Clone {
-        self.keychains.range(range).flat_map(|(keychain, _)| {
-            let start = Bound::Included((keychain.clone(), u32::MIN));
-            let end = match self.last_revealed.get(keychain) {
-                Some(last_revealed) => Bound::Included((keychain.clone(), *last_revealed)),
-                None => Bound::Excluded((keychain.clone(), u32::MIN)),
-            };
-
-            self.inner
-                .all_spks()
-                .range((start, end))
-                .map(|((keychain, i), spk)| (keychain, *i, spk.as_script()))
-        })
+        self.keychains_to_descriptors
+            .range(range)
+            .flat_map(|(_, (descriptor_id, _))| {
+                let start = Bound::Included((*descriptor_id, u32::MIN));
+                let end = match self.last_revealed.get(descriptor_id) {
+                    Some(last_revealed) => Bound::Included((*descriptor_id, *last_revealed)),
+                    None => Bound::Excluded((*descriptor_id, u32::MIN)),
+                };
+
+                self.inner
+                    .all_spks()
+                    .range((start, end))
+                    .map(|((descriptor_id, i), spk)| {
+                        (
+                            self.keychain_of_desc_id(descriptor_id)
+                                .expect("must have keychain"),
+                            *i,
+                            spk.as_script(),
+                        )
+                    })
+            })
     }
 
     /// Iterate over revealed spks of the given `keychain`.
@@ -423,20 +633,29 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
 
     /// Iterate over revealed, but unused, spks of all keychains.
     pub fn unused_spks(&self) -> impl DoubleEndedIterator<Item = (K, u32, &Script)> + Clone {
-        self.keychains.keys().flat_map(|keychain| {
+        self.keychains_to_descriptors.keys().flat_map(|keychain| {
             self.unused_keychain_spks(keychain)
                 .map(|(i, spk)| (keychain.clone(), i, spk))
         })
     }
 
     /// Iterate over revealed, but unused, spks of the given `keychain`.
+    /// Returns an empty iterator if the provided keychain doesn't exist.
     pub fn unused_keychain_spks(
         &self,
         keychain: &K,
     ) -> impl DoubleEndedIterator<Item = (u32, &Script)> + Clone {
-        let next_i = self.last_revealed.get(keychain).map_or(0, |&i| i + 1);
+        let desc_id = self
+            .keychains_to_descriptors
+            .get(keychain)
+            .map(|(desc_id, _)| *desc_id)
+            // We use a dummy desc id if we can't find the real one in our map. In this way,
+            // if this method was to be called with a non-existent keychain, we would return an
+            // empty iterator
+            .unwrap_or_else(|| DescriptorId::from_byte_array([0; 32]));
+        let next_i = self.last_revealed.get(&desc_id).map_or(0, |&i| i + 1);
         self.inner
-            .unused_spks((keychain.clone(), u32::MIN)..(keychain.clone(), next_i))
+            .unused_spks((desc_id, u32::MIN)..(desc_id, next_i))
             .map(|((_, i), spk)| (*i, spk))
     }
 
@@ -451,17 +670,15 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     ///
     /// Not checking the second field of the tuple may result in address reuse.
     ///
-    /// # Panics
-    ///
-    /// Panics if the `keychain` does not exist.
-    pub fn next_index(&self, keychain: &K) -> (u32, bool) {
-        let descriptor = self.keychains.get(keychain).expect("keychain must exist");
-        let last_index = self.last_revealed.get(keychain).cloned();
+    /// Returns None if the provided `keychain` doesn't exist.
+    pub fn next_index(&self, keychain: &K) -> Option<(u32, bool)> {
+        let (descriptor_id, descriptor) = self.keychains_to_descriptors.get(keychain)?;
+        let last_index = self.last_revealed.get(descriptor_id).cloned();
 
         // we can only get the next index if the wildcard exists.
         let has_wildcard = descriptor.has_wildcard();
 
-        match last_index {
+        Some(match last_index {
             // if there is no index, next_index is always 0.
             None => (0, true),
             // descriptors without wildcards can only have one index.
@@ -473,19 +690,27 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
             Some(index) if index == BIP32_MAX_INDEX => (index, false),
             // get the next derivation index.
             Some(index) => (index + 1, true),
-        }
+        })
     }
 
     /// Get the last derivation index that is revealed for each keychain.
     ///
     /// Keychains with no revealed indices will not be included in the returned [`BTreeMap`].
-    pub fn last_revealed_indices(&self) -> &BTreeMap<K, u32> {
-        &self.last_revealed
+    pub fn last_revealed_indices(&self) -> BTreeMap<K, u32> {
+        self.last_revealed
+            .iter()
+            .filter_map(|(desc_id, index)| {
+                let keychain = self.keychain_of_desc_id(desc_id)?;
+                Some((keychain.clone(), *index))
+            })
+            .collect()
     }
 
-    /// Get the last derivation index revealed for `keychain`.
+    /// Get the last derivation index revealed for `keychain`. Returns None if the keychain doesn't
+    /// exist, or if the keychain doesn't have any revealed scripts.
     pub fn last_revealed_index(&self, keychain: &K) -> Option<u32> {
-        self.last_revealed.get(keychain).cloned()
+        let descriptor_id = self.keychains_to_descriptors.get(keychain)?.0;
+        self.last_revealed.get(&descriptor_id).cloned()
     }
 
     /// Convenience method to call [`Self::reveal_to_target`] on multiple keychains.
@@ -500,68 +725,59 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
         let mut spks = BTreeMap::new();
 
         for (keychain, &index) in keychains {
-            let (new_spks, new_changeset) = self.reveal_to_target(keychain, index);
-            if !new_changeset.is_empty() {
-                spks.insert(keychain.clone(), new_spks);
-                changeset.append(new_changeset.clone());
+            if let Some((new_spks, new_changeset)) = self.reveal_to_target(keychain, index) {
+                if !new_changeset.is_empty() {
+                    spks.insert(keychain.clone(), new_spks);
+                    changeset.append(new_changeset.clone());
+                }
             }
         }
 
         (spks, changeset)
     }
 
-    /// Reveals script pubkeys of the `keychain`'s descriptor **up to and including** the
-    /// `target_index`.
+    /// Convenience method to call `reveal_to_target` with a descriptor_id instead of a keychain.
+    /// This is useful for revealing spks of descriptors for which we don't have a keychain
+    /// tracked.
+    /// Refer to the `reveal_to_target` documentation for more.
     ///
-    /// If the `target_index` cannot be reached (due to the descriptor having no wildcard and/or
-    /// the `target_index` is in the hardened index range), this method will make a best-effort and
-    /// reveal up to the last possible index.
-    ///
-    /// This returns an iterator of newly revealed indices (alongside their scripts) and a
-    /// [`super::ChangeSet`], which reports updates to the latest revealed index. If no new script
-    /// pubkeys are revealed, then both of these will be empty.
-    ///
-    /// # Panics
-    ///
-    /// Panics if `keychain` does not exist.
-    pub fn reveal_to_target(
+    /// Returns None if the provided `descriptor_id` doesn't correspond to a tracked descriptor.
+    fn reveal_to_target_with_id(
         &mut self,
-        keychain: &K,
+        descriptor_id: DescriptorId,
         target_index: u32,
-    ) -> (
+    ) -> Option<(
         SpkIterator<Descriptor<DescriptorPublicKey>>,
         super::ChangeSet<K>,
-    ) {
-        let descriptor = self.keychains.get(keychain).expect("keychain must exist");
+    )> {
+        let descriptor = self
+            .descriptor_ids_to_descriptors
+            .get(&descriptor_id)?
+            .clone();
         let has_wildcard = descriptor.has_wildcard();
 
         let target_index = if has_wildcard { target_index } else { 0 };
         let next_reveal_index = self
             .last_revealed
-            .get(keychain)
+            .get(&descriptor_id)
             .map_or(0, |index| *index + 1);
 
-        debug_assert!(next_reveal_index + self.lookahead >= self.next_store_index(keychain));
+        debug_assert!(next_reveal_index + self.lookahead >= self.next_store_index(descriptor_id));
 
         // If the target_index is already revealed, we are done
         if next_reveal_index > target_index {
-            return (
-                SpkIterator::new_with_range(
-                    descriptor.clone(),
-                    next_reveal_index..next_reveal_index,
-                ),
+            return Some((
+                SpkIterator::new_with_range(descriptor, next_reveal_index..next_reveal_index),
                 super::ChangeSet::default(),
-            );
+            ));
         }
 
         // We range over the indexes that are not stored and insert their spks in the index.
         // Indexes from next_reveal_index to next_reveal_index + lookahead are already stored (due
         // to lookahead), so we only range from next_reveal_index + lookahead to target + lookahead
         let range = next_reveal_index + self.lookahead..=target_index + self.lookahead;
-        for (new_index, new_spk) in SpkIterator::new_with_range(descriptor, range) {
-            let _inserted = self
-                .inner
-                .insert_spk((keychain.clone(), new_index), new_spk);
+        for (new_index, new_spk) in SpkIterator::new_with_range(descriptor.clone(), range) {
+            let _inserted = self.inner.insert_spk((descriptor_id, new_index), new_spk);
             debug_assert!(_inserted, "must not have existing spk");
             debug_assert!(
                 has_wildcard || new_index == 0,
@@ -569,36 +785,68 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
             );
         }
 
-        let _old_index = self.last_revealed.insert(keychain.clone(), target_index);
+        let _old_index = self.last_revealed.insert(descriptor_id, target_index);
         debug_assert!(_old_index < Some(target_index));
-        (
-            SpkIterator::new_with_range(descriptor.clone(), next_reveal_index..target_index + 1),
-            super::ChangeSet(core::iter::once((keychain.clone(), target_index)).collect()),
-        )
+        Some((
+            SpkIterator::new_with_range(descriptor, next_reveal_index..target_index + 1),
+            super::ChangeSet {
+                keychains_added: BTreeMap::new(),
+                last_revealed: core::iter::once((descriptor_id, target_index)).collect(),
+            },
+        ))
+    }
+
+    /// Reveals script pubkeys of the `keychain`'s descriptor **up to and including** the
+    /// `target_index`.
+    ///
+    /// If the `target_index` cannot be reached (due to the descriptor having no wildcard and/or
+    /// the `target_index` is in the hardened index range), this method will make a best-effort and
+    /// reveal up to the last possible index.
+    ///
+    /// This returns an iterator of newly revealed indices (alongside their scripts) and a
+    /// [`super::ChangeSet`], which reports updates to the latest revealed index. If no new script
+    /// pubkeys are revealed, then both of these will be empty.
+    ///
+    /// Returns None if the provided `keychain` doesn't exist.
+    pub fn reveal_to_target(
+        &mut self,
+        keychain: &K,
+        target_index: u32,
+    ) -> Option<(
+        SpkIterator<Descriptor<DescriptorPublicKey>>,
+        super::ChangeSet<K>,
+    )> {
+        let descriptor_id = self.keychains_to_descriptors.get(keychain)?.0;
+        self.reveal_to_target_with_id(descriptor_id, target_index)
     }
 
     /// Attempts to reveal the next script pubkey for `keychain`.
     ///
     /// Returns the derivation index of the revealed script pubkey, the revealed script pubkey and a
     /// [`super::ChangeSet`] which represents changes in the last revealed index (if any).
+    /// Returns None if the provided keychain doesn't exist.
     ///
     /// When a new script cannot be revealed, we return the last revealed script and an empty
     /// [`super::ChangeSet`]. There are two scenarios when a new script pubkey cannot be derived:
     ///
     ///  1. The descriptor has no wildcard and already has one script revealed.
     ///  2. The descriptor has already revealed scripts up to the numeric bound.
-    ///
-    /// # Panics
-    ///
-    /// Panics if the `keychain` does not exist.
-    pub fn reveal_next_spk(&mut self, keychain: &K) -> ((u32, &Script), super::ChangeSet<K>) {
-        let (next_index, _) = self.next_index(keychain);
-        let changeset = self.reveal_to_target(keychain, next_index).1;
+    ///  3. There is no descriptor associated with the given keychain.
+    pub fn reveal_next_spk(
+        &mut self,
+        keychain: &K,
+    ) -> Option<((u32, &Script), super::ChangeSet<K>)> {
+        let descriptor_id = self.keychains_to_descriptors.get(keychain)?.0;
+        let (next_index, _) = self.next_index(keychain).expect("We know keychain exists");
+        let changeset = self
+            .reveal_to_target(keychain, next_index)
+            .expect("We know keychain exists")
+            .1;
         let script = self
             .inner
-            .spk_at_index(&(keychain.clone(), next_index))
+            .spk_at_index(&(descriptor_id, next_index))
             .expect("script must already be stored");
-        ((next_index, script), changeset)
+        Some(((next_index, script), changeset))
     }
 
     /// Gets the next unused script pubkey in the keychain. I.e., the script pubkey with the lowest
@@ -610,21 +858,22 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     /// has used all scripts up to the derivation bounds, then the last derived script pubkey will be
     /// returned.
     ///
-    /// # Panics
-    ///
-    /// Panics if `keychain` has never been added to the index
-    pub fn next_unused_spk(&mut self, keychain: &K) -> ((u32, &Script), super::ChangeSet<K>) {
+    /// Returns None if the provided keychain doesn't exist.
+    pub fn next_unused_spk(
+        &mut self,
+        keychain: &K,
+    ) -> Option<((u32, &Script), super::ChangeSet<K>)> {
         let need_new = self.unused_keychain_spks(keychain).next().is_none();
         // this rather strange branch is needed because of some lifetime issues
         if need_new {
             self.reveal_next_spk(keychain)
         } else {
-            (
+            Some((
                 self.unused_keychain_spks(keychain)
                     .next()
                     .expect("we already know next exists"),
                 super::ChangeSet::default(),
-            )
+            ))
         }
     }
 
@@ -643,21 +892,35 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
         &'a self,
         range: impl RangeBounds<K> + 'a,
     ) -> impl DoubleEndedIterator<Item = (&'a K, u32, OutPoint)> + 'a {
-        let bounds = Self::map_to_inner_bounds(range);
+        let bounds = self.map_to_inner_bounds(range);
         self.inner
             .outputs_in_range(bounds)
-            .map(move |((keychain, i), op)| (keychain, *i, op))
+            .map(move |((desc_id, i), op)| {
+                let keychain = self
+                    .keychain_of_desc_id(desc_id)
+                    .expect("keychain must exist");
+                (keychain, *i, op)
+            })
     }
 
-    fn map_to_inner_bounds(bound: impl RangeBounds<K>) -> impl RangeBounds<(K, u32)> {
+    fn map_to_inner_bounds(
+        &self,
+        bound: impl RangeBounds<K>,
+    ) -> impl RangeBounds<(DescriptorId, u32)> {
+        let get_desc_id = |keychain| {
+            self.keychains_to_descriptors
+                .get(keychain)
+                .map(|(desc_id, _)| *desc_id)
+                .unwrap_or_else(|| DescriptorId::from_byte_array([0; 32]))
+        };
         let start = match bound.start_bound() {
-            Bound::Included(keychain) => Bound::Included((keychain.clone(), u32::MIN)),
-            Bound::Excluded(keychain) => Bound::Excluded((keychain.clone(), u32::MAX)),
+            Bound::Included(keychain) => Bound::Included((get_desc_id(keychain), u32::MIN)),
+            Bound::Excluded(keychain) => Bound::Excluded((get_desc_id(keychain), u32::MAX)),
             Bound::Unbounded => Bound::Unbounded,
         };
         let end = match bound.end_bound() {
-            Bound::Included(keychain) => Bound::Included((keychain.clone(), u32::MAX)),
-            Bound::Excluded(keychain) => Bound::Excluded((keychain.clone(), u32::MIN)),
+            Bound::Included(keychain) => Bound::Included((get_desc_id(keychain), u32::MAX)),
+            Bound::Excluded(keychain) => Bound::Excluded((get_desc_id(keychain), u32::MIN)),
             Bound::Unbounded => Bound::Unbounded,
         };
 
@@ -673,7 +936,7 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
     /// Returns the highest derivation index of each keychain that [`KeychainTxOutIndex`] has found
     /// a [`TxOut`] with it's script pubkey.
     pub fn last_used_indices(&self) -> BTreeMap<K, u32> {
-        self.keychains
+        self.keychains_to_descriptors
             .iter()
             .filter_map(|(keychain, _)| {
                 self.last_used_index(keychain)
@@ -682,9 +945,27 @@ impl<K: Clone + Ord + Debug> KeychainTxOutIndex<K> {
             .collect()
     }
 
-    /// Applies the derivation changeset to the [`KeychainTxOutIndex`], extending the number of
-    /// derived scripts per keychain, as specified in the `changeset`.
+    /// Applies the derivation changeset to the [`KeychainTxOutIndex`], as specified in the
+    /// [`ChangeSet::append`] documentation:
+    /// - Extends the number of derived scripts per keychain
+    /// - Adds new descriptors introduced
+    /// - If a descriptor is introduced for a keychain that already had a descriptor, overwrites
+    /// the old descriptor
     pub fn apply_changeset(&mut self, changeset: super::ChangeSet<K>) {
-        let _ = self.reveal_to_target_multi(&changeset.0);
+        let ChangeSet {
+            keychains_added,
+            last_revealed,
+        } = changeset;
+        for (keychain, descriptor) in keychains_added {
+            let _ = self.insert_descriptor(keychain, descriptor);
+        }
+        let last_revealed = last_revealed
+            .into_iter()
+            .filter_map(|(desc_id, index)| {
+                let keychain = self.keychain_of_desc_id(&desc_id)?;
+                Some((keychain.clone(), index))
+            })
+            .collect();
+        let _ = self.reveal_to_target_multi(&last_revealed);
     }
 }
diff --git a/crates/chain/src/lib.rs b/crates/chain/src/lib.rs
index 85e59fa81..512ea3b06 100644
--- a/crates/chain/src/lib.rs
+++ b/crates/chain/src/lib.rs
@@ -44,7 +44,7 @@ pub use miniscript;
 #[cfg(feature = "miniscript")]
 mod descriptor_ext;
 #[cfg(feature = "miniscript")]
-pub use descriptor_ext::DescriptorExt;
+pub use descriptor_ext::{DescriptorExt, DescriptorId};
 #[cfg(feature = "miniscript")]
 mod spk_iter;
 #[cfg(feature = "miniscript")]
diff --git a/crates/chain/src/spk_iter.rs b/crates/chain/src/spk_iter.rs
index a3944c958..d3a372794 100644
--- a/crates/chain/src/spk_iter.rs
+++ b/crates/chain/src/spk_iter.rs
@@ -158,8 +158,8 @@ mod test {
         let (external_descriptor,_) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/0/*)").unwrap();
         let (internal_descriptor,_) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/*)").unwrap();
 
-        txout_index.add_keychain(TestKeychain::External, external_descriptor.clone());
-        txout_index.add_keychain(TestKeychain::Internal, internal_descriptor.clone());
+        let _ = txout_index.insert_descriptor(TestKeychain::External, external_descriptor.clone());
+        let _ = txout_index.insert_descriptor(TestKeychain::Internal, internal_descriptor.clone());
 
         (txout_index, external_descriptor, internal_descriptor)
     }
@@ -258,18 +258,10 @@ mod test {
             None
         );
     }
+}
 
-    // The following dummy traits were created to test if SpkIterator is working properly.
-    #[allow(unused)]
-    trait TestSendStatic: Send + 'static {
-        fn test(&self) -> u32 {
-            20
-        }
-    }
-
-    impl TestSendStatic for SpkIterator<Descriptor<DescriptorPublicKey>> {
-        fn test(&self) -> u32 {
-            20
-        }
-    }
+#[test]
+fn spk_iterator_is_send_and_static() {
+    fn is_send_and_static<A: Send + 'static>() {}
+    is_send_and_static::<SpkIterator<Descriptor<DescriptorPublicKey>>>()
 }
diff --git a/crates/chain/tests/common/mod.rs b/crates/chain/tests/common/mod.rs
index 586e64043..3fad37f93 100644
--- a/crates/chain/tests/common/mod.rs
+++ b/crates/chain/tests/common/mod.rs
@@ -1,3 +1,5 @@
+#![cfg(feature = "miniscript")]
+
 mod tx_template;
 #[allow(unused_imports)]
 pub use tx_template::*;
@@ -73,3 +75,15 @@ pub fn new_tx(lt: u32) -> bitcoin::Transaction {
         output: vec![],
     }
 }
+
+#[allow(unused)]
+pub const DESCRIPTORS: [&str; 7] = [
+    "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/0/*)",
+    "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/*)",
+    "wpkh([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/0/*)",
+    "tr(tprv8ZgxMBicQKsPd3krDUsBAmtnRsK3rb8u5yi1zhQgMhF1tR8MW7xfE4rnrbbsrbPR52e7rKapu6ztw1jXveJSCGHEriUGZV7mCe88duLp5pj/86'/1'/0'/0/*)",
+    "tr(tprv8ZgxMBicQKsPd3krDUsBAmtnRsK3rb8u5yi1zhQgMhF1tR8MW7xfE4rnrbbsrbPR52e7rKapu6ztw1jXveJSCGHEriUGZV7mCe88duLp5pj/86'/1'/0'/1/*)",
+    "wpkh(xprv9s21ZrQH143K4EXURwMHuLS469fFzZyXk7UUpdKfQwhoHcAiYTakpe8pMU2RiEdvrU9McyuE7YDoKcXkoAwEGoK53WBDnKKv2zZbb9BzttX/1/0/*)",
+    // non-wildcard
+    "wpkh([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/0)",
+];
diff --git a/crates/chain/tests/common/tx_template.rs b/crates/chain/tests/common/tx_template.rs
index fab12c1c2..42bc0f79f 100644
--- a/crates/chain/tests/common/tx_template.rs
+++ b/crates/chain/tests/common/tx_template.rs
@@ -1,3 +1,5 @@
+#![cfg(feature = "miniscript")]
+
 use rand::distributions::{Alphanumeric, DistString};
 use std::collections::HashMap;
 
@@ -52,7 +54,8 @@ impl TxOutTemplate {
 pub fn init_graph<'a, A: Anchor + Clone + 'a>(
     tx_templates: impl IntoIterator<Item = &'a TxTemplate<'a, A>>,
 ) -> (TxGraph<A>, SpkTxOutIndex<u32>, HashMap<&'a str, Txid>) {
-    let (descriptor, _) = Descriptor::parse_descriptor(&Secp256k1::signing_only(), "tr(tprv8ZgxMBicQKsPd3krDUsBAmtnRsK3rb8u5yi1zhQgMhF1tR8MW7xfE4rnrbbsrbPR52e7rKapu6ztw1jXveJSCGHEriUGZV7mCe88duLp5pj/86'/1'/0'/0/*)").unwrap();
+    let (descriptor, _) =
+        Descriptor::parse_descriptor(&Secp256k1::signing_only(), super::DESCRIPTORS[2]).unwrap();
     let mut graph = TxGraph::<A>::default();
     let mut spk_index = SpkTxOutIndex::default();
     (0..10).for_each(|index| {
diff --git a/crates/chain/tests/test_indexed_tx_graph.rs b/crates/chain/tests/test_indexed_tx_graph.rs
index 528418be7..328163379 100644
--- a/crates/chain/tests/test_indexed_tx_graph.rs
+++ b/crates/chain/tests/test_indexed_tx_graph.rs
@@ -1,13 +1,16 @@
+#![cfg(feature = "miniscript")]
+
 #[macro_use]
 mod common;
 
 use std::{collections::BTreeSet, sync::Arc};
 
+use crate::common::DESCRIPTORS;
 use bdk_chain::{
     indexed_tx_graph::{self, IndexedTxGraph},
     keychain::{self, Balance, KeychainTxOutIndex},
     local_chain::LocalChain,
-    tx_graph, ChainPosition, ConfirmationHeightAnchor,
+    tx_graph, ChainPosition, ConfirmationHeightAnchor, DescriptorExt,
 };
 use bitcoin::{
     secp256k1::Secp256k1, Amount, OutPoint, Script, ScriptBuf, Transaction, TxIn, TxOut,
@@ -23,8 +26,7 @@ use miniscript::Descriptor;
 /// agnostic.
 #[test]
 fn insert_relevant_txs() {
-    const DESCRIPTOR: &str = "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/0/*)";
-    let (descriptor, _) = Descriptor::parse_descriptor(&Secp256k1::signing_only(), DESCRIPTOR)
+    let (descriptor, _) = Descriptor::parse_descriptor(&Secp256k1::signing_only(), DESCRIPTORS[0])
         .expect("must be valid");
     let spk_0 = descriptor.at_derivation_index(0).unwrap().script_pubkey();
     let spk_1 = descriptor.at_derivation_index(9).unwrap().script_pubkey();
@@ -32,7 +34,7 @@ fn insert_relevant_txs() {
     let mut graph = IndexedTxGraph::<ConfirmationHeightAnchor, KeychainTxOutIndex<()>>::new(
         KeychainTxOutIndex::new(10),
     );
-    graph.index.add_keychain((), descriptor);
+    let _ = graph.index.insert_descriptor((), descriptor.clone());
 
     let tx_a = Transaction {
         output: vec![
@@ -71,7 +73,10 @@ fn insert_relevant_txs() {
             txs: txs.iter().cloned().map(Arc::new).collect(),
             ..Default::default()
         },
-        indexer: keychain::ChangeSet([((), 9_u32)].into()),
+        indexer: keychain::ChangeSet {
+            last_revealed: [(descriptor.descriptor_id(), 9_u32)].into(),
+            keychains_added: [].into(),
+        },
     };
 
     assert_eq!(
@@ -79,7 +84,16 @@ fn insert_relevant_txs() {
         changeset,
     );
 
-    assert_eq!(graph.initial_changeset(), changeset,);
+    // The initial changeset will also contain info about the keychain we added
+    let initial_changeset = indexed_tx_graph::ChangeSet {
+        graph: changeset.graph,
+        indexer: keychain::ChangeSet {
+            last_revealed: changeset.indexer.last_revealed,
+            keychains_added: [((), descriptor)].into(),
+        },
+    };
+
+    assert_eq!(graph.initial_changeset(), initial_changeset);
 }
 
 /// Ensure consistency IndexedTxGraph list_* and balance methods. These methods lists
@@ -117,15 +131,17 @@ fn test_list_owned_txouts() {
 
     // Initiate IndexedTxGraph
 
-    let (desc_1, _) = Descriptor::parse_descriptor(&Secp256k1::signing_only(), "tr(tprv8ZgxMBicQKsPd3krDUsBAmtnRsK3rb8u5yi1zhQgMhF1tR8MW7xfE4rnrbbsrbPR52e7rKapu6ztw1jXveJSCGHEriUGZV7mCe88duLp5pj/86'/1'/0'/0/*)").unwrap();
-    let (desc_2, _) = Descriptor::parse_descriptor(&Secp256k1::signing_only(), "tr(tprv8ZgxMBicQKsPd3krDUsBAmtnRsK3rb8u5yi1zhQgMhF1tR8MW7xfE4rnrbbsrbPR52e7rKapu6ztw1jXveJSCGHEriUGZV7mCe88duLp5pj/86'/1'/0'/1/*)").unwrap();
+    let (desc_1, _) =
+        Descriptor::parse_descriptor(&Secp256k1::signing_only(), common::DESCRIPTORS[2]).unwrap();
+    let (desc_2, _) =
+        Descriptor::parse_descriptor(&Secp256k1::signing_only(), common::DESCRIPTORS[3]).unwrap();
 
     let mut graph = IndexedTxGraph::<ConfirmationHeightAnchor, KeychainTxOutIndex<String>>::new(
         KeychainTxOutIndex::new(10),
     );
 
-    graph.index.add_keychain("keychain_1".into(), desc_1);
-    graph.index.add_keychain("keychain_2".into(), desc_2);
+    let _ = graph.index.insert_descriptor("keychain_1".into(), desc_1);
+    let _ = graph.index.insert_descriptor("keychain_2".into(), desc_2);
 
     // Get trusted and untrusted addresses
 
@@ -135,14 +151,20 @@ fn test_list_owned_txouts() {
     {
         // we need to scope here to take immutanble reference of the graph
         for _ in 0..10 {
-            let ((_, script), _) = graph.index.reveal_next_spk(&"keychain_1".to_string());
+            let ((_, script), _) = graph
+                .index
+                .reveal_next_spk(&"keychain_1".to_string())
+                .unwrap();
             // TODO Assert indexes
             trusted_spks.push(script.to_owned());
         }
     }
     {
         for _ in 0..10 {
-            let ((_, script), _) = graph.index.reveal_next_spk(&"keychain_2".to_string());
+            let ((_, script), _) = graph
+                .index
+                .reveal_next_spk(&"keychain_2".to_string())
+                .unwrap();
             untrusted_spks.push(script.to_owned());
         }
     }
@@ -235,26 +257,18 @@ fn test_list_owned_txouts() {
                 .unwrap_or_else(|| panic!("block must exist at {}", height));
             let txouts = graph
                 .graph()
-                .filter_chain_txouts(
-                    &local_chain,
-                    chain_tip,
-                    graph.index.outpoints().iter().cloned(),
-                )
+                .filter_chain_txouts(&local_chain, chain_tip, graph.index.outpoints())
                 .collect::<Vec<_>>();
 
             let utxos = graph
                 .graph()
-                .filter_chain_unspents(
-                    &local_chain,
-                    chain_tip,
-                    graph.index.outpoints().iter().cloned(),
-                )
+                .filter_chain_unspents(&local_chain, chain_tip, graph.index.outpoints())
                 .collect::<Vec<_>>();
 
             let balance = graph.graph().balance(
                 &local_chain,
                 chain_tip,
-                graph.index.outpoints().iter().cloned(),
+                graph.index.outpoints(),
                 |_, spk: &Script| trusted_spks.contains(&spk.to_owned()),
             );
 
diff --git a/crates/chain/tests/test_keychain_txout_index.rs b/crates/chain/tests/test_keychain_txout_index.rs
index 6e67a0f29..55af741c6 100644
--- a/crates/chain/tests/test_keychain_txout_index.rs
+++ b/crates/chain/tests/test_keychain_txout_index.rs
@@ -5,36 +5,39 @@ mod common;
 use bdk_chain::{
     collections::BTreeMap,
     indexed_tx_graph::Indexer,
-    keychain::{self, KeychainTxOutIndex},
-    Append,
+    keychain::{self, ChangeSet, KeychainTxOutIndex},
+    Append, DescriptorExt, DescriptorId,
 };
 
 use bitcoin::{secp256k1::Secp256k1, Amount, OutPoint, ScriptBuf, Transaction, TxOut};
 use miniscript::{Descriptor, DescriptorPublicKey};
 
+use crate::common::DESCRIPTORS;
+
 #[derive(Clone, Debug, PartialEq, Eq, Ord, PartialOrd)]
 enum TestKeychain {
     External,
     Internal,
 }
 
+fn parse_descriptor(descriptor: &str) -> Descriptor<DescriptorPublicKey> {
+    let secp = bdk_chain::bitcoin::secp256k1::Secp256k1::signing_only();
+    Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, descriptor)
+        .unwrap()
+        .0
+}
+
 fn init_txout_index(
+    external_descriptor: Descriptor<DescriptorPublicKey>,
+    internal_descriptor: Descriptor<DescriptorPublicKey>,
     lookahead: u32,
-) -> (
-    bdk_chain::keychain::KeychainTxOutIndex<TestKeychain>,
-    Descriptor<DescriptorPublicKey>,
-    Descriptor<DescriptorPublicKey>,
-) {
+) -> bdk_chain::keychain::KeychainTxOutIndex<TestKeychain> {
     let mut txout_index = bdk_chain::keychain::KeychainTxOutIndex::<TestKeychain>::new(lookahead);
 
-    let secp = bdk_chain::bitcoin::secp256k1::Secp256k1::signing_only();
-    let (external_descriptor,_) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/0/*)").unwrap();
-    let (internal_descriptor,_) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "tr([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/*)").unwrap();
-
-    txout_index.add_keychain(TestKeychain::External, external_descriptor.clone());
-    txout_index.add_keychain(TestKeychain::Internal, internal_descriptor.clone());
+    let _ = txout_index.insert_descriptor(TestKeychain::External, external_descriptor);
+    let _ = txout_index.insert_descriptor(TestKeychain::Internal, internal_descriptor);
 
-    (txout_index, external_descriptor, internal_descriptor)
+    txout_index
 }
 
 fn spk_at_index(descriptor: &Descriptor<DescriptorPublicKey>, index: u32) -> ScriptBuf {
@@ -44,29 +47,136 @@ fn spk_at_index(descriptor: &Descriptor<DescriptorPublicKey>, index: u32) -> Scr
         .script_pubkey()
 }
 
+// We create two empty changesets lhs and rhs, we then insert various descriptors with various
+// last_revealed, append rhs to lhs, and check that the result is consistent with these rules:
+// - Existing index doesn't update if the new index in `other` is lower than `self`.
+// - Existing index updates if the new index in `other` is higher than `self`.
+// - Existing index is unchanged if keychain doesn't exist in `other`.
+// - New keychain gets added if the keychain is in `other` but not in `self`.
+#[test]
+fn append_changesets_check_last_revealed() {
+    let secp = bitcoin::secp256k1::Secp256k1::signing_only();
+    let descriptor_ids: Vec<_> = DESCRIPTORS
+        .iter()
+        .take(4)
+        .map(|d| {
+            Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, d)
+                .unwrap()
+                .0
+                .descriptor_id()
+        })
+        .collect();
+
+    let mut lhs_di = BTreeMap::<DescriptorId, u32>::default();
+    let mut rhs_di = BTreeMap::<DescriptorId, u32>::default();
+    lhs_di.insert(descriptor_ids[0], 7);
+    lhs_di.insert(descriptor_ids[1], 0);
+    lhs_di.insert(descriptor_ids[2], 3);
+
+    rhs_di.insert(descriptor_ids[0], 3); // value less than lhs desc 0
+    rhs_di.insert(descriptor_ids[1], 5); // value more than lhs desc 1
+    lhs_di.insert(descriptor_ids[3], 4); // key doesn't exist in lhs
+
+    let mut lhs = ChangeSet {
+        keychains_added: BTreeMap::<(), _>::new(),
+        last_revealed: lhs_di,
+    };
+    let rhs = ChangeSet {
+        keychains_added: BTreeMap::<(), _>::new(),
+        last_revealed: rhs_di,
+    };
+    lhs.append(rhs);
+
+    // Existing index doesn't update if the new index in `other` is lower than `self`.
+    assert_eq!(lhs.last_revealed.get(&descriptor_ids[0]), Some(&7));
+    // Existing index updates if the new index in `other` is higher than `self`.
+    assert_eq!(lhs.last_revealed.get(&descriptor_ids[1]), Some(&5));
+    // Existing index is unchanged if keychain doesn't exist in `other`.
+    assert_eq!(lhs.last_revealed.get(&descriptor_ids[2]), Some(&3));
+    // New keychain gets added if the keychain is in `other` but not in `self`.
+    assert_eq!(lhs.last_revealed.get(&descriptor_ids[3]), Some(&4));
+}
+
+#[test]
+fn test_apply_changeset_with_different_descriptors_to_same_keychain() {
+    let external_descriptor = parse_descriptor(DESCRIPTORS[0]);
+    let internal_descriptor = parse_descriptor(DESCRIPTORS[1]);
+    let mut txout_index =
+        init_txout_index(external_descriptor.clone(), internal_descriptor.clone(), 0);
+    assert_eq!(
+        txout_index.keychains().collect::<Vec<_>>(),
+        vec![
+            (&TestKeychain::External, &external_descriptor),
+            (&TestKeychain::Internal, &internal_descriptor)
+        ]
+    );
+
+    let changeset = ChangeSet {
+        keychains_added: [(TestKeychain::External, internal_descriptor.clone())].into(),
+        last_revealed: [].into(),
+    };
+    txout_index.apply_changeset(changeset);
+
+    assert_eq!(
+        txout_index.keychains().collect::<Vec<_>>(),
+        vec![
+            (&TestKeychain::External, &internal_descriptor),
+            (&TestKeychain::Internal, &internal_descriptor)
+        ]
+    );
+
+    let changeset = ChangeSet {
+        keychains_added: [(TestKeychain::Internal, external_descriptor.clone())].into(),
+        last_revealed: [].into(),
+    };
+    txout_index.apply_changeset(changeset);
+
+    assert_eq!(
+        txout_index.keychains().collect::<Vec<_>>(),
+        vec![
+            (&TestKeychain::External, &internal_descriptor),
+            (&TestKeychain::Internal, &external_descriptor)
+        ]
+    );
+}
+
 #[test]
 fn test_set_all_derivation_indices() {
     use bdk_chain::indexed_tx_graph::Indexer;
 
-    let (mut txout_index, _, _) = init_txout_index(0);
+    let external_descriptor = parse_descriptor(DESCRIPTORS[0]);
+    let internal_descriptor = parse_descriptor(DESCRIPTORS[1]);
+    let mut txout_index =
+        init_txout_index(external_descriptor.clone(), internal_descriptor.clone(), 0);
     let derive_to: BTreeMap<_, _> =
         [(TestKeychain::External, 12), (TestKeychain::Internal, 24)].into();
+    let last_revealed: BTreeMap<_, _> = [
+        (external_descriptor.descriptor_id(), 12),
+        (internal_descriptor.descriptor_id(), 24),
+    ]
+    .into();
     assert_eq!(
-        txout_index.reveal_to_target_multi(&derive_to).1.as_inner(),
-        &derive_to
+        txout_index.reveal_to_target_multi(&derive_to).1,
+        ChangeSet {
+            keychains_added: BTreeMap::new(),
+            last_revealed: last_revealed.clone()
+        }
     );
-    assert_eq!(txout_index.last_revealed_indices(), &derive_to);
+    assert_eq!(txout_index.last_revealed_indices(), derive_to);
     assert_eq!(
         txout_index.reveal_to_target_multi(&derive_to).1,
         keychain::ChangeSet::default(),
         "no changes if we set to the same thing"
     );
-    assert_eq!(txout_index.initial_changeset().as_inner(), &derive_to);
+    assert_eq!(txout_index.initial_changeset().last_revealed, last_revealed);
 }
 
 #[test]
 fn test_lookahead() {
-    let (mut txout_index, external_desc, internal_desc) = init_txout_index(10);
+    let external_descriptor = parse_descriptor(DESCRIPTORS[0]);
+    let internal_descriptor = parse_descriptor(DESCRIPTORS[1]);
+    let mut txout_index =
+        init_txout_index(external_descriptor.clone(), internal_descriptor.clone(), 10);
 
     // given:
     // - external lookahead set to 10
@@ -76,15 +186,16 @@ fn test_lookahead() {
     // - scripts cached in spk_txout_index should increase correctly
     // - stored scripts of external keychain should be of expected counts
     for index in (0..20).skip_while(|i| i % 2 == 1) {
-        let (revealed_spks, revealed_changeset) =
-            txout_index.reveal_to_target(&TestKeychain::External, index);
+        let (revealed_spks, revealed_changeset) = txout_index
+            .reveal_to_target(&TestKeychain::External, index)
+            .unwrap();
         assert_eq!(
             revealed_spks.collect::<Vec<_>>(),
-            vec![(index, spk_at_index(&external_desc, index))],
+            vec![(index, spk_at_index(&external_descriptor, index))],
         );
         assert_eq!(
-            revealed_changeset.as_inner(),
-            &[(TestKeychain::External, index)].into()
+            &revealed_changeset.last_revealed,
+            &[(external_descriptor.descriptor_id(), index)].into()
         );
 
         assert_eq!(
@@ -126,17 +237,18 @@ fn test_lookahead() {
     // - derivation index is set ahead of current derivation index + lookahead
     // expect:
     // - scripts cached in spk_txout_index should increase correctly, a.k.a. no scripts are skipped
-    let (revealed_spks, revealed_changeset) =
-        txout_index.reveal_to_target(&TestKeychain::Internal, 24);
+    let (revealed_spks, revealed_changeset) = txout_index
+        .reveal_to_target(&TestKeychain::Internal, 24)
+        .unwrap();
     assert_eq!(
         revealed_spks.collect::<Vec<_>>(),
         (0..=24)
-            .map(|index| (index, spk_at_index(&internal_desc, index)))
+            .map(|index| (index, spk_at_index(&internal_descriptor, index)))
             .collect::<Vec<_>>(),
     );
     assert_eq!(
-        revealed_changeset.as_inner(),
-        &[(TestKeychain::Internal, 24)].into()
+        &revealed_changeset.last_revealed,
+        &[(internal_descriptor.descriptor_id(), 24)].into()
     );
     assert_eq!(
         txout_index.inner().all_spks().len(),
@@ -172,14 +284,14 @@ fn test_lookahead() {
         let tx = Transaction {
             output: vec![
                 TxOut {
-                    script_pubkey: external_desc
+                    script_pubkey: external_descriptor
                         .at_derivation_index(external_index)
                         .unwrap()
                         .script_pubkey(),
                     value: Amount::from_sat(10_000),
                 },
                 TxOut {
-                    script_pubkey: internal_desc
+                    script_pubkey: internal_descriptor
                         .at_derivation_index(internal_index)
                         .unwrap()
                         .script_pubkey(),
@@ -219,14 +331,17 @@ fn test_lookahead() {
 // - last used index should change as expected
 #[test]
 fn test_scan_with_lookahead() {
-    let (mut txout_index, external_desc, _) = init_txout_index(10);
+    let external_descriptor = parse_descriptor(DESCRIPTORS[0]);
+    let internal_descriptor = parse_descriptor(DESCRIPTORS[1]);
+    let mut txout_index =
+        init_txout_index(external_descriptor.clone(), internal_descriptor.clone(), 10);
 
     let spks: BTreeMap<u32, ScriptBuf> = [0, 10, 20, 30]
         .into_iter()
         .map(|i| {
             (
                 i,
-                external_desc
+                external_descriptor
                     .at_derivation_index(i)
                     .unwrap()
                     .script_pubkey(),
@@ -243,8 +358,8 @@ fn test_scan_with_lookahead() {
 
         let changeset = txout_index.index_txout(op, &txout);
         assert_eq!(
-            changeset.as_inner(),
-            &[(TestKeychain::External, spk_i)].into()
+            &changeset.last_revealed,
+            &[(external_descriptor.descriptor_id(), spk_i)].into()
         );
         assert_eq!(
             txout_index.last_revealed_index(&TestKeychain::External),
@@ -257,7 +372,7 @@ fn test_scan_with_lookahead() {
     }
 
     // now try with index 41 (lookahead surpassed), we expect that the txout to not be indexed
-    let spk_41 = external_desc
+    let spk_41 = external_descriptor
         .at_derivation_index(41)
         .unwrap()
         .script_pubkey();
@@ -273,11 +388,13 @@ fn test_scan_with_lookahead() {
 #[test]
 #[rustfmt::skip]
 fn test_wildcard_derivations() {
-    let (mut txout_index, external_desc, _) = init_txout_index(0);
-    let external_spk_0 = external_desc.at_derivation_index(0).unwrap().script_pubkey();
-    let external_spk_16 = external_desc.at_derivation_index(16).unwrap().script_pubkey();
-    let external_spk_26 = external_desc.at_derivation_index(26).unwrap().script_pubkey();
-    let external_spk_27 = external_desc.at_derivation_index(27).unwrap().script_pubkey();
+    let external_descriptor = parse_descriptor(DESCRIPTORS[0]);
+    let internal_descriptor = parse_descriptor(DESCRIPTORS[1]);
+    let mut txout_index = init_txout_index(external_descriptor.clone(), internal_descriptor.clone(), 0);
+    let external_spk_0 = external_descriptor.at_derivation_index(0).unwrap().script_pubkey();
+    let external_spk_16 = external_descriptor.at_derivation_index(16).unwrap().script_pubkey();
+    let external_spk_26 = external_descriptor.at_derivation_index(26).unwrap().script_pubkey();
+    let external_spk_27 = external_descriptor.at_derivation_index(27).unwrap().script_pubkey();
 
     // - nothing is derived
     // - unused list is also empty
@@ -285,13 +402,13 @@ fn test_wildcard_derivations() {
     // - next_derivation_index() == (0, true)
     // - derive_new() == ((0, <spk>), keychain::ChangeSet)
     // - next_unused() == ((0, <spk>), keychain::ChangeSet:is_empty())
-    assert_eq!(txout_index.next_index(&TestKeychain::External), (0, true));
-    let (spk, changeset) = txout_index.reveal_next_spk(&TestKeychain::External);
+    assert_eq!(txout_index.next_index(&TestKeychain::External).unwrap(), (0, true));
+    let (spk, changeset) = txout_index.reveal_next_spk(&TestKeychain::External).unwrap();
     assert_eq!(spk, (0_u32, external_spk_0.as_script()));
-    assert_eq!(changeset.as_inner(), &[(TestKeychain::External, 0)].into());
-    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External);
+    assert_eq!(&changeset.last_revealed, &[(external_descriptor.descriptor_id(), 0)].into());
+    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External).unwrap();
     assert_eq!(spk, (0_u32, external_spk_0.as_script()));
-    assert_eq!(changeset.as_inner(), &[].into());
+    assert_eq!(&changeset.last_revealed, &[].into());
 
     // - derived till 25
     // - used all spks till 15.
@@ -307,16 +424,16 @@ fn test_wildcard_derivations() {
         .chain([17, 20, 23])
         .for_each(|index| assert!(txout_index.mark_used(TestKeychain::External, index)));
 
-    assert_eq!(txout_index.next_index(&TestKeychain::External), (26, true));
+    assert_eq!(txout_index.next_index(&TestKeychain::External).unwrap(), (26, true));
 
-    let (spk, changeset) = txout_index.reveal_next_spk(&TestKeychain::External);
+    let (spk, changeset) = txout_index.reveal_next_spk(&TestKeychain::External).unwrap();
     assert_eq!(spk, (26, external_spk_26.as_script()));
 
-    assert_eq!(changeset.as_inner(), &[(TestKeychain::External, 26)].into());
+    assert_eq!(&changeset.last_revealed, &[(external_descriptor.descriptor_id(), 26)].into());
 
-    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External);
+    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External).unwrap();
     assert_eq!(spk, (16, external_spk_16.as_script()));
-    assert_eq!(changeset.as_inner(), &[].into());
+    assert_eq!(&changeset.last_revealed, &[].into());
 
     // - Use all the derived till 26.
     // - next_unused() = ((27, <spk>), keychain::ChangeSet)
@@ -324,9 +441,9 @@ fn test_wildcard_derivations() {
         txout_index.mark_used(TestKeychain::External, index);
     });
 
-    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External);
+    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External).unwrap();
     assert_eq!(spk, (27, external_spk_27.as_script()));
-    assert_eq!(changeset.as_inner(), &[(TestKeychain::External, 27)].into());
+    assert_eq!(&changeset.last_revealed, &[(external_descriptor.descriptor_id(), 27)].into());
 }
 
 #[test]
@@ -334,13 +451,14 @@ fn test_non_wildcard_derivations() {
     let mut txout_index = KeychainTxOutIndex::<TestKeychain>::new(0);
 
     let secp = bitcoin::secp256k1::Secp256k1::signing_only();
-    let (no_wildcard_descriptor, _) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, "wpkh([73c5da0a/86'/0'/0']xprv9xgqHN7yz9MwCkxsBPN5qetuNdQSUttZNKw1dcYTV4mkaAFiBVGQziHs3NRSWMkCzvgjEe3n9xV8oYywvM8at9yRqyaZVz6TYYhX98VjsUk/1/0)").unwrap();
+    let (no_wildcard_descriptor, _) =
+        Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, DESCRIPTORS[6]).unwrap();
     let external_spk = no_wildcard_descriptor
         .at_derivation_index(0)
         .unwrap()
         .script_pubkey();
 
-    txout_index.add_keychain(TestKeychain::External, no_wildcard_descriptor);
+    let _ = txout_index.insert_descriptor(TestKeychain::External, no_wildcard_descriptor.clone());
 
     // given:
     // - `txout_index` with no stored scripts
@@ -348,14 +466,24 @@ fn test_non_wildcard_derivations() {
     // - next derivation index should be new
     // - when we derive a new script, script @ index 0
     // - when we get the next unused script, script @ index 0
-    assert_eq!(txout_index.next_index(&TestKeychain::External), (0, true));
-    let (spk, changeset) = txout_index.reveal_next_spk(&TestKeychain::External);
+    assert_eq!(
+        txout_index.next_index(&TestKeychain::External).unwrap(),
+        (0, true)
+    );
+    let (spk, changeset) = txout_index
+        .reveal_next_spk(&TestKeychain::External)
+        .unwrap();
     assert_eq!(spk, (0, external_spk.as_script()));
-    assert_eq!(changeset.as_inner(), &[(TestKeychain::External, 0)].into());
+    assert_eq!(
+        &changeset.last_revealed,
+        &[(no_wildcard_descriptor.descriptor_id(), 0)].into()
+    );
 
-    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External);
+    let (spk, changeset) = txout_index
+        .next_unused_spk(&TestKeychain::External)
+        .unwrap();
     assert_eq!(spk, (0, external_spk.as_script()));
-    assert_eq!(changeset.as_inner(), &[].into());
+    assert_eq!(&changeset.last_revealed, &[].into());
 
     // given:
     // - the non-wildcard descriptor already has a stored and used script
@@ -363,18 +491,26 @@ fn test_non_wildcard_derivations() {
     // - next derivation index should not be new
     // - derive new and next unused should return the old script
     // - store_up_to should not panic and return empty changeset
-    assert_eq!(txout_index.next_index(&TestKeychain::External), (0, false));
+    assert_eq!(
+        txout_index.next_index(&TestKeychain::External).unwrap(),
+        (0, false)
+    );
     txout_index.mark_used(TestKeychain::External, 0);
 
-    let (spk, changeset) = txout_index.reveal_next_spk(&TestKeychain::External);
+    let (spk, changeset) = txout_index
+        .reveal_next_spk(&TestKeychain::External)
+        .unwrap();
     assert_eq!(spk, (0, external_spk.as_script()));
-    assert_eq!(changeset.as_inner(), &[].into());
+    assert_eq!(&changeset.last_revealed, &[].into());
 
-    let (spk, changeset) = txout_index.next_unused_spk(&TestKeychain::External);
+    let (spk, changeset) = txout_index
+        .next_unused_spk(&TestKeychain::External)
+        .unwrap();
     assert_eq!(spk, (0, external_spk.as_script()));
-    assert_eq!(changeset.as_inner(), &[].into());
-    let (revealed_spks, revealed_changeset) =
-        txout_index.reveal_to_target(&TestKeychain::External, 200);
+    assert_eq!(&changeset.last_revealed, &[].into());
+    let (revealed_spks, revealed_changeset) = txout_index
+        .reveal_to_target(&TestKeychain::External, 200)
+        .unwrap();
     assert_eq!(revealed_spks.count(), 0);
     assert!(revealed_changeset.is_empty());
 
@@ -438,7 +574,13 @@ fn lookahead_to_target() {
     ];
 
     for t in test_cases {
-        let (mut index, _, _) = init_txout_index(t.lookahead);
+        let external_descriptor = parse_descriptor(DESCRIPTORS[0]);
+        let internal_descriptor = parse_descriptor(DESCRIPTORS[1]);
+        let mut index = init_txout_index(
+            external_descriptor.clone(),
+            internal_descriptor.clone(),
+            t.lookahead,
+        );
 
         if let Some(last_revealed) = t.external_last_revealed {
             let _ = index.reveal_to_target(&TestKeychain::External, last_revealed);
@@ -449,17 +591,19 @@ fn lookahead_to_target() {
 
         let keychain_test_cases = [
             (
+                external_descriptor.descriptor_id(),
                 TestKeychain::External,
                 t.external_last_revealed,
                 t.external_target,
             ),
             (
+                internal_descriptor.descriptor_id(),
                 TestKeychain::Internal,
                 t.internal_last_revealed,
                 t.internal_target,
             ),
         ];
-        for (keychain, last_revealed, target) in keychain_test_cases {
+        for (descriptor_id, keychain, last_revealed, target) in keychain_test_cases {
             if let Some(target) = target {
                 let original_last_stored_index = match last_revealed {
                     Some(last_revealed) => Some(last_revealed + t.lookahead),
@@ -475,10 +619,10 @@ fn lookahead_to_target() {
                 let keys = index
                     .inner()
                     .all_spks()
-                    .range((keychain.clone(), 0)..=(keychain.clone(), u32::MAX))
-                    .map(|(k, _)| k.clone())
+                    .range((descriptor_id, 0)..=(descriptor_id, u32::MAX))
+                    .map(|(k, _)| *k)
                     .collect::<Vec<_>>();
-                let exp_keys = core::iter::repeat(keychain)
+                let exp_keys = core::iter::repeat(descriptor_id)
                     .zip(0_u32..=exp_last_stored_index)
                     .collect::<Vec<_>>();
                 assert_eq!(keys, exp_keys);
@@ -486,3 +630,150 @@ fn lookahead_to_target() {
         }
     }
 }
+
+/// `::index_txout` should still index txouts with spks derived from descriptors without keychains.
+/// This includes properly refilling the lookahead for said descriptors.
+#[test]
+fn index_txout_after_changing_descriptor_under_keychain() {
+    let secp = bdk_chain::bitcoin::secp256k1::Secp256k1::signing_only();
+    let (desc_a, _) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, DESCRIPTORS[0])
+        .expect("descriptor 0 must be valid");
+    let (desc_b, _) = Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, DESCRIPTORS[1])
+        .expect("descriptor 1 must be valid");
+    let desc_id_a = desc_a.descriptor_id();
+
+    let mut txout_index = bdk_chain::keychain::KeychainTxOutIndex::<()>::new(10);
+
+    // Introduce `desc_a` under keychain `()` and replace the descriptor.
+    let _ = txout_index.insert_descriptor((), desc_a.clone());
+    let _ = txout_index.insert_descriptor((), desc_b.clone());
+
+    // Loop through spks in intervals of `lookahead` to create outputs with. We should always be
+    // able to index these outputs if `lookahead` is respected.
+    let spk_indices = [9, 19, 29, 39];
+    for i in spk_indices {
+        let spk_at_index = desc_a
+            .at_derivation_index(i)
+            .expect("must derive")
+            .script_pubkey();
+        let index_changeset = txout_index.index_txout(
+            // Use spk derivation index as vout as we just want an unique outpoint.
+            OutPoint::new(h!("mock_tx"), i as _),
+            &TxOut {
+                value: Amount::from_sat(10_000),
+                script_pubkey: spk_at_index,
+            },
+        );
+        assert_eq!(
+            index_changeset,
+            bdk_chain::keychain::ChangeSet {
+                keychains_added: BTreeMap::default(),
+                last_revealed: [(desc_id_a, i)].into(),
+            },
+            "must always increase last active if impl respects lookahead"
+        );
+    }
+}
+
+#[test]
+fn insert_descriptor_no_change() {
+    let secp = Secp256k1::signing_only();
+    let (desc, _) =
+        Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, DESCRIPTORS[0]).unwrap();
+    let mut txout_index = KeychainTxOutIndex::<()>::default();
+    assert_eq!(
+        txout_index.insert_descriptor((), desc.clone()),
+        keychain::ChangeSet {
+            keychains_added: [((), desc.clone())].into(),
+            last_revealed: Default::default()
+        },
+    );
+    assert_eq!(
+        txout_index.insert_descriptor((), desc.clone()),
+        keychain::ChangeSet::default(),
+        "inserting the same descriptor for keychain should return an empty changeset",
+    );
+}
+
+#[test]
+fn applying_changesets_one_by_one_vs_aggregate_must_have_same_result() {
+    let desc = parse_descriptor(DESCRIPTORS[0]);
+    let changesets: &[ChangeSet<TestKeychain>] = &[
+        ChangeSet {
+            keychains_added: [(TestKeychain::Internal, desc.clone())].into(),
+            last_revealed: [].into(),
+        },
+        ChangeSet {
+            keychains_added: [(TestKeychain::External, desc.clone())].into(),
+            last_revealed: [(desc.descriptor_id(), 12)].into(),
+        },
+    ];
+
+    let mut indexer_a = KeychainTxOutIndex::<TestKeychain>::new(0);
+    for changeset in changesets {
+        indexer_a.apply_changeset(changeset.clone());
+    }
+
+    let mut indexer_b = KeychainTxOutIndex::<TestKeychain>::new(0);
+    let aggregate_changesets = changesets
+        .iter()
+        .cloned()
+        .reduce(|mut agg, cs| {
+            agg.append(cs);
+            agg
+        })
+        .expect("must aggregate changesets");
+    indexer_b.apply_changeset(aggregate_changesets);
+
+    assert_eq!(
+        indexer_a.keychains().collect::<Vec<_>>(),
+        indexer_b.keychains().collect::<Vec<_>>()
+    );
+    assert_eq!(
+        indexer_a.spk_at_index(TestKeychain::External, 0),
+        indexer_b.spk_at_index(TestKeychain::External, 0)
+    );
+    assert_eq!(
+        indexer_a.spk_at_index(TestKeychain::Internal, 0),
+        indexer_b.spk_at_index(TestKeychain::Internal, 0)
+    );
+    assert_eq!(
+        indexer_a.last_revealed_indices(),
+        indexer_b.last_revealed_indices()
+    );
+}
+
+// When the same descriptor is associated with various keychains,
+// index methods only return the highest keychain by Ord
+#[test]
+fn test_only_highest_ord_keychain_is_returned() {
+    let desc = parse_descriptor(DESCRIPTORS[0]);
+
+    let mut indexer = KeychainTxOutIndex::<TestKeychain>::new(0);
+    let _ = indexer.insert_descriptor(TestKeychain::Internal, desc.clone());
+    let _ = indexer.insert_descriptor(TestKeychain::External, desc);
+
+    // reveal_next_spk will work with either keychain
+    let spk0: ScriptBuf = indexer
+        .reveal_next_spk(&TestKeychain::External)
+        .unwrap()
+        .0
+         .1
+        .into();
+    let spk1: ScriptBuf = indexer
+        .reveal_next_spk(&TestKeychain::Internal)
+        .unwrap()
+        .0
+         .1
+        .into();
+
+    // index_of_spk will always return External
+    assert_eq!(
+        indexer.index_of_spk(&spk0),
+        Some((TestKeychain::External, 0))
+    );
+    assert_eq!(
+        indexer.index_of_spk(&spk1),
+        Some((TestKeychain::External, 1))
+    );
+}
diff --git a/crates/chain/tests/test_local_chain.rs b/crates/chain/tests/test_local_chain.rs
index cff4a8e73..6819e3da1 100644
--- a/crates/chain/tests/test_local_chain.rs
+++ b/crates/chain/tests/test_local_chain.rs
@@ -1,3 +1,5 @@
+#![cfg(feature = "miniscript")]
+
 use std::ops::{Bound, RangeBounds};
 
 use bdk_chain::{
diff --git a/crates/chain/tests/test_tx_graph.rs b/crates/chain/tests/test_tx_graph.rs
index 1c7a90f72..26e29ed12 100644
--- a/crates/chain/tests/test_tx_graph.rs
+++ b/crates/chain/tests/test_tx_graph.rs
@@ -1,3 +1,5 @@
+#![cfg(feature = "miniscript")]
+
 #[macro_use]
 mod common;
 use bdk_chain::tx_graph::CalculateFeeError;
diff --git a/crates/chain/tests/test_tx_graph_conflicts.rs b/crates/chain/tests/test_tx_graph_conflicts.rs
index 96d7b49fa..0856eec93 100644
--- a/crates/chain/tests/test_tx_graph_conflicts.rs
+++ b/crates/chain/tests/test_tx_graph_conflicts.rs
@@ -1,3 +1,5 @@
+#![cfg(feature = "miniscript")]
+
 #[macro_use]
 mod common;
 
diff --git a/example-crates/example_bitcoind_rpc_polling/src/main.rs b/example-crates/example_bitcoind_rpc_polling/src/main.rs
index be9e1839f..a921962cc 100644
--- a/example-crates/example_bitcoind_rpc_polling/src/main.rs
+++ b/example-crates/example_bitcoind_rpc_polling/src/main.rs
@@ -212,7 +212,7 @@ fn main() -> anyhow::Result<()> {
                         graph.graph().balance(
                             &*chain,
                             synced_to.block_id(),
-                            graph.index.outpoints().iter().cloned(),
+                            graph.index.outpoints(),
                             |(k, _), _| k == &Keychain::Internal,
                         )
                     };
@@ -336,7 +336,7 @@ fn main() -> anyhow::Result<()> {
                         graph.graph().balance(
                             &*chain,
                             synced_to.block_id(),
-                            graph.index.outpoints().iter().cloned(),
+                            graph.index.outpoints(),
                             |(k, _), _| k == &Keychain::Internal,
                         )
                     };
diff --git a/example-crates/example_cli/src/lib.rs b/example-crates/example_cli/src/lib.rs
index be9e4f01c..319c23805 100644
--- a/example-crates/example_cli/src/lib.rs
+++ b/example-crates/example_cli/src/lib.rs
@@ -249,14 +249,20 @@ where
         script_pubkey: address.script_pubkey(),
     }];
 
-    let internal_keychain = if graph.index.keychains().get(&Keychain::Internal).is_some() {
+    let internal_keychain = if graph
+        .index
+        .keychains()
+        .any(|(k, _)| *k == Keychain::Internal)
+    {
         Keychain::Internal
     } else {
         Keychain::External
     };
 
-    let ((change_index, change_script), change_changeset) =
-        graph.index.next_unused_spk(&internal_keychain);
+    let ((change_index, change_script), change_changeset) = graph
+        .index
+        .next_unused_spk(&internal_keychain)
+        .expect("Must exist");
     changeset.append(change_changeset);
 
     // Clone to drop the immutable reference.
@@ -266,8 +272,9 @@ where
         &graph
             .index
             .keychains()
-            .get(&internal_keychain)
+            .find(|(k, _)| *k == &internal_keychain)
             .expect("must exist")
+            .1
             .at_derivation_index(change_index)
             .expect("change_index can't be hardened"),
         &assets,
@@ -284,8 +291,9 @@ where
         min_drain_value: graph
             .index
             .keychains()
-            .get(&internal_keychain)
+            .find(|(k, _)| *k == &internal_keychain)
             .expect("must exist")
+            .1
             .dust_value(),
         ..CoinSelectorOpt::fund_outputs(
             &outputs,
@@ -416,7 +424,7 @@ pub fn planned_utxos<A: Anchor, O: ChainOracle, K: Clone + bdk_tmp_plan::CanDeri
     assets: &bdk_tmp_plan::Assets<K>,
 ) -> Result<Vec<PlannedUtxo<K, A>>, O::Error> {
     let chain_tip = chain.get_chain_tip()?;
-    let outpoints = graph.index.outpoints().iter().cloned();
+    let outpoints = graph.index.outpoints();
     graph
         .graph()
         .try_filter_chain_unspents(chain, chain_tip, outpoints)
@@ -428,8 +436,9 @@ pub fn planned_utxos<A: Anchor, O: ChainOracle, K: Clone + bdk_tmp_plan::CanDeri
             let desc = graph
                 .index
                 .keychains()
-                .get(&k)
+                .find(|(keychain, _)| *keychain == &k)
                 .expect("keychain must exist")
+                .1
                 .at_derivation_index(i)
                 .expect("i can't be hardened");
             let plan = bdk_tmp_plan::plan_satisfaction(&desc, assets)?;
@@ -465,7 +474,8 @@ where
                         _ => unreachable!("only these two variants exist in match arm"),
                     };
 
-                    let ((spk_i, spk), index_changeset) = spk_chooser(index, &Keychain::External);
+                    let ((spk_i, spk), index_changeset) =
+                        spk_chooser(index, &Keychain::External).expect("Must exist");
                     let db = &mut *db.lock().unwrap();
                     db.stage_and_commit(C::from((
                         local_chain::ChangeSet::default(),
@@ -517,7 +527,7 @@ where
             let balance = graph.graph().try_balance(
                 chain,
                 chain.get_chain_tip()?,
-                graph.index.outpoints().iter().cloned(),
+                graph.index.outpoints(),
                 |(k, _), _| k == &Keychain::Internal,
             )?;
 
@@ -547,7 +557,7 @@ where
             let graph = &*graph.lock().unwrap();
             let chain = &*chain.lock().unwrap();
             let chain_tip = chain.get_chain_tip()?;
-            let outpoints = graph.index.outpoints().iter().cloned();
+            let outpoints = graph.index.outpoints();
 
             match txout_cmd {
                 TxOutCmd::List {
@@ -695,9 +705,11 @@ where
 
     let mut index = KeychainTxOutIndex::<Keychain>::default();
 
+    // TODO: descriptors are already stored in the db, so we shouldn't re-insert
+    // them in the index here. However, the keymap is not stored in the database.
     let (descriptor, mut keymap) =
         Descriptor::<DescriptorPublicKey>::parse_descriptor(&secp, &args.descriptor)?;
-    index.add_keychain(Keychain::External, descriptor);
+    let _ = index.insert_descriptor(Keychain::External, descriptor);
 
     if let Some((internal_descriptor, internal_keymap)) = args
         .change_descriptor
@@ -706,7 +718,7 @@ where
         .transpose()?
     {
         keymap.extend(internal_keymap);
-        index.add_keychain(Keychain::Internal, internal_descriptor);
+        let _ = index.insert_descriptor(Keychain::Internal, internal_descriptor);
     }
 
     let mut db_backend = match Store::<C>::open_or_create_new(db_magic, &args.db_path) {
diff --git a/example-crates/example_electrum/src/main.rs b/example-crates/example_electrum/src/main.rs
index e3b758e74..91c3bc63d 100644
--- a/example-crates/example_electrum/src/main.rs
+++ b/example-crates/example_electrum/src/main.rs
@@ -238,7 +238,7 @@ fn main() -> anyhow::Result<()> {
             let mut outpoints: Box<dyn Iterator<Item = OutPoint>> = Box::new(core::iter::empty());
 
             if utxos {
-                let init_outpoints = graph.index.outpoints().iter().cloned();
+                let init_outpoints = graph.index.outpoints();
 
                 let utxos = graph
                     .graph()
diff --git a/example-crates/example_esplora/src/main.rs b/example-crates/example_esplora/src/main.rs
index e785bcc3b..3273787fb 100644
--- a/example-crates/example_esplora/src/main.rs
+++ b/example-crates/example_esplora/src/main.rs
@@ -277,7 +277,7 @@ fn main() -> anyhow::Result<()> {
                     // We want to search for whether the UTXO is spent, and spent by which
                     // transaction. We provide the outpoint of the UTXO to
                     // `EsploraExt::update_tx_graph_without_keychain`.
-                    let init_outpoints = graph.index.outpoints().iter().cloned();
+                    let init_outpoints = graph.index.outpoints();
                     let utxos = graph
                         .graph()
                         .filter_chain_unspents(&*chain, local_tip.block_id(), init_outpoints)