diff --git a/django_valkey/base_pool.py b/django_valkey/base_pool.py
index d753312..ed68e4f 100644
--- a/django_valkey/base_pool.py
+++ b/django_valkey/base_pool.py
@@ -85,7 +85,14 @@ def get_or_create_connection_pool(self, params: dict) -> Pool | Any:
         Reimplement this method if you want distinct
         connection pool instance caching behavior.
         """
-        key: str = params["url"]
+        # Serialize params/options into stable strings. Using str()
+        # robustly handles unhashable values like dicts.
+        params_key = "::".join(f"{k}={str(v)}" for k, v in sorted(params.items()))
+        options_key = "::".join(
+            f"{k}={str(v)}" for k, v in sorted(self.options.items())
+        )
+        key = (params_key, options_key)
+
         if key not in self._pools:
             self._pools[key] = self.get_connection_pool(params)
         return self._pools[key]