Dear THORWallet Army,
One of the most exciting integrations so far is here! We are delighted to officially announce the collaboration with Maya Protocol!
What exactly is Maya Protocol? How are we going to collaborate with them? What does it mean for you, our users? Keep reading to find out everything there is to know about this exciting collaboration!
What is Maya Protocol?
Maya Protocol (Maya) is a decentralized liquidity network based on the Cosmos SDK and powered by its native coin, $CACAO. The protocol is a friendly fork of THORChain, the first decentralized liquidity network to provide cross-chain swaps of native assets.
Maya aims to build on THORChain’s achievements while adding its own innovations and functionalities, in addition, all future changes to THORChain will always be backward compatible. Initially, the project will offer fast and efficient, non-custodial, permissionless cross-chain swaps between native assets across the following selected chains: Bitcoin, Ethereum, and THORChain.
As mentioned above, $CACAO is the native coin of Maya. It provides economic incentives to secure the network because a bond of $CACAO is required to run Maya nodes, similarly to how the native THORChain asset, $RUNE, functions. Besides this, $CACAO is used to create all liquidity pools on Maya as they all consist of two assets: the native asset, such as $BTC or $ETH, and $CACAO.
Because $CACAO is needed to become a liquidity provider and its supply is limited to one hundred million tokens, the more participants there are in the ecosystem, the greater the economic incentives. On top of this, $CACAO is intended to be used natively and productively on other networks to further fortify its economic utility.
CACAO Fair Launch
The only way to get $CACAO tokens will be through $CACAO’s fair launch.
Here’s how it works:
Maya Protocol works by having pools of assets that users trade against when they want to swap one token for another. These pools are always composed of $CACAO plus an external token.
Once these pools reach a certain liquidity threshold, the system becomes stable and economics plus arbitrageur bots take care of adequate pricing in them. To fill the pools initially, Maya runs a Fair Launch also known as Liquidity Auction. Maya Protocol will open up a 21-day time frame in which users can add liquidity and the system will match them with an equal amount of $CACAO.
After the auction finishes, all the $CACAO tokens to ever exist — 100M — are distributed to the participants proportional to their liquidity contributions. For example: if $BTC is 40% of the liquidity raised, that pool receives 40% of the $CACAO allocation. Complete details of how this works can be found on Maya’s Whitepaper.
You can participate in the fair launch through your favourite interface, THORWallet DEX.
$MAYA tokens will perpetually capture 10% of all the fees generated by the swaps inside the protocol. The tokenomics ensure that as the network grows, $MAYA token holders are continuously incentivized to keep on building the project. The $MAYA tokens will initially be held by participants of all levels, such as private investors, the development team, the project’s advisors, and the founders.
The perpetual revenue capturing works as follows:
For instance, for every $10 of system revenues, $MAYA gets $1, while liquidity providers (LPs) and node operators get $9 (9x more). In other words, for every $9 LPs and node operators make, $MAYA holders make $1. This ensures that the interest of the $MAYA holders and other network participants are economically aligned.
The THORWallet DEX & Maya Protocol Collaboration
We will be working with Maya right from Maya’s Fair Launch. THORWallet DEX will be Maya’s trusted wallet and WebApp partner, supporting the project as it gains traction. All THORWallet DEX users will be able to participate in the Liquidity Auction via our Mobile App. Once the $CACAO pools are released, anyone can add liquidity to the Maya Pools and complete cross-chain swaps with the supported asset pairs.
What Does It Mean for Our users?
THORWallet DEX users will get access to another project directly from our Mobile App, and later through the WebApp. Swaps can be routed via both THORChain and Maya pools (THORChain & Maya) to optimize swaps and mitigate slippage.
Besides this, users will have yet another possibility to put their assets to work by providing liquidity to Maya pools. Everything will be integrated seamlessly into the current user interface, making the UX as streamlined as possible.
P.S. Don’t forget to do your own research. Make sure you read through Maya’s White Paper and understand the risks involved!
Your THORWallet DEX team