Please describe your proposed solution.
Maya Protocol is a decentralised and permissonless cross-chain liquidity protocol, launched in March 2023. Maya Protocol allows users to swap between unwrapped, native assets. Maya is a friendly fork of THORChain. It means that Maya is backwards compatible with THORChain and shares most of its code. Maya has some new features such as Liquidity nodes, an upcoming smart contract chain (Aztec) and support for different chains. Read more about Maya here: https://docs.mayaprotocol.com/
Supported Chains
At the moment, Maya Protocol supports native Bitcoin (BTC), Ethereum (ETH, USDT, USDC & wstETH), THORChain (RUNE), Dash (DASH) and Kujira (KUJI & USK). In the following weeks, it will also support Arbitrum, and after that, Cardano integration will follow. More chains will follow later on…
Then there is the concept of dex aggregation. Support for DEX aggregation will make it possible to leverage the liquidity of other DEX’s and AMMs. For example, Uniswap, 1inch, Fin & eventually any Cardano DEX. In practice, this means that a user can swap from $BTC to all tokens on Uniswap or on Cardano, in one single swap transaction.
The THORChain integration opens up doors for THORChain dex aggregation. Users will be able to swap from assets supported by Maya Protocol to assets supported by THORChain and vice versa in one single swap. THORChain currently supports: Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Binance Beacon Chain (BNB), Avalanche (AVAX), Cosmos (ATOM), and Binance Smart Chain (BSC). Users will be able to swap from any Cardano Native Asset to any asset on Avalanche for instance.
https://www.youtube.com/watch?v=VEqHk12eHUA&t=97sCardano
Why integrate Cardano? Although Cardano is a large and growing eco blockchain, its DeFi ecosystem is still very isolated from most other blockchains. By bringing native cross-chain swaps between ADA and large market cap tokens like BTC, ETH, and USDC, Maya Protocol will unlock interoperability to many other blockchains and make ADA much more accessible and tradable in a decentralised way. Furthermore, Dex aggregation will enable any Cardano native asset to be traded from DEXes integrated with Maya or THORChain, leading to an injection of new capital from other chains.
Maya Protocol is permissionless backend, therefore any frontend DEX can integrate Maya’s cross-chain swaps, and even earn money with it by charging affiliate (frontend) fees. Maya Protocol’s cross-chain swaps are already available in the following DEX/Wallet interfaces: THORWallet, Rango Exchange, El Dorado, THORSwap, Shapeshift, and more. As a result, users will be able to swap to any Cardano asset from these respective interfaces.
Liquidity
Liquidity is one of the most important parts of the protocol. More liquidity means deeper pools. Deeper pools result in less slippage and thus lower fees and greater output. Liquidity can be provided by pairing $ADA with $CACAO (symmetrical deposit). In exchange, the liquidity provider will earn liquidity fees. It’s also possible to provide $ADA asymmetrically (half of the provided asset will automatically be swapped to the other side). Then there are Savers. Savers are similar to staking, but allows users to single-side LP their $ADA with no exposure to $CACAO. The yield on Savers is lower than for dual LP’s. Down the line of pooled $ADA will be staked, and staking rewards redistributed to liquidity providers, offering further incentives to provide ADA liquidity.
Cardano Integration
For this integration the Maya Team will partner with Maestro and one reputable development company (e.g. Anastasia Labs, Mlabs, BlinkLabs) for their Cardano expertise. As one of the leading infrastructure providers on Cardano, Maestro has a proven track record in deploying and managing core Cardano infrastructure services reliably at scale. In order to integrate Cardano into Maya Protocol the Go implementation of TSS, Bitfrösts, Vaults & Churns must be upgraded to support EdDSA compatibility.
If you like to read more about Maya Protocol, check out their docs and website:
<https://www.mayaprotocol.com/>
https://docs.mayaprotocol.com/
Socials:
Twitter: https://twitter.com/Maya_Protocol
Discord: <https://discord.gg/qXDVjm3xtC>
Telegram: <https://t.me/MayaProtocolOfficial>