Hello Everyone,
I am good and I hope that you are doing well. Today in this post, I have talked about Maya Protocol and its revolutionary project offering cross-chain solutions in DeFi. DeFi is the growing segment but Maya is trying to make it innovative by providing multi-chain solutions. Maya protocol is a decentralized exchange (DEx) infrastructure through which we can trade between crypto assets on different blockchains. As of now, we can trade crypto, Bitcoin for example on the same blockchain but with Maya, we should be able to trade Bitcoin on the Ethereum chain.
Its the project that is working to boost the defi segment and they are keeping it non-custodial. They follow No-KYC processes without the involvement of any centralised intermediaries or the entity. We dont want the KYC process in DeFi and Maya understands it well so she has followed the core and built whatever is preferred by the community.
What is Maya Protocol?
This is a project that is trying to boost the defi and they believe that multichain is the future. They have built an infrastructure for decentralised finance where they are providing solutions for cross-chain functionality in terms of trading. Technology is evolving and it is very important for projects to follow the future-oriented approach. Maya has done it and Since they believe that the multi-chain is the future so they have launched a platform that provides cross-chain trading while keeping it non-custodial.
Non-Custodial and No-KYC
Non-custodial is the primary requirement in Defi and KYC is something that the community does not like. They understand the community's needs and they followed the same so forget the kyc process and do whatever you want on the platform without sharing your identity. During the last bull run cycle, we have seen how the decentralised financing segment has grown significantly and that was the time when it was quite new. It was like a baby that was born but in the next bull cycle, we are going to see a bigger and highly advanced version of this. It all started with one chain in the beginning however now we have got multiple chains and even the cross chain is another innovative solution that has been provided by the project. Since they made it KYC-free so we need not go through this complicated process.
Boost in DeFi and Liquidity
The kind of solution this project is providing is good for this segment because the cross-chain solutions are going to help a lot of people. earlier we had the limitation to transact on the same blockchain but now with this, we are going to get the option to go with cross-chain which will bring more flexibility and many options. after going through the details provided on their platform I can say that the project is solid in terms of potential and we are going to see a lot of action on this since the innovation is the top-notch priority for this defi infrastructure.
Since Maya is a THORChain fork, we use the same technology and principles to accomplish non-custodial, permissionless, native trades. More details on how these pools and swaps work are below.
Wallet Support
Metamask is the most popular non-custodial wallet that most of us use to perform DeFi transactions and this wallet is supported. We can do the login that we normally do and this process is so quick and easy. We can see the supported chain and a variety of wallets to choose from and this makes it easily accessible for us. I am familiar with metamask so here I used the same to connect and I am not ready to perform the tasks here.
Instant Swap
We need to open https://app.thorwallet.org/ for the token swap. Token trading works instantly and we can choose the token that we want to swap. For example in this snapshot, I have taken the ETH and XRUNE so its showing how many RUNE I will be getting for 1 ETH. There is also an option to select the slippage tolerance and you choose as per our preference however if you are not sure then just go with the default which is 1% here.
In the next step, we get to see the transaction fee and it keeps on changing as per the blockchain network load so you know in advance how howmuch fee we are going to pay. If you are fine with the transaction fee then go ahead and confirm the transaction. This swap will be performed in no time and you will get the swapped tokens.
3-Pillars of MAYA Chain
The Maya chain has been focused on security enhancement while increasing liquidity and boosting the network volume. Its highly advanced in terms of technology so security and scalability are never an issue and its the fork of the chain. They follow the same principles as Thorchain to accomplish permissionless, non-custodial, trades. These are three major components in which the Maya chain is focused and I believe these are quite important for any project to be sustainable.
Today in this post/video I have shared a walkthrough of the project and I will share a series of posts to share more about the project. I will try to share the parts to share more awareness and useful content about the Maya Protocol.
You may check out the official URL below for details-
Official Link- https://www.mayaprotocol.com/
Images are taken from the Maya website.
Thank you so much for your time
Have a great days
▶️ 3Speak