What is Maya?
There’s only one decentralized exchange to permissionless-ly exchange native crypto assets without wrapping them or doing KYC and it is powered by Thorchain.
Maya protocol is an extension of Thorchains ideology and capabilities, think of Maya Protocol as a sister chain, as it shares the same powerful bloodline with THORchain which is powered by CosmosSDK replicated state machine.
Maya is a ‘friendly fork’ of Thorchain but with few likely pivotal changes here and there that I’ll discuss. Let’s go.
Being a first mover can have both advantages and disadvantages. Yeah, you get to capture a huge market share, but it can also choke you when number of TPS goes over board.
As cool as Ethereum is, it got choked by Cryptokitties in 2017, the network was congested and could not handle the amount of transactions Cryptokitties needed to process in time.
This matter is even more delicate in Thorchains case, building a decentralized permissionless protocol that can power exchange of native assets across different chains is super difficult and complicated, it is a unique technological breakthrough THORchain devs have been able to achieve.
Why Maya?
Since Thorchain was launched until now, there’s no other working alternative capable of doing what Thorchain does.
So, literally everyone is using Thorchain, this way, it is not a matter of “if”, it is a matter of when will TPS become an issue? but we are still very early, so there’s presently no cause for alarm. Maya aims to solve this problem even before it arrives.
Maya will be the first alternative to THORchain, rather than a competitor, it’ll compliment THORchain. Maya will be THORchain backward compatible so it can implement changes on Thorchain and also on its own.
Difference between THORchain and Maya
One of the key differences between THORchain and Maya is that Maya is a two token economy. $CACAO and $MAYA.
$CACAO powers the Maya ecosystem, like RUNE, node operators will bond CACAO to secure the network, it is also used as the settlement layer of the trading pairs I.e it is paired to other assets in the trading pool, however,
Maya also aims to take security and anonymity up a notch by ensuring that the devs and node operators remain completely anonymous which makes Maya protocol even more secure.
AIRDROP TO RUNE HOLDERS
$MAYA captures 10% fees made on every swap within Maya protocol. There will only ever be 100M $CACAO tokens which will go through a fair launch issuing 100% of the tokens at once and there will only ever be 1M $MAYA to exist and will be distributed in the following ways.
- 10% to RUNE holders
- 10% to Early nodes
- 80% DEV fund
All RUNE holders are eligible for the airdrop. As long as you’re holding Native RUNE in your wallet or using it to provide liquidity or bonding it, then you will be receiving the airdrop.
Holding $MAYA is like having a pass at sharing in the revenue the protocol makes. So a successful Maya protocol is a successful $MAYA token. It is also needed to note that $MAYA is independent of $CACAO, they are not going to be paired together on the exchange and have no economic connection which I think makes $CACAO even more solid as it is absolved off $MAYA price action and effects of dev fund operations.
My best part of the Maya protocol whitepaper is the Fair Launch of $CACAO. The attempt at achieving a truly fair launch where everybody has equal access to participate to own $CACAO. It reminds me of people who bought RUNE when it was launched for fractions of cents.
Conclusion
ThorFi will also be implemented on Maya, meaning it’s going to have synths, lending, 0 interest paying loan, derivatives, Mint and Burn algo stable coin etc. Some of us know how genius the tokenomic advantage of the planned Thorfi is like, so we can expect similar levels of economic impact it’ll have on Maya’s economy.
I welcome the Maya protocol to the decentralized exchange movement, the more we have, the stronger the future of self sovereignty in our human existence gets. Eventually, institutions and retail using Thorchain will have a back up, just like people have both VISA and MasterCard performing basically the same operations.
Maya protocol really sounds exciting and I can’t wait to see it launch. What do you think about Maya?
Thanks for reading.
To read more about the $MAYA airdrop
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