Maya Protocol (MAYA & KAKAO)

Maya Protocol is the ecosystem that encompasses both MAYAChain and AZTECChain. MAYA Chain is a friendly fork of THORChain.

Basics

• Based in:
• Started in / Announced on:
• Testnet release:
• Mainnet release:

Audits & Exploits

• Bug bounty program can be found [insert here].
• Can be found here (10-2023). All by Halborn.

Governance

• Can be found here (9-2023):

"MAYAChain aims to have as little governance baked into the system as possible. This is done so that nodes don't communicate or learn who one another are. Developers from the community submit MAYAChain Improvement Proposals (TIPs) to improve the network. The community discusses, tests and validates the software. If they decide that the change is beneficial, it's merged into the MAYANode software. MAYAChain governance decides:

1. which assets are listed/delisted
2. which chains are listed/delisted
3. when the protocol gets upgraded
4. the economic limit – how many nodes can participate

To handle an emergency, nodes should leave the system. When the number of nodes falls below 4, funds are paid out and the system can be shut-down. This process is called Ragnarök."

Tokens

• Maya Protocol ecosystem utilizes 3 distinct tokens within its framework. From their docs (9-2023):

1. $CACAO (Live) is the primary token of the ecosystem, which is utilized to pay for all transaction fees on both the Maya and Aztec Chains.
2. $MAYA (Live) is a revenue share token. 10% of all swap & transaction fees on MAYAChain is distributed to $MAYA holders in the form of daily $CACAO rewards.
3. $AZTEC (under development), like $MAYA, is a revenue share token. 10% of all transaction fees on Aztec Chain is distributed to $AZTEC holders.

Token Allocation

• From their docs (9-2023):

"All $CACAO has been allocated fairly in the liquidity auction. The team has not been allocated any $CACAO, and any $CACAO acquired by the team was acquired in the same manner as the community. Rather, the team has opted [decided] to have allocations of $MAYA and $AZTEC. Founders have 15.6% that can't be sold.

• From their docs (9-2023):

"$CACAO is our flagship token, and we will have 100M of them. They will all be minted at once, and 90% of the total supply will be distributed in the Liquidity Auction. The remaining 10% will be allocated to the Impermanent Loss Protection treasury. Aside from being required to run a node, they can be paired against other assets inside our liquidity pools to earn a percentage of the transaction fees generated by swaps.

$MAYA tokens can be used to participate in our protocol's total revenues, and there are exactly 1 million of them. Those who hold $MAYA tokens will be distributed $CACAO every 24 hours to the wallet that holds the $MAYA token.

How will $MAYA Airdrop work?

7% to Rune Owners. 7% to Early Nodes. 7% to Tier 1 Liquidity Providers. 1% to Maya Mask NFT Holders (80% built into the Maya Mask, 20% airdropped as tokens)

78% Dev Fund."

Inflation

• From their docs (10-2023):

"Dynamic Inflation is a feature that can be enabled/disabled by nodes voting on it. It is NOT the original state of the chain. Dynamic inflation is an autoregulated mechanism designed to favor Liquidity Providers (LPers) over holders/ speculators. If the amount of $CACAO held outside LPs exceeds 10% of the non-reserve supply, Dynamic Inflation is activated in order to protect the Liquidity Providers and reduce the value of $CACAO held outside LPs. This is achieved by injecting $CACAO directly into pools and Maya Protocol’s system income (which is distributed to LPs, $MAYA, and nodes as yield). Inflation will continue (inflation increases as $CACAO held increases) until balance is restored in the system, and the amount of $CACAO held outside LPs is 10% or less of the non-reserve supply."

Technology

• Whitepaper or docs can be found here (8-2023).
• Code can be viewed here.
• Consensus mechanism: Cosmos Chain
• Algorithm:
• Virtual Machine:
• Development language used:

Transaction Details

• Capacity (TPS):
• Latency:

How it works

• From their docs (9-2023):

"MAYAChain is an Automated Market Maker, similar to Uniswap, but utilizes cross-chain liquidity. MAYAChain is a friendly fork of THORChain. Similarly, it does not rely on pegging or wrapping assets, instead managing funds directly in on-chain vaults and safeguarding them through economic security. This is achieved using the Tendermint consensus engine, Cosmos-SDK state machine, and GG20 Threshold Signature Scheme (TSS). Interact with MAYAChain using El Dorado. El Dorado is a MAYAChain native UI, which allows users to swap/ trade and earn yield through providing liquidity.

AZTECChain is a Smart Contract chain. It exemplifies the potential of Maya Protocol, combining MAYAChain cross-chain liquidity with Smart Contracts and economic capabilities. Smart Contracts provide flexibility for crypto economies, allowing for the creation & use of Algorithmic stablecoins, derivatives like Synths, CEX style order book trading, and many more capabilities. AZTECChain is a fork of the Cosmos Hub (Gaia), allowing for the immediate utilization of the Cosmos mature infrastructure and Smart Contract development ecosystem. Algorithmic stablecoins will be delayed upon launch in order to complete economic design and run bounties. Neither the Maya nor the Aztec Chains will subsidize yield in order to inflate demand for their respective stablecoins or derivatives.

Periodic Validator Churning process serves to prevent validator stagnation, verify the spendability of funds, and enhance the overall performance of the network with minimal governance requirements. A churn in MAYACHAIN happens once every 5 days, if no issues present themselves.

Asynchronous Network Upgrades allows validators to transition to a new protocol version at their own pace, while the network remains in consensus without disruption.

Chain-agnostic Bifrost Protocol can manage UTXO, EVM, BFT and Cryptonote chain connections with minimal differences in its core logic.

Incentive Pendulum system provides rewards to Validators and Liquidity Providers in order to maintain a Network Security ratio that ensures the security of funds at all times.

Continuous Liquidity Pools enable single-sided liquidity provision and employ liquidity-sensitive fees to thwart price attacks.

Swap Queue has been implemented which orders swaps based on the price impact in each block, thereby preventing sandwich attacks and most other forms of Miner Extractable Value (MEV).

Liquidity Synths have been developed to facilitate rapid, low-cost exchanges between L1 pools and to power single-sided Savers. Synths are a hybrid collateralized-pegged asset design that contribute to the liquidity of the market.

Derived Asset Collateral has been utilized to enable Level 1 lending, with the $CACAO asset being employed to secure the liability. This has enabled the provision of loans without any interest, liquidation, or expiration."

Fees

• Node Operators earn 80% of the system income when it is stable (9-2023).
• Maya Protocol ecosystem utilizes 3 distinct tokens within its framework. From their docs (9-2023):

1. $CACAO (Live) is the primary token of the ecosystem, which is utilized to pay for all transaction fees on both the Maya and Aztec Chains.
2. $MAYA (Live) is a revenue share token. 10% of all swap & transaction fees on MAYAChain is distributed to $MAYA holders in the form of daily $CACAO rewards.
3. $AZTEC (under development), like $MAYA, is a revenue share token. 10% of all transaction fees on Aztec Chain is distributed to $AZTEC holders.

Staking

• From their docs (9-2023):

"MAYANodes secure MAYAChain. They are intended to initially number 100, but can scale up to 250+. The design of MAYAChain is such that anyone with the necessary funds can join the network anonymously and securely, without requiring permission. Furthermore, MAYAChain takes this a step further by having a high churn rate, which ensures that the network is censorship-resistant, evades capture and resists centralization. Each MAYANode is composed of multiple independent servers in a cluster, which run full-nodes for each linked chain."

Oracle Method

• Has no oracles. From their docs (24-11-2023):

"MAYAChain's Continuous Liquidity Pool design & arbitrageurs set prices. When pools become imbalanced, arbitrage bots trade to rebalance them. CACAO binds all pools together, allowing arbitrage traders to purchase tokens at a lower price on MAYAChain & sell them for a profit."

Roadmap

• Can be found here (10-2023):

TBD: Savers feature go live.

Nov 3rd: Tier 1 Liquidity Snapshot for $MAYA Airdrop.

Unlock at Block no.: 3,453,000.

TBD: Arbitrum integration & Streaming Swaps go live.

TBD: Aztec Chain launches.

TBD: Cardano integration goes live.

Team, Funding and Partners

Team

• Full team can be found [here].

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