When JP — THORchain’s lead developer founded THORChain, he mentioned that he expects the market to have around 3–5 similar or even identical projects to THORChain iterating on the model and idea. Maya Protocol will soon be the second. Not a simple fork, but a complement to all that THORChain has built to date.
Enter Maya Protocol
Maya Protocol is a CosmosSDK-powered replicated state machine to coordinate asset movement, including processing swaps, stakes, and more without the need to peg assets. Maya Protocol is validating THORChain’s lead and paying tribute to it. In other words — Maya is going to be the second Multichain DEX in the market.
Why Maya Protocol
Future is multichain, we all know this, however, achieving it is no simple task. THORchain is the first to attempt to make true DeFi a reality with its multichain dexes. However, as good as THORChain is, it cannot grow fast enough to capture the whole market, for example, for security reasons(a necessary drawback). Caps are often full for a while before they can be increased a certain amount and allow new users to join. This is how it will be before Mainnet is ready, another point to make is, as THORChain grows it will eventually hit the limit of transactions per second that it can handle. Adding Maya Protocol to the equation will give users more opportunities and options to participate in the space. Not only that, but, Maya has been learning from what THORChain has done and achieved so far (through direct conversations with key THORChain figures), to avoid past mistakes and continue working together to make true Multichain DeFi a reality for them all.
A second protocol doing this will also help to validate and reinforce the idea to newcomers that Decentralized MultiChain can be achieved. Maya will also facilitate the integration of more chains to this cross-chain DeFi universe.
Maya’s $CACAO Token
Think of it this way — Cacao is to Maya what RUNE is to THORChain, meaning Cacao has real deterministic value, and it will increase as liquidity is added to Maya.
Other main features are:
- Liquidity — It inherits value of pooled assets as Cacao is bonded to assets in its pools — As the value of the assets increases, so will the value of Cacao.
- Security — Ensures that nodes are incentivized to continually buy and bond enough Cacao.
- Governance — Signals Listing and delisting of assets.
- Incentives — Fees, Subsidized Gas & Emissions.
That said, there will be key differences between Maya Protocol and THORChain aimed at giving Maya a competitive advantage that they will dive deep on in future posts. Maya, in their own words, does not intend to be “just a vanilla copy” of THORChain but rather aims to innovate on the model. What comes from an entirely new team approaching the same problems as THORChain? With Maya, they are going to find out.
Maya is planning on a May launch, tentatively backed by THORChain, Thorstarter, Nine Realms, and Qi. It is joining the fray in the DEX vs. CEX battle bringing multichain DeFi to the world. This one will be big, so they are announcing it early and working alongside the THORChain/9R teams to incubate it for an optimal May launch.
They are excited to discuss it with you on their channels!
SKÅL Frens!
About THORstarter
THORstarter is a first-of-its-kind model: a hybrid IDO launchpad that meets decentralized liquidity and investment DAO. TS will function as a decentralized organization that works as a decentralized VC firm, investing with its own native currency into new projects and splitting 50% of the launch with DAO members via a native governance token — vXRUNE.
📰 INFO
https://thorstarter.medium.com/ido-announcement-maya-protocol-543896ad8438
