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FAQ

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General

What is Maya Protocol?

Maya is a decentralized liquidity protocol that enables the fast and efficient exchange of cryptocurrencies without intermediaries.It also works across different chains, exchanging digital assets from one blockchain to another without requiring token wrappers or custodial bridges.Maya's technical design is based on THORChain’s, to whom we credit the impressive feat of first designing and building a technically viable, completely decentralized, permissionless exchange.

What can I do in Maya Protocol?

Maya has several different functionalities. According to your needs, risk profile, and technical expertise, you can:
a) Swap: Trade, buy, or sell different cryptocurrencies without intermediaries.
b) Provide Liquidity and earn yield: Support our liquidity pools by contributing your assets and generating passive income.
c) Run a Node or a Validator: Help secure our network in exchange for fees and yield.

What does Nodes mean?

Nodes are different computers running our software in exchange for $CACAO rewards. Because they monitor, validate and transmit transactions on Maya and our supported external chains, you can think of them as the watchdogs of our network. To prevent centralization or collusion, we need several of them, we need them to remain anonymous and to work under some other security measures like active/inactive states. Make sure to read our article on the Tendermint technology to understand more on this subject.

Is Maya Protocol’s mainnet live?

Not yet. We are currently setting everything up on our Stagenet.

What is the difference between Uniswap and Maya?

Uniswap, like Maya, offers a decentralized way to exchange cryptocurrencies. However, it only allows trading inside the Ethereum chain between ERC-20 tokens (i.e., you can’t trade native assets from other blockchains, only representations of them called “wrapped” or “synthetic” tokens). 
Maya allows exchanges between native currencies in their respective blockchains, reducing vectors of attack and counterparty risk for users and liquidity providers.

Hodlers

What is $CACAO?

$CACAO is the native token of the Maya Protocol. It powers the Maya ecosystem and provides economic incentives to secure the network.
$CACAO total supply will be 100 million, and it will all be minted at once before being distributed proportionally to the people participating in Maya’s Liquidity Auction (in what we like to call a “Fairdrop”).
In every Liquidity Pool of Maya Protocol, $CACAO tokens are paired with our supported external assets - like $BTC, $ETH, or $BNB - to facilitate trades to our users.
Make sure to participate in our Liquidity Auction and earn your share of $CACAO.

Where can I buy $CACAO?

You can either participate in our Liquidity Auction and receive your share of $CACAO or buy it later via Maya Protocol.
Once we launch our mainnet, you can purchase $CACAO by following these steps:

1) Go to mayaprotocol.com/swap and connect a supported wallet, like Metamask
2) Look for the swap assets button
3) Choose
Cacao as your output asset and pay with one of our supported assets

What is $CACAO's utility?

$CACAO powers the Maya ecosystem and provides the economic incentives to secure the network.
They are required to run our nodes (Maya runs using a Tendermint-based PoS consensus mechanism), they are necessary when providing liquidity into our pools, they are how we distribute fees and rewards, and they are our unit of account.
Outside the Maya Protocol, $CACAO will have other resulting use cases by being integrated into additional features. Security Nodes —and chains— ie. Aztec Chain.

What does it mean that $CACAO Deterministic Price
should be 1x TVL?

First,  TVL stands for “Total Value Locked,” which is the dollar amount of all assets locked in a protocol. In Maya’s case, these assets would exist inside our Liquidity Pools, provided by either Nodes or other Liquidity Providers.
“1x TVL” means that the value of all $CACAO in our pools would precisely match the sum of the value of the rest of the assets in our pools. In other words, all the $CACAO in our pools should equal the sum of the worth of all the provided BTC, ETH, RUNE, etc.
This, theoretically, happens because of the 1:1 ratio of assets inside our liquidity pools.

What is this $MAYA token?

Because we are interested in launching $CACAO in the fairest way possible, we did not give or sell any of them to our early investors or anyone inside our team. Instead, we designed $MAYA as a way to bootstrap the project.
These tokens do not hold any voting rights and only capture 10% of all the fees generated by the users swapping inside our protocol. We anticipate that these tokens will be illiquid because they are designed to align our investors' and our team’s interests for the long run. This is, by the way, the same case for the $AZTEC token.
You can read more about $MAYA and $AZTEC in our Official Whitepaper.

Whats is the difference between $MAYA and $CACAO?

$MAYA token creation is a clever way to dissociate the utmost importance of $CACAO in the Maya Protocol (for Liquidity and Security) from the incentives to the Maya team.
Normally teams will resort to selling a portion of their native token for funding. But Maya Protocol did not want to do this to ensure a fair distribution of $CACAO.Thus, $MAYA token is created, a small (but in the future significant) part of the protocol fees are allocated to it, and $MAYA tokens will be initially held by the Maya team (plus a surprise for early Node Operators, for Thorstarter supporters and $RUNE owners!)

¿Maya tendrá IDO?

No, Maya opta por el camino de los Airdrops. Un sistema descentralizado no tiene un mecanismo de control, al proponer una oferta inicial o IDO (Initial DEX Offering) se pueden manipular los tokens de manera que beneficie a inversionistas con mayor capital. En la mayoría de los casos los inversionistas tienen que decidir inmediatamente si invierten capital o no, esto a veces hace que se arrepientan y retiren todo. Los Airdrops se otorgarán a miembros de la comunidad que se consideren compatibles con la filosofía de Maya, con ello se genera una repartición mucho más justa y equitativa.

Swappers / Traders

What is Maya Swap?

Maya Swap is a Decentralized Exchange running on Maya Protocol. It is the first of many interfaces to come. Flash forward a couple of years down the road, and people will be using decentralized exchanges without knowing that Maya Protocol is powering them behind the scenes!

How can I use Maya Swap?

Using Maya Swap is very easy. You just need to generate a wallet and select the cryptocurrency you want to exchange.

How are prices determined?

Maya does not use a centralized oracle to determine prices. This reduces the risk of attack on the protocol. 
Since there are no oracles, prices are determined by the ratio of one asset to another in each liquidity pool.

How are the fees/payment rates set?

The Maya documentation is available at the following link: https://docs.mayaprotocol.org/

What happens if I lose my access to Maya?

Maya is a Decentralized Exchange, so only the end-user has custody of their private key. If you lose your password, you can recover your access with your seed phrase, write it down and keep it in a safe place! If you lose your seed phrase, you will not be able to regain access to your wallet and therefore lose access to your funds.

How can I add a token to Maya Swap?

The Maya documentation is available at the following link: https://docs.mayaprotocol.org/

What is the difference between a DEX and a CEX?

Centralized exchanges, or CEXs for short, are platforms (such as Binance or Kraken) where users can buy and sell cryptocurrencies. As a rule, funds within these exchanges are regulated by a central authority. DEXs, or decentralized exchanges, fulfill the main function of crypto: exchanging coins without the need for intermediaries. They price cryptocurrencies against each other algorithmically and use liquidity pools.

Liquidity Providers

What is a liquidity provider?

Liquidity providers are the guests of honour at Maya, they are the ones who provide part of their capital in ongoing liquidity funds so that traders can buy and sell assets. In return they get 2 rewards: user exchange fee and Cacao (our native currency). Every day they get one percentage point of insurance against Impermanent Loss, if they keep the liquidity for 100 days, it will be fully insured.

What is Impermanent Loss?

Impermanent loss refers to a difference that LPs can experiment with in the value of their assets after they provided them into a liquidity pool versus the value they would have if they had never done so. 
Although the name is confusing, we believe it’s called “impermanent” because it doesn’t show until the liquidity provider withdraws assets from the affected pool.

Can I become a liquidity provider?

Yes, we encourage everyone to become an LP since we believe it’s a win-win situation. Users earn passive income on their deposits, and we get better, more efficient pools. 

What is the minimum requirement for participation?

While there is no minimum amount to participate as a liquidity provider, do remember that depositing and withdrawing your coins carries network fees (ex., if you provide ETH + $CACAO, a transaction cost in Ethereum is charged). So your investment has to exceed these to make sense.

In which asset will I receive my returns when LPing?

Half of the returns will be received in $CACAO, and the second half in your provided currency.

How often will I receive my returns?

In real-time!

Who has control of my capital?

Being a decentralized protocol, all capital is governed by a changing set of validating nodes, which provide insurance to the network in the form of collateral, using their own economic capital.

Is there a risk of nodes stealing?

Maya works on its own blockchain, by being independent it needs to strengthen its security. Node operators monitor every transaction, but cannot manipulate them. They provide a minimum bond of 800,000 Cacaos before becoming node operators, this encourages good behaviour, if any of them want to steal assets they are deducted that amount. All nodes are anonymous and they earn the same regardless of the size of their bond. This avoids the interest to grow computational capacity to obtain greater profit.

Thorchads

Is Maya Protocol THORChain's competitor?

Not at all. THORChain is our inspiration, they were the first to envision a liquidity protocol with no intermediaries where users can consolidate liquidity and earn yield between blockchains. 
We like to think of ourselves as reinforcements. We aim to target more ample market niches, to tighten arbitrage opportunities, and complement the decentralized liquidity pipelines vision that THORChain has.

Together, we step closer to a decentralized multi-chain future.

Are there any features differentiating Maya from THORChain?

As outlined in the Maya Protocol Whitepaper, there are several features differentiating Maya from THORChain from launch, and there will be others in the future.
1. Our Launch will be done via a Liquidity Auction.
2. Liquidity Nodes. Allowing our Nodes to post their bond in the form of provided liquidity.
3. Security Nodes. Additional protocol value accrual.
4. Stable Pools. Stablecoin paired liquidity pools on top of the regular $CACAO paired liquidity pools.

Please note that some of these ideas are subject to votes from our community and our Node Operators.

Why is $CACAO Deterministic Price supposed to be 1x TVL (Total Value Locked) when $RUNE is 3x TVL in THORChain?

THORChain’s design implies that, for every dollar of exogenous assets locked, the system needs to have one dollar of $RUNE in the pools and two dollars of $RUNE in the nodes.
This results in a theoretical deterministic value for $RUNE of 3x the TVL. In the case of Maya, because the Nodes’ bonds provide liquidity, the ratio of exogenous assets to $CACAO becomes 1:1.
Maya’s 1x might look lower at first glance but reflects the higher capital efficiency within our protocol and the tighter relation of $CACAO’s price to liquidity depth and fee generation.

Developers

Is your code open-source? Where can I see it?

Sure is! Visit our Gitlab here.

Aztec Chain

What is Aztec Chain?

Aztec Chain is a $ CACAO-powered Terra fork! This means it is a blockchain capable of handling Smart Contracts, NFTs, etc. In our Whitepaper, we propose adding a full suite of different stablecoin tokens to it with different types of risks and features.

Is the Aztec Chain different from the Maya Chain?

Yes, it is, but both chains are compatible and will be interlinked by $CACAO.

What is the $AZTEC token? 

Because we are interested in launching $CACAO in the fairest way possible. We did not give or sell any of them to our early investors or anyone inside our team.
Instead, we designed $AZTEC as a way to bootstrap the project.
These tokens do not hold any voting rights and only capture 10% of all the fees generated by the users swapping inside our protocol. We anticipate that these tokens will be illiquid because they are designed to align our investor's and team’s interests for the long run. 
This is, by the way, the same case for the $MAYA token. You can read more about $MAYA and $AZTEC in our Official Whitepaper.

 Roadmap

What is this Security Nodes feature?

Maya protocol can export its security and architecture to other chains by sharing its nodes and native token - $CACAO. These Sidechains would function under the Maya Node’s umbrella, secured by a solid Proof of Bond consensus mechanism.
You can think of it as a Security-as-a-Service feature for other Application Specific Blockchains.

What is this Stable Pools feature?

Stable Pools are Liquidity Pools in Maya in which the asset pairing the exogenous asset to the protocol (BTC, ETH…) is not $CACAO, but rather $USc, a stablecoin whose full attributes can be seen in the Maya 3.0 Chapter of our Whitepaper. 
Internally, Maya will route all trades most efficiently, using our regular and Stable Pools to give our users better prices and greater notional depth. Stable Pools are a future feature for which no code has been developed yet. It will depend on the community and the Node Operators to vote for it, and to decide on the details around the implementation.

Why does Maya plan Stable Pools in addition to regular $CACAO-paired pools?

1. The Stable Pools feature is one additional step to increase Maya liquidity and depth (and ultimately volume traded since volume follows depth). This is necessary if decentralized Cross-Chain technologies are seriously aiming to replace CeFi. With enough depth, slip fees make swaps more affordable for larger trades.
2. Our offering of pools that imply less uncertainty is also great news for institutional investors and more conservative players since they can get exposure to our LP opportunities with less volatility.
3. Because orders are routed using regular and Stable Pools when trading assets across blockchains, users experience a bigger notional depth, which translates into lower slippage and slip fees.