Last updated 3 weeks ago
Cardano is still a very isolated blockchain. 100s of millions of TVL could be exposed to Cardano if a cross-chain swapping solution like Maya Protocol integrates with Cardano.
This is the total amount allocated to Maya Protocol - Supercharge Cardano with decentralized native cross-chain swaps. 0 out of 5 milestones are completed.
1/5
Bringing EdDSA to Maya Protocol - TSS libraries
Cost: ₳ 18,000
Delivery: Month 2 - May 2024
2/5
Bringing EdDSA to Maya Protocol - MAYANode
Cost: ₳ 54,000
Delivery: Month 4 - Jul 2024
3/5
The Cardano Bifröst - Observing
Cost: ₳ 54,000
Delivery: Month 5 - Aug 2024
4/5
The Cardano Bifröst - Signing
Cost: ₳ 27,000
Delivery: Month 6 - Sep 2024
5/5
Full Audit of the Cardano Bifröst
Cost: ₳ 27,000
Delivery: Month 7 - Oct 2024
NB: Monthly reporting was deprecated from January 2024 and replaced fully by the Milestones Program framework. Learn more here
Upgrade Maya Protocol to integrate Cardano and unlock permissionless cross-chain swaps. Trade native BTC, ETH, USDC, and other EVM tokens FROM Cardano. No KYC, No wrapped assets.
No Dependencies
Maya Protocol is already fully open source. All work that will be done to integrate Cardano will also be open source. Everyone is free to contribute to the Maya Protocol code and fork it.
Maya Protocol is a decentralised and permissonless cross-chain liquidity protocol, launched in March 2023. Maya Protocol allows users to swap between unwrapped, native assets. Maya is a friendly fork of THORChain. It means that Maya is backwards compatible with THORChain and shares most of its code. Maya has some new features such as Liquidity nodes, an upcoming smart contract chain (Aztec) and support for different chains. Read more about Maya here: https://docs.mayaprotocol.com/
Supported Chains
At the moment, Maya Protocol supports native Bitcoin (BTC), Ethereum (ETH, USDT, USDC & wstETH), THORChain (RUNE), Dash (DASH) and Kujira (KUJI & USK). In the following weeks, it will also support Arbitrum, and after that, Cardano integration will follow. More chains will follow later on…
Then there is the concept of dex aggregation. Support for DEX aggregation will make it possible to leverage the liquidity of other DEX’s and AMMs. For example, Uniswap, 1inch, Fin & eventually any Cardano DEX. In practice, this means that a user can swap from $BTC to all tokens on Uniswap or on Cardano, in one single swap transaction.
The THORChain integration opens up doors for THORChain dex aggregation. Users will be able to swap from assets supported by Maya Protocol to assets supported by THORChain and vice versa in one single swap. THORChain currently supports: Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Binance Beacon Chain (BNB), Avalanche (AVAX), Cosmos (ATOM), and Binance Smart Chain (BSC). Users will be able to swap from any Cardano Native Asset to any asset on Avalanche for instance.
https://www.youtube.com/watch?v=VEqHk12eHUA&t=97sCardano
Why integrate Cardano? Although Cardano is a large and growing eco blockchain, its DeFi ecosystem is still very isolated from most other blockchains. By bringing native cross-chain swaps between ADA and large market cap tokens like BTC, ETH, and USDC, Maya Protocol will unlock interoperability to many other blockchains and make ADA much more accessible and tradable in a decentralised way. Furthermore, Dex aggregation will enable any Cardano native asset to be traded from DEXes integrated with Maya or THORChain, leading to an injection of new capital from other chains.
Maya Protocol is permissionless backend, therefore any frontend DEX can integrate Maya’s cross-chain swaps, and even earn money with it by charging affiliate (frontend) fees. Maya Protocol’s cross-chain swaps are already available in the following DEX/Wallet interfaces: THORWallet, Rango Exchange, El Dorado, THORSwap, Shapeshift, and more. As a result, users will be able to swap to any Cardano asset from these respective interfaces.
Liquidity
Liquidity is one of the most important parts of the protocol. More liquidity means deeper pools. Deeper pools result in less slippage and thus lower fees and greater output. Liquidity can be provided by pairing $ADA with $CACAO (symmetrical deposit). In exchange, the liquidity provider will earn liquidity fees. It’s also possible to provide $ADA asymmetrically (half of the provided asset will automatically be swapped to the other side). Then there are Savers. Savers are similar to staking, but allows users to single-side LP their $ADA with no exposure to $CACAO. The yield on Savers is lower than for dual LP’s. Down the line of pooled $ADA will be staked, and staking rewards redistributed to liquidity providers, offering further incentives to provide ADA liquidity.
Cardano Integration
For this integration the Maya Team will partner with Maestro and one reputable development company (e.g. Anastasia Labs, Mlabs, BlinkLabs) for their Cardano expertise. As one of the leading infrastructure providers on Cardano, Maestro has a proven track record in deploying and managing core Cardano infrastructure services reliably at scale. In order to integrate Cardano into Maya Protocol the Go implementation of TSS, Bitfrösts, Vaults & Churns must be upgraded to support EdDSA compatibility.
If you like to read more about Maya Protocol, check out their docs and website:
https://docs.mayaprotocol.com/
Socials:
Twitter: https://twitter.com/Maya_Protocol
Discord: https://discord.gg/qXDVjm3xtC
Telegram: https://t.me/MayaProtocolOfficial
The Cardano integration into Maya Protocol will bring several positive benefits to Cardano:
The following KPI’s will be visible on the Maya block explorer:
Maya Protocol core team
The Maya Protocol has been working since 2021 on successfully forking THORChain. Although the codebase is very complex, the team still managed to complete it and launch Maya Protocol in March of this year. Since then, the Maya team has been working on adding new features such as a Liquidity Auction, Liquidity Nodes, a dual token system and new chain integrations (Dash and Kujira blockchain).
Maestro
Maestro is one of the leading infrastructure providers on Cardano, and has a proven track record in deploying and managing core Cardano infrastructure services reliably at scale. Their Dapp Development Platform offers the most complete Web3 stack for Cardano with services such as: Blockchain APIs, Transaction manager, Turbo transactions, Market data feed, Plug-and-play contracts, and Wallet manager.
Modify Maya’s Go implementation of TSS, Bitfrösts, Vaults & Churns to be EdDSA compatible.
Maya Protocol (and THORChain) has so far only integrated ECDSA chains. Refactors need to be done in order to comply with all requirements to sign EdDSA signatures in Maya’s TSS code and all relevant files.
Acceptance criteria: Successfully merged the EdDSA changes into the MAYANode code.
Implementation of the Bitfröst service for Cardano.
Bitfröst is a service that wraps around each chain and watches vault addresses for inbound transactions. Each observed transaction is then processed into a Maya witness transaction. Once a super-majority of nodes reach consensus, the transaction state is finalized.
Acceptance criteria: Successfully merged the Cardano Bitfröst in the MAYANode code.
Full audit of code modified for the Cardano integration.
Acceptance criteria: Successfully undergo an audit, and address all errors/bugs/improvements if needed.
Maestro Labs team:
Product Manager
Developers:
Maya Protocol team:
The Maya Protocol team is anonymous and uses aliases.
Business development:
Developers:
Marketing:
Milestone 1:
Modify Maya’s Go implementation of TSS, Bitfrösts, Vaults & Churns to be EdDSA compatible.
$70/hr x 2 devs x 6 weeks x 40hr/week = $28,000
Milestone 2:
Implementation of the Bitfröst service for Cardano.
$70/hr x 2 devs x 4 weeks x 40hr/week = $22,400
Milestone 3:
Full audit of code modified for the Cardano integration.
$70/hr x 2 devs x 3 weeks x 40hr/week = $16,800
Development Cost ($) = $67,200
Development Cost ($0.37/ADA) = 180,000 ADA
Firstly this project is fully Open Source for anyone to benefit. Second, this proposal will connect Cardano to both Maya Protocol and by association THORChain, enabling ADA native swaps between all tokens traded on Maya and THORChain.
Maya Protocol and THORChain are massive and battle tested cross-chain liquidity protocols with $100s Million in TVL and Trade Volume.
Each new chain added to their protocol leads to significant increase in cross-chain swap volume, bringing large amounts of liquidity to the added chain via decentralized and permissionless interoperability.
Maya Protocol (www.mayascan.org/pools)
THORChain (thorchain.net/pools)