Proposal to natively integrate MAYAChain

PROPOSAL EXECUTIVE SUMMARY: This proposal is for XDEFI Wallet to natively integrate MAYAChain for its users.

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PROPOSAL DETAILS: XDEFI Wallet currently supports 34 blockchains natively (as of 24 November 2023).

This proposal is for XDEFI to integrate MAYAChain (“MAYA”) for all users.

(Please note that this relates to XDEFI Wallet integrating MAYA directly within the wallet as an additional network. MAYA Protocol, as a provider, will be added to XDEFI’s routing API (application programming interface) at a later stage.)

MAYA Overview: MAYA Protocol is a non-custodial, cross-chain decentralized exchange that allows the trading of tokens across different blockchains and liquidity providing in a permissionless manner. It is a Cosmos SDK-based decentralized liquidity protocol that facilitates the fast, cheap and efficient exchange of cryptocurrencies across different chains without needing intermediaries, token wrapping or custodial bridging.

MAYA & THORChain: MAYA is a “friendly fork” of THORChain (the first permissionless, completely decentralized exchange to allow cross-chain swaps of native assets) and so it runs on the same fundamental technologies (Cosmos SDK, automated market maker & Tendermint). MAYA shares numerous innovations with THORChain that were derived from the fundamental principles of being decentralized, resistant to capture, and as sustainable as possible. MAYA has also integrated similar and complementary chains to THORChain.

MAYA History: Founded in 2021, MAYA Protocol was in development for 2 years until it launched in March 2023. Trading started in April 2023 with RUNE, BTC, ETH, USDC ERC20 and USDT ERC20 — all paired with CACAO (MAYA’s version of RUNE) — in Liquidity Pools (LPs).

Further information is available here:

• MAYA Protocol website: https://www.mayaprotocol.com/
• White Paper: https://assets.website-files.com/62a14669b65c6aeed054f32e/62b9be41bb5690f3d32ef603__MAYA%20PROTOCOL%20WHITE%20PAPER_.pdf

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PROPOSAL JUSTIFICATION: XDEFI Wallet already supports several chains for cross-chain swapping via THORChain. This proposal is for XDEFI Wallet to natively integrate MAYA thus making it easier for XDEFI’s 200,000+ active users to use and interact with MAYA directly within the wallet.

Like XDEFI Wallet, MAYA is non-custodial. The synergies between XDEFI, THORChain and MAYA are clear and XDEFI’s community has requested the integration of MAYA several times in the past.

Following the various high-profile centralized finance failures in the crypto industry, non-custodial alternatives (such as THORChain and MAYA) are continuing to replace traditional centralized Web3 solutions. MAYA empowers its users to break free from centralized exchange (CEX) limitations, granting users the autonomy of true asset custody and the liberty to trade in a permissionless fashion. Therefore, integrating MAYA would be invaluable for XDEFI’s users.

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KEY DATES: 24 November 2023: Proposal submitted and the 7 day voting period begins. 1 December 2023: Voting period for the proposal concludes. 15 January 2024: If passed, the XDEFI team will announce a target launch date.

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VOTING: If you are in favor of this proposal, you can vote by following the instructions here: https://www.xdefi.io/article/community-proposal/

Please note that for a proposal to be successfully passed by the community: (i) the total votes on the proposal must amount to at least 5% of the total circulating supply of $XDEFI; and (ii) more than 51% of the votes must have been in favor of the proposal.