Clioswap
Clioswap
ClioSwap's cross-chain swap interface connects users to MAYAChain, the automated market maker within Maya Protocol. MAYAChain combines cross-chain liquidity with on-chain vaults to exchange native assets without requiring pegged or wrapped substitutes.
- Pool Settlement
- CACAO, the settlement token used in MAYAChain liquidity pools.
- Network Coordination
- Tendermint consensus and a Cosmos-SDK state machine.
- Vault Signing
- GG20 Threshold Signature Scheme (TSS), used alongside the protocol's economic security mechanisms.
Liquidity Pools and CACAO
MAYAChain uses continuous liquidity pools for its automated market maker. CACAO is the protocol's settlement token in those pools. CACAO also pays MAYAChain transaction fees; that role concerns the underlying network and shouldn't be read as a complete description of every cost associated with a cross-chain swap.
The pools employ liquidity-sensitive fees as a measure against price attacks. This is part of the exchange mechanism that underlies a swap, separate from the user-facing controls that ClioSwap provides.
On-Chain Vaults and MAYANodes
MAYAChain's native-asset vault design manages funds directly in on-chain vaults. Tendermint consensus, the Cosmos-SDK state machine and GG20 TSS form parts of that infrastructure.
MAYANodes secure MAYAChain through clusters of independent servers that run full nodes for the linked chains. Economic incentives also support the design: the Incentive Pendulum rewards validators and liquidity providers to help maintain the network's security ratio.
Native Assets and Liquidity Synths
| Asset Form | MAYAChain Handling |
|---|---|
| Native Assets | Funds are managed directly in on-chain vaults without relying on pegged or wrapped substitutes. |
| Liquidity Synths | A hybrid collateralized-pegged asset design developed for rapid, low-cost exchanges between L1 pools. |
The presence of liquidity synths at the protocol level doesn't establish that ClioSwap offers synth trading.
Swap Ordering Within MAYAChain
MAYAChain's swap queue orders swaps based on price impact within each block. The protocol describes this mechanism as a defense against sandwich attacks and most other forms of miner extractable value (MEV).
MAYAChain Within the Wider Protocol
Maya Protocol's documentation distinguishes MAYAChain, described as live, from AZTECChain, a separate smart contract chain described as under development. AZTECChain is intended to combine smart contracts with MAYAChain's cross-chain liquidity.
The mechanism behind the native-asset swaps discussed here belongs to MAYAChain. Planned AZTECChain capabilities, including smart contracts and order-book trading, aren't evidence of available ClioSwap functions.