FAQ's
Who is it for?
MayaSwap welcomes anyone looking to engage in efficient and secure token exchanges between MAYA and CACAO.
Why does MayaSwap exist?
MayaSwap was specifically developed to enhance the liquidity of the MAYA token, addressing the existing challenge of limited exchange options for swapping MAYA tokens. By creating MayaSwap, we aim to resolve this issue and eliminate the need for non-automated escrow arrangements or engaging in potentially risky over-the-counter (OTC) transactions with unfamiliar third parties.
Who wants CACAO tokens?
With CACAO at your disposal, you have the flexibility to explore different avenues within the ecosystem. Whether you choose to leverage CACAO for running a node and contributing to network operations, pooling it alongside other assets to provide liquidity, or utilizing it to exchange for a diverse range of tokens, CACAO empowers you with opportunities for active participation and value creation within the ecosystem.
Who wants MAYA tokens?
MAYA tokens are designed to capture 10% of the fees generated from user swaps within the Maya Protocol. By holding MAYA tokens, you not only gain access to the potential value appreciation of the tokens themselves but also enjoy the additional advantage of earning CACAO tokens through the fee-sharing mechanism.
How does it work?
MayaSwap introduces a seamless order creation mechanism, empowering users to initiate exchanges by sending MAYA or CACAO tokens to a designated address. The process involves specifying a desired amount of CACAO or MAYA tokens through a memo accompanying the transaction. To fulfill these orders, fellow users can efficiently respond by sending the corresponding amount of CACAO or MAYA tokens to the same address, ensuring a perfect match of the memo. The token transfer process is diligently managed by an automated bot, guaranteeing a secure and reliable execution. This intelligent system safeguards the interests of all parties involved, ensuring that each participant receives their desired tokens promptly and accurately.
Is it automated?
Absolutely! There is no involvement of any intermediaries in the MayaSwap ecosystem. The platform operates solely through a thoroughly tested and highly secure bot that diligently monitors incoming transactions. This bot acts as a reliable guardian, responsible for executing the seamless transfer of tokens to their respective addresses with utmost accuracy.
Is it centralised?
While the token exchange process itself is decentralized and operates on the Maya blockchain, the bot that facilitates the exchange has access to the private key of the wallet holding the tokens. This centralized aspect enables the automation and secure execution of the exchange.
What happens if my order is not fulfilled?
If an order is not fulfilled, meaning no transaction with a matching memo is received, the order remains open and accessible for other users within the MayaSwap platform to fulfill. This ensures that opportunities for order completion are not missed, and the liquidity remains active. Additionally, users have the flexibility to cancel their orders at any time should they choose to withdraw them from the platform. This feature provides users with autonomy and control over their orders, allowing them to adapt to changing circumstances or preferences as needed.
How do I withdraw my open order?
To withdraw your order, follow these straightforward steps: Locate the specific order that you wish to cancel or withdraw within the MayaSwap platform. Click on the delete icon associated with the order to initiate the cancellation process. Follow the provided instructions, which will guide you through the necessary actions. This typically involves sending a transaction with a designated withdraw memo. Once the transaction is successfully processed, you can expect to receive your funds back promptly, usually within a few seconds.
Can I use any wallet to create or fulfill an order?
Yes, you can utilize any wallet that supports the MAYA and CACAO tokens for creating or fulfilling orders. It is important to ensure that your chosen wallet is compatible with these specific tokens and is capable of handling the required transaction memos.
How can I track my order?
MayaSwap offers a user-friendly web app interface that conveniently showcases all existing orders, along with their status and pertinent details. Users can effortlessly track their orders and stay informed about the progress of their exchanges. To access the order book and explore the status of your orders, simply click on the "Order Book" tab located at the top of the web app interface. This intuitive design ensures that users can easily navigate and engage with their orders, enabling a seamless and transparent experience within the MayaSwap platform.
Are my funds safe?
Absolutely. The security of your tokens is of utmost importance to us. MayaSwap ensures the protection of your funds through a robust system. Your tokens are stored in a crypto wallet with a private key that is exclusively accessible by a highly secure bot. This bot is hosted on a secure server and has no API or other means of receiving orders from third parties. It operates autonomously, ensuring that only authorized access is permitted. Furthermore, access to the bot is restricted to a single developer, who can only access it from a specified IP address. This stringent security measure significantly minimizes the risk of any unauthorized access or hacking attempts. With these layers of security in place, MayaSwap provides you with a high level of confidence that your funds are safeguarded against potential threats.
Can MayaSwap turn evil and steal my tokens?
In theory yes. The Mayabot runs under the umbrella of the MayaScan team. The MayaScan team has received considerable investment to build its platforms and we do not intend to put this at risk. If you don't feel comfortable with that, we suggest to not use this service.
