Quickstart Guide
Make a cross-chain swap on MAYAChain in less than 5 minutes.
Introduction
MAYAChain allows native L1 Swaps. On-chain Memos are used instruct MAYAChain how to swap, with the option to add price limits and affiliate fees. MAYAChain nodes observe the inbound transactions and when the majority have observed the transactions, the transaction is processed by threshold-signature transactions from MAYAChain vaults.
Let's demonstrate decentralized, non-custodial cross-chain swaps. In this example, we will build a transaction that instructs MAYAChain to swap native Bitcoin to native Ethereum in one transaction.
The following examples use a free, hosted API provided by the Maya Protocol team. If you want to run your own full node, please see Connecting to MAYAChain.
1. Determine the correct asset name.
MAYAChain uses a specific asset notation. Available assets are at: Pools Endpoint.
BTC => BTC.BTC
ETH => ETH.ETH
Only available pools can be used. (where 'status' == Available)
2. Query for a swap quote.
All amounts are 1e8. Multiply native asset amounts by 100000000 when dealing with amounts in THORChain. 1 BTC = 100,000,000.
Request: Swap 1 BTC to ETH and send the ETH to 0x3021c479f7f8c9f1d5c7d8523ba5e22c0bcb5430.
Response:
If you send 1 BTC to bc1qlccxv985m20qvd8g5yp6g9lc0wlc70v6zlalz8 with the memo =:ETH.ETH:0x3021c479f7f8c9f1d5c7d8523ba5e22c0bcb5430, you can expect to receive 18.55545107 ETH.
For security reasons, your inbound transaction will be delayed by 600 seconds (1 BTC Block) and 2685 seconds (or 179 native MAYAChain blocks) for the outbound transaction, 3285 seconds all up. You will pay an outbound gas fee of 0.0085 ETH and will incur 168 basis points (1.68%) of slippage.
Full quote swap endpoint specification can be found here: https://mayanode.mayachain.info/mayachain/doc.
See an example implementation LINK HERE
If you'd prefer to calculate the swap yourself, see the Fees section to understand what fees need to be accounted for in the output amount. Also, review the Transaction Memos section to understand how to create the swap memos.
3. Sign and send transactions on the from_asset chain.
Construct, sign and broadcast a transaction on the BTC network with the following parameters:
Amount => 1.0
Recipient => bc1qlccxv985m20qvd8g5yp6g9lc0wlc70v6zlalz8
Memo => =:ETH.ETH:0x3021c479f7f8c9f1d5c7d8523ba5e22c0bcb5430
Never cache inbound addresses! Quotes should only be considered valid for 10 minutes. Sending funds to an old inbound address will result in loss of funds.
Learn more about how to construct inbound transactions for each chain type here: Sending Transactions
4. Receive tokens.
Once a majority of nodes have observed your inbound BTC transaction, they will sign the Ethereum funds out of the network and send them to the address specified in your transaction. You have just completed a non-custodial, cross-chain swap by simply sending a native L1 transaction.
Additional Considerations
There is a rate limit of 1 request per second per IP address on /quote endpoints. It is advised to put a timeout on frontend components input fields, so that a request for quote only fires at most once per second. If not implemented correctly, you will receive 503 errors.
For best results, request a new quote right before the user submits a transaction. This will tell you whether the expected_amount_out has changed or if the inbound_address has changed. Ensuring that the expected_amount_out is still valid will lead to better user experience and less frequent failed transactions.
Price Limits
Specify tolerance_bps to give users control over the maximum slip they are willing to experience before canceling the trade. If not specified, users will pay an unbounded amount of slip.
Notice how a minimum amount (1822007296/ ~18.22 ETH) has been appended to the end of the memo. This tells THORChain to revert the transaction if the transacted amount is more than 500 basis points less than what the expected_amount_out returns.
Affiliate Fees
Specify affiliate_address and affiliate_bps to skim a percentage of the expected_amount_out.
Notice how wr:10 has been appended to the end of the memo. This instructs MAYAChain to skim 10 basis points from the swap. The user should still expect to receive the expected_amount_out, meaning the affiliate fee has already been subtracted from this number.
For more information on affiliate fees: Fees
Streaming Swaps
Streaming Swaps can be used to break up the trade to reduce slip fees.
Specify streaming_interval to define the interval in which streaming swaps are swapped.
Notice how approx_streaming_savings shows the savings by using streaming swaps. total_swap_seconds also shows the amount of time the swap will take.
Error Handling
TBA
Support
Developers experiencing issues with these APIs can go to the Maya Protocol Discord server (LINK) for assistance. Interface developers should subscribe to the #interface-alerts channel for information pertinent to the endpoints and functionality discussed here.
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