Maya Protocol Streaming Swaps Early Performance

Maya Protocol launched Streaming Swaps on 20-Jul-2024 (https://x.com/Maya_Protocol/status/1814773404009910752). This was a revolutionary design pioneered by THORChain where a large swap will be automatically split or streamed over multiple blocks, so that each sub-swap enjoys lower slippage. Better price execution is also ensured as arbitrageurs will balance the liquidity pools between each of the sub-swaps. Read more about Streaming Swaps launch on https://www.mayaprotocol.com/blog-maya-academy/achieve-optimal-pricing-streaming-swaps-land-to-maya.

After 40+ days since the launch of Streaming Swaps, let’s have a quick look at its performance so far. Charts below taken on 31-Aug-2024, from https://www.mayascan.org/stats.

Slippage

Slippage has stabilized around 10 bps. This is the minimum slippage that Maya is enforcing currently, and most streaming swaps are configured to target the minimum slippage.

Swap Volume

Daily swap volume has been ramping up steadily, reaching a recent ATH of $11m on 27-Aug.

Swap Events

Daily swap events has surged since the launch of Streaming Swaps, with a recent ATH of 29.5k swap events on 5-Aug.

Swap Fees

Swap fees have shown indication of a gradual increase, with a recent ATH of $12.4k swap fees collected on 6-Aug. Swap (or slippage) fees per transaction may be targeting the minimum of 10 bps per transaction since the launch of streaming swap, but the expectation is that higher swap volume will be attracted and correspondingly higher fees will be collected over time.

Let’s now take a look at how the frontends User Interfaces (UI) that support Maya Protocol fared since the launch of Streaming Swaps. Charts below (from https://www.mayascan.org/stats/interfaceWars) do not include transactions using memos directly (bypassing use of UIs), which are common for most arbitrageurs.

Weekly Swap Volume

Weekly swap volume through UIs increased significantly since the week of 22-Jul, and reached a recent ATH of total $8.8m.

Weekly Swap Fees

Weekly affiliate fees increased significantly since the week of 22-Jul, and reached a recent ATH of total $27k.

Average Transaction Value

Average transaction value increased significantly since the week of 22-Jul, and reached a recent ATH of total $49k.

Summary

Maya Protocol’s metrics since the launch of Streaming Swaps have been healthy and encouraging. The team is still on full-speed-ahead mode, with the most recent new chain integration of Radix recently, and an exciting roadmap ahead (https://docs.mayaprotocol.com/introduction/roadmap-2024).

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