Designed to be a hub for algorithmic stablecoins, but will not rely on a single mechanism. Instead, it will support a suite of different stablecoins with varying risk profiles.
It will allow developers to build their own new features and dApps on the Aztec Chain, rather than being dependent on the core Maya protocol developers.
The Aztec Chain is secured by Maya nodes that must stake both the CACAO token and additional CACAO to validate the Aztec Chain.
10% of the fees generated on the Aztec Chain will be distributed to holders of the AZTEC token, which is a revenue-sharing token.
So in summary, the Aztec Chain is an expansion of the Maya Protocol ecosystem that adds smart contract capabilities to complement the cross-chain liquidity of the main Maya Chain. This allows for a wider range of DeFi applications to be built within the overall Maya ecosystem.
AZTECChain versus MAYAChain
The key differences between the Aztec Chain and the Maya Chain are:
Purpose and Functionality:
The Maya Chain is an automated market maker (AMM) that enables cross-chain token swaps without the need for bridges or wrapped assets.
The Aztec Chain is a smart contract platform that builds on the cross-chain capabilities of the Maya Chain, allowing for more complex DeFi applications like lending, borrowing, and synthetic assets.
Technical Architecture:
The Maya Chain is a fork of THORchain, utilizing the Tendermint consensus engine and Cosmos-SDK.
The Aztec Chain is a fork of the Cosmos Hub (Gaia), allowing it to leverage the mature Cosmos infrastructure and smart contract development ecosystem.
Tokenomics:
CACAO is the primary utility token used for fees on both the Maya and Aztec Chains.
MAYA is a revenue-sharing token that receives 10% of fees generated on the Maya Chain.
AZTEC is a revenue-sharing token that receives 10% of fees generated on the Aztec Chain.
Benefits to smart contracts
Smart contracts provide the following key functionality:
Automation: Smart contracts can automatically execute the terms of an agreement when certain predefined conditions are met, without the need for human intervention. This allows for faster, more efficient, and more reliable contract execution.
Transparency and Immutability: Smart contract terms and execution are recorded on the blockchain, making them transparent and immutable. This enhances trust between parties as the contract cannot be altered without consensus.
Decentralization: Smart contracts eliminate the need for a central authority to oversee and enforce the agreement. The blockchain network itself verifies and executes the contract terms.
Reduced costs: By automating contract execution and eliminating intermediaries, smart contracts can significantly reduce the administrative costs associated with traditional contracts.
Programmability: Smart contracts can be programmed to handle complex logic and conditional statements, allowing for the creation of more sophisticated and flexible agreements.
Improved Accuracy: Smart contracts eliminate human error by automatically executing the predefined terms, reducing the risk of mistakes or disputes.
Enhanced security: Blockchain technology provides a secure, tamper-resistant environment for smart contracts, making them resistant to fraud or unauthorized changes.
