Maya Protocol launched with a unique two-token model: $CACAO as its settlement and gas asset, and $MAYA as a revenue-sharing token for long-term sustainability. Inspired by this approach, THORChain is now adopting a second token, $TCY, to resolve THORFi liabilities and establish a perpetual yield-sharing mechanism.
Maya Protocol, an independent Layer-1 blockchain operating as a decentralized exchange, has deployed since its inception a unique two-token design. These two tokens are $CACAO and $MAYA:
Analogous to THORChain’s $RUNE, $CACAO is the settlement asset in Maya’s Liquidity Pools; it also functions as the chain’s gas fee/transaction fee token. Due to Maya’s Fair Launch Liquidity Auction in early 2023, the maximum supply of 100M $CACAO was fully distributed in order to most optimally bootstrap the network. While this token launch was possibly the most objectively fair TGE event in DeFi history, Maya was left without any runway, or would have been left without any runway, had they not introduced their second token, $MAYA, which is solely dedicated to funding protocol development.
Launched with a maximum supply of 1M tokens, $MAYA was created and deployed specifically to foster long-term support and growth of the network. As Maya Protocol’s revenue-sharing token, it incentives long-term holding by auto-issuing proportionate dividends to $MAYA-holding addresses in perpetuity. These proceeds are distributed in $CACAO and equal to 10% of Maya Protocol’s system income.
To further attract network participants and node operators early on, Maya Protocol airdropped 20% of the $MAYA supply to both $RUNE owners and early Maya Protocol node operators. Following this, the remaining 80% of MAYA was distributed as per the following chart (pulled from Maya Protocol’s Whitepaper):
The value of $MAYA thus holds a direct, reflexive relationship with the future expected yield of Maya Protocol. While still highly illiquid, $MAYA swaps (to and from $CACAO) can now be executed via MayaSwap, an orderbook-style trading platform.
While THORChain has only ever supported one native token in its repertoire since inception, necessity now calls for a change to this model. With THORChain’s THORFi liabilities (e.g., Savers, Synths, Borrowers) coming to a head in early 2025, it was realized that THORChain required a fundamental restructuring of some of its core design mechanisms. Among the multiple remodelings put forth, a majority node vote ultimately passed Proposal 6, which was written by none other than Maya Protocol cofounder, Aaluxx. Proposal 6 outlines, among other things, the creation & tokenomics of a second THORChain token, called $TCY (short for “THORChain Yield” token).
This $TCY token will be modeled after the $MAYA token, and used to repay holders of THORFi liabilities. To execute this plan, the collateral value of THORChain Savers, Synths & Borrowers will be dollarized to the USD Value as reported on 23 Jan 2025. Once this dollarization is calculated and “all systems are go”, $TCY’s 210M supply will be proportionately distributed to those THORFi users with stuck funds. This will happen as follows:
Once the $TCY is distributed accordingly, its holders will, as with $MAYA, automatically receive, in $RUNE and in the wallet holding the $TCY, 10% of THORChain’s income in perpetuity. Again, like $MAYA, the value of $TCY becomes linked to the expected yield of THORChain in perpetuity.
Worth mentioning are the ways $TCY price appreciation will be actively assisted:
Although both have very different genesis stories, $MAYA was the blueprint underlying $TCY’s design, and shares similar tokenomics considerations. Both tokens offer additional avenues to invest into the long term expected revenue generation of both protocols.
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