September 21st, 10am EST
When Swim was first created, a key milestone as a native stablecoin AMM bridge was to be an enabler of other protocols' multi-chain efforts. This was important to us as it showed a breadth in utility, not just to our Swimmers but as we aspire to be a fundamental foundation block in the future of DeFi. Hence integrations are a key focus for the team.
It was with utmost pleasure that we announced Mayan's integration with Swim this week, allowing them to leverage the liquidity of Solana's native stablecoins. In our AMA series we hosted Mike, the founder of Mayan Finance, to talk through the integration and all things DeFi. Below were some key points in case you missed it.
With various integrations and partnerships in the pipeline, our team is extremely excited to see other protocols leveraging Swim to enable their multi-chain capabilities and capture more value. Stay tuned for further announcements!
Kingsley, Product Manager at Swim
- Kingsley is responsible for strategizing Swim's product roadmap and works closely with the BD & Marketing teams to align efforts across all major upgrades & expansions
- Kingsley was introduced to crypto in 2017 when he realized the potential of the new asset class and found himself intrigued by the fundamentals of DeFi
Mike, Founder of Mayan Finance
- Mike graduated with a BS in computer engineering and worked for more than 8 years in different sectors of Web 2; with most of his experiences coming from the traditional finance and core banking sectors until he started Mayan Finance
- Mike transitioned into Web 3 during the Chainlink Hackathon and then through Mayan’s participation in the Wormhole Hackathon, where they took home 1st place!
Mayan & Swim Intro
- The problem that exists with many cross-chain solutions is that most protocols require users to have native tokens on the destination chain and offer suboptimal users experiences
- Mayan was built to help connect the various aggregators across ecosystems in order to offer users ample liquidity, so they can pursue any opportunity they may desire
- Swim is a native stablecoin AMM bridge - meaning Swim provides users with a bridge for the most liquid & widely used form of each token, which is powered by Swim’s liquidity pools which exist across all supported chains
- Metapools allow Swim to facilitate native stablecoin swaps between new tokens and Swim’s existing hexapool; with the implementation of Swim’s propeller, these swaps will operate with a single-click
Why did Mayan choose to integrate with Swim?
- Looking at the top trading pairs on leading DEXs highlights the key role that stablecoins play in the overall crypto ecosystem and with that being said, it’s vital for any cross-chain exchange to support native stablecoins in order to gain mass adoption
- The issue that arises with utilizing stablecoins across chains is that wrapped tokens are minted on each chain, which are not compatible with each other and ultimately leads to fragmented liquidity
- For this reason, the Mayan team found Swim to be the perfect partner to allow their users to seamlessly swap into native stablecoins on Solana through tapping into Swim’s native asset liquidity pools
- Currently to provide a trustless bridging solution users must manually approve wallet interactions and transactions, but with Swim’s Propeller, our bridging usability will significantly increase, without sacrificing the decentralization or capital-efficiency of our swaps
- The Swim team is working on lots of exciting initiatives ranging from expanding to new chains, integrating with leading protocols, enabling single-click swaps via. our Propeller, and a native asset SDK to help facilitate further integrations and partnerships
- With Mayan’s current design, they only use Project Serum as a single source of liquidity, but in Mayan’s next iteration they will focus on Swap Actions
- Swap Actions are a great way to guarantee users that they are receiving the best rates for their desired cross-chain swaps to/from Solana
- Relayers will be able to submit their bids, and the relayer that offers the highest bid will be responsible for facilitating the swap, which ensures that users always get the best rates while accessing liquidity across Solana
Swim’s long-term vision
- Swim’s long-term vision is to help onboard the next billion users onto DeFi, while providing a space that retains the users and offers great value (i.e. building the financial infrastructure of the future)
- Swim is building a product that will allow users to navigate a multichain future. There will likely exist multiple chains in the future that each host their own advantages & use cases and Swim will be there to ensure users can pursue any opportunity, on any chain
- Swim will look to venture beyond stable assets and support cross-chain swaps for volatile assets as well, ensuring users have the ability to move any of their desired assets in an easy and capital-efficient way
Mayan’s long-term vision
- Mayan’s vision, similarly to Swim’s, is to get ready for the next billion users by focusing on improving user experiences while connecting liquidity across chains
- Integrations will be a vital part of Mayan’s long-term strategy - the Mayan team will continue to leverage all that the Wormhole ecosystem has to offer and looks forward to following their guidance
Future product collaborations
- Currently, Mayan only has integrated with Swim’s Hexapool and not the other Metapools existing on other chains; Mayan looks forward to further leveraging Swim by adding support for the other chains Swim supports
- Additionally, limitations that once existed on the Solana blockchain are now being addressed by the core team devs which will allow Mayan to utilize cool features like lookup tables and ultimately will reduce the transaction limits
Challenges encountered by Mayan
- When Mayan first started working on their cross-chain infrastructure, Payload 2 & 3 from the Wormhole team did not exist yet, meaning that Mayan had to deal with working on an outdated messaging bridge and could not leverage all the great features that came with Payload 3
- Wanting to avoid creating wrapped tokens while bridging, Mayan worked on creating their own bridge on top of Wormhole, called Swap Bridge, which transfers all required data for users
Keep up with Swim’s latest developments and announcements: