How is the ‘Mage Protocol’ project based on the network

The development of the Mage protocol based on the Cardano network began, with the aim of unifying various protocols into a single investment instrument.

In Argentina, based on a protocol Cardano network called Mage protocol, Aimed at integrating multiple protocols into a single investment instrument,

Cointelegraph en Español spoke with Diego Mack, the originator of the initiative, for more details.

First of all we wanted to know how this project came to be. Mack explained that it was born from the ingenuity of three Argentines with the intention to do something different from what has been done so far in the field of DeFi.,

Currently, a project called Myz Together The purpose of integrating the protocols of the Cardano ecosystem into a single investment fund, In this sense, they are introducing the concept of SP500 to Cardano.

He first product in which development is taking place MEZ Protocol is called cadano index,

same as him SP500 pleat 500 companies Listed on the United States Stock Exchange, the Cardano Index will be composed of the 20-30 most representative protocols in the Cardano ecosystem.

In Argentina, a project began to be developed in the Cardano network called the Mage Protocol.

He mentioned it during the conversation Investors have two main options To participate in the stock market:

  • The first is to directly buy shares of a specific company chosen by the investor.
  • Another, more conservative, is to invest in the SP500 Index.

It is the responsibility of each investor to choose between these options.

However, with the creation of cardano indexwhich is under development, Investors must also decide whether they want to participate in the index.He It is a type of investment fund.Or if they prefer to continue investing in specific protocols of the Cardano ecosystem as per their choice.

How is the project made?

He Objective to establish a Financial instrument that brings together the most prominent protocols in development in Cardano, Thus, Investors can participate in all these protocols through a single instrument,

Mac Detailed: “The project has 3 phases, the first is the creation of the Cardano Index”,

Currently, the first phase of the project is underway, which will involve the development of the smart contracts required for the “Cardano Index”, which will incorporate several core Cardano protocols, such as:

  • Android
  • MuesliSwap
  • merge into one
  • Add
  • minswap
  • wmt
Project goals in the Cardano network

The purpose of the project in the Cardano network is to integrate various protocols into a single investment instrument.

The developers of the project insisted that, Being an initiative based on decentralized finance, the “Cardano Index” will be non-custodial and 100% without the need for permits for its use,

The next phase of the project will provide any user with the ability to create their own index according to their preferences., This would be possible because the MAYZ protocol was designed to be completely permissionless.

In practical terms, this means that users can, if they wish, create a fund within the protocol using the native tokens of decentralized exchanges, which will have exposure to the investments they create.

However, this index will be constructed independently from the Cardano index. In this case, the user would assume the role of “fund manager”, a role usually reserved for a few people in traditional finance.

To accomplish this task, User must have original tokens of MAYZ protocolWhich will also be given the name of the protocol.

In this way, it will seek to encourage users of the MAYZ protocol to create the indices they consider necessary, promoting diversification within the protocol.

The Cardano network project will be divided into three phases

The Cardano network project will be divided into three phases and the first will be the creation of the Cardano Index.

Mack highlighted that the native token of MAYZ Protocol will primarily have a utility role rather than governance.

Although it will be used for protocol governance decisions, its primary role will be to provide a utility to take advantage of the features provided by the protocol.

“The proposed process for creation of any fund is simple, first there are MAYZ tokens, and later they are put into staking, this makes the user the fund manager of that index,” he explained.

Next step protocol development Focuses on expanding the index to other blockchainsThus allowing cross-chain interoperability.

Through the use of smart contracts and bridges (bridges), users will be able to access the index from networks such as Ethereum, Polkadot, Algorand, which are some of the blockchains that aim to access the MAYZ protocol.

in its third phase MAYZ Protocol Aims to Boost Liquidity in CardanoWhile trying to attract users from other blockchains.

second step

the focus will be on the second phase Extending the index to other blockchains.

For example, it is intended that Ethereum users can be exposed to the Cardano ecosystem without having to specialize in this network, and even perform all operations from their preferred blockchain, as in this case, Ethereum.

who is it for?

He Approach This development is specifically directed to the ecosystem cardano,

During Phases 1 and 2 of the project, only users of the Cardano network will be able to interact with the MAYZ protocol. However, Diego announced that, according to the established roadmap, it is planned to launch Phase 3 of the project for 2024 or 2025.

In this phase, participation will be more open, as mentioned, by creating bridges that connect different blockchains.

Wallet Compatibility

Diego Mac said MAYZ protocol will be compatible with most used wallets in CardanoWhich will allow to reach a wider audience of users.

From any wallet supported by the network, users will be able to access the MAYZ protocol and thus, if they wish to play the role of a fund manager or participate in the Cardano index which is being developed by MAYZ.

MAYZ future plans

Mac claims This project is completely Latin American and gives a new perspective to Cardano– Ability to act as a fund manager or invest in diverse funds of the main Cardano protocol.

In addition he believed In the future it could serve as a tool to attract users of other blockchains to Cardano.,

They also mentioned that they are planning to release a mvp (minimum viable product). An MVP is a simple, basic version of a product or service that can be brought to market to validate its feasibility and obtain customer feedback.,

The launch of the MVP is scheduled for the period between August and September this year.

Mack noted that the initial investments for the development of the protocol were made from their own funds, giving them some autonomy in the industry.