Maya Protocol Quarterly Review — 2026 Q2

Capital

TVL ended higher, but pool concentration evidence is incomplete

Quarter-end TVL closed at $9.9M, above both the quarter opening level of $8.9M and the prior quarter close of $8.9M. Reported changes were 11.1% from the opening level and 10.8% versus the prior quarter close. Average TVL across the quarter was $11.5M. The protocol ended with 18 active pools. Concentration by pools cannot be assessed from the supplied distribution fields because 0.0% is reported as 0.0% and the top-pool list is empty, while the prior comparator is N/A.

Activity

Volume rose, with broader user reach but fewer logical swaps

Observed usage was mixed. Total protocol volume reached $327.8M versus $223.2M, for reported quarter-over-quarter change of 46.8%. Unique swappers increased to 2.5K from 1.9K, a reported change of 32.1%. Over the same comparison, logical swaps fell to 4.9K from 5.4K, with reported change of -9.1%. Average swap size was $66.4K, and average slip was 7.1. The strongest single daily activity in the quarter occurred on 2026-06-04, when swaps, volume, and fees reached 88.8K, $25.2M, and $31.6K respectively.

Economics

Fee generation tracked activity, while reward split was entirely node-directed at quarter end

Protocol fees totaled $304.5K during the quarter. On the highest-activity day, fees reached $31.6K alongside volume of $25.2M. At quarter end, the supplied incentive state shows LP reward share at 0.0% and node reward share at 100.0%. Reserve and staking-related capital ended at 3.2M CACAO in reserve, 24.7M CACAO bonded, and 49.1M CACAO pooled. This is a description of quarter-end state from the fact packet rather than a causal explanation of rewards or flows.

Security

Node and bonding metrics softened, and the quarter included a documented halt interval

Security-operating metrics weakened relative to the comparison period. Active nodes ended at 38 versus 41, with 13 standby nodes. The bonded ratio was 33.5% versus a target of 67.0%, leaving deviation at -0.3 compared with -0.3 previously. Daily activity data records zero swaps, zero fees, and zero volume on six consecutive dates from 2026-05-16 through 2026-05-21. Milestone evidence independently documents a precautionary halt of trading and LP actions on 2026-05-19 and a later resumption of trading and swaps, with additional qualitative context pointing to TSS patching, validator coordination, and security work during this period.

Incentives

Available evidence on incentives is narrow

The supplied evidence for incentives is limited to snapshot coverage and quarter-end reward shares. Incentive snapshots passed coverage thresholds at 1, but the overall data status remains partial because indexed-to-protocol volume reconciliation failed at 0.1. Within the available quarter-end state, LP reward share is 0.0% and node reward share is 100.0%. No additional payout schedule, emissions, or rebate series were supplied, so incentive analysis should be read as incomplete.

Interfaces

Interface surface area expanded qualitatively, but measured attribution remained low

Measured interface coverage remained limited. Tracked interface volume was $42.9M, equal to 13.1% of protocol volume, down from 19.6% in the prior quarter. The count of active interfaces was unchanged at 14 versus 14. Within the attributed subset, the largest listed interfaces by volume were Thorchain at $11.6M, NativeSwap at $10.0M, and Vultisig at $6.9M. Milestone evidence shows continued interface and wallet work around Maya access points during the quarter, including new or expanded support in NativeSwap, LeoDex, Vultisig, and Asgardex, but the attribution gap prevents converting that qualitative expansion into a complete measured usage view.

Concentration

Interface concentration improved within observed coverage

Interface concentration, measured by HHI, declined to 1.8K from 3.9K while active interfaces held at 14 versus 14. This indicates a less concentrated distribution within the attributed interface subset. However, because only 13.1% of protocol volume is attributed and reconciliation coverage is 0.1, this observation should be interpreted as applying to the observed interface slice rather than the full protocol. Pool concentration remains unassessed from the supplied pool-level fields.

Market context

CACAO finished above its opening level, with a wide intra-quarter range

CACAO opened the quarter at $0.09 and closed at $0.10, for reported change of 8.1%. The observed range extended from $0.09 to $0.37 during the quarter. This market context is included as a descriptive backdrop only; the supplied evidence does not establish links from price moves to protocol activity, capital, or security metrics.