A Year in Review — 2024
Crypto saw quite the boom in 2024, with Bitcoin and many other tokens reaching new all-time highs, a myriad of new and incredible blockchain launches, and much of crypto mindshare being focused on the user experience and abstraction in DeFi, both of which Magpie is very focused on.
This has been a year of building, integrations, partnerships, and of course, expanding our community flock, and we’d like to share our highlights of 2024 with you, so let’s dive in!
Community
First, the entire Magpie team wants to extend a heartfelt thank you to our community of birds out there for all the support you’ve shown us this past year, it really means the world. The Magpie Mafia more than doubled its official membership, to over 27,000 members, who could compete for the over $20,000 in prizes we gave away during our community campaigns over the year. Magpie has launched our own in-house quest system to earn rewards and begin the Nesting Season as soon as this month, so keep your eyes peeled.
In August, we kicked off a series of community Twitter Spaces and Discord AMAs, which have helped bring our community closer to the team, providing a platform for open discussion, feedback, and conversation. If you’d like to check out one of our latest, tune in here to check out our chat with Sonic and many others in the ecosystem, then be sure to follow our Twitter (X) to stay up-to-date on any that we’ll be hosting or taking part in.
Volume
Magpie achieved a huge milestone by surpassing $4 billion in volume across over 600,000 swaps, underscoring the trust and commitment our users and partners place in us.
Campaigns
With campaigns every month, we were able to give away over $20,000 USDC in rewards this year. If you’re interested in more campaigns, the journey is just beginning. We developed our own in-house tracking and leaderboard for the Magpie dApp where we can host our own events for rewards. Be on the lookout for Nesting Season and Magpie Mafia Season 2.
Drip Launchpool
Magpie partnered with Drip Protocol (now PERQ) to launch a pool where users could deposit their stablecoins or WETH to earn points which can be redeemed upon our TGE for our token. Peaking at $6.69m in TVL, Magpie was one of the most popular pools of all time on PERQ, so we’re extremely grateful to the PERQ team and everyone who participated.
New Features & Updates
Magpie’s bird technicians were incredibly busy this year improving not only the performance of the dApp, but its UI, and usability features. We’ll highlight just a few below but be sure to check out the links provided for a more thorough breakdown.
✅ Gasless Swaps
Magpie’s new gasless swaps feature lets you trade tokens without paying gas fees in native tokens. Instead, gas fees are deducted from the token you sell by using your wallet signature and the Magpie relayer.
✅ LP Token Swaps
Magpie now supports LP token trading for many protocols, where users can swap directly into LP tokens from the app itself. Additionally, our tech will allow us to enable adds, removes, deposits, or withdraws of liquidity directly.
✅ Magpie Explorer
We rolled out the Magpie Explorer offering an easy-to-use page to track cross-chain swaps done on the protocol. Users can see which underlying protocols were used, as well as the assets swapped and how long it took.
✅ Updates
Our team has worked incredibly hard this year to continually update the app and user experience, updating the contracts, the UI, adding quality of life adjustments, and much much more. Be sure to check out just some of what was added here and here.
Integrations
This past year we added support for eight blockchains, bringing our total support to 15, continuing our mission to provide the absolute best pricing available across the most popular chains in DeFi.
🔗 zkSync
🔗 Fantom
🔗 Blast
🔗 Manta
🔗 Scroll
🔗 Taiko
🔗 Metis
🔗 Sonic
Of course, for each blockchain, liquidity is needed, and we’ve added over 45 new sources this year and integrated as well as partnered with some amazing DEXs in the DeFi space. While not all-inclusive, here are some of them:
-Caddi Finance
-Gravity
-Maverick
-DeFive
-Vicuna
-Equalizer
-GT Protocol
-Stable Jack
-Metropolis
-Spooky Swap
-Bebop
-Smardex
-Spartan
-VelocoreV2
-SwaapV2
-SyncSwap and SyncSwapV2
-Hyperjump
-Sushi and SushiV3
-WAGMI
-Tethys
-QuickswapV3
2024 also saw the launch of Magpie’s API and push for partner integrations, where other protocols can make use of the best of the best aggregation, routing, and cross-chain swaps for their users. Here’s a list of a few of the protocols who have integrated Magpie thus far.
Mainline is an Omni-Chain, AI Powered, Auto Trading Co-Pilot bot that utilizes their own proprietary social intelligence algorithms, which has been refined over the last three years and contains information from the market & on-chain data, to help predict price movements. Mainline has integrated Magpie to handle the swaps behind the scenes for users so that while Mainline is handling when to trade, when it does, we make sure the user gets the best price possible.
Bringing centralized level liquidity and execution to DeFi, Orbs is a decentralized Layer-3 (L3) blockchain infrastructure designed specifically for advanced on-chain trading. They improve on-chain trading by acting as an execution layer for Layer 1 and 2 blockchains, paving the way for advanced trading orders in DeFi as well as decentralized derivatives. Magpie has been integrated into Orbs so that when Magpie finds a better price for users, Orbs will use our app for the swap.
MetaZ is a sneakerhead haven, with a dream of making the process of buying, trading, and showing off one’s collection easier through the power of DeFi and NFTs. Each NFT represents a real pair of sneakers, which can be swapped, purchased, sold, and shown off online. MetaZ authenticates and stores the sneakers at no charge in a controlled environment for safekeeping. If you want to wear them, not a problem, you can redeem the NFT and MetaZ will ship them to you anywhere in the world. If you’re looking to buy some sneakers, Magpie allows for ANY asset to ANY asset swaps to buy sneakers directly through MetaZ.
Rings Protocol
One of our latest partnerships, just launching this past week, is Rings Protocol, a scalable yield bearing stablecoin for the Sonic Ecosystem. Using Magpie, users can swap directly into scUSD or scETH, and what’s more, if there isn’t enough liquidity, our partnership allows for the minting of these two assets directly in the Magpie app, so you don’t need to go elsewhere.
Beyond Tech, a decentralized interoperability protocol that enables seamless cross-chain messaging and asset bridging between the largest DeFi chains and Bitcoin L1, allowing for users to switch back and forth between any Bitcoin token standard, from BRC-20 to Runes, all without leaving layer 1, supporting over 70 sidechains/L2s and over 500 tokens, so if you’d like, you can bridge your tokens from DeFi to any other token on BTC L1. Magpie was provided with 50 whitelist spots for their Orange Pill Ordinals for our community to show off their love for the BTC ecosystem. As for integrations, users will be able to swap any token to any token from any of the Beyond Tech supported chains and Layer 2s.
With each integration, it brings Magpie closer to our goal of making Magpie the premier protocol for DeFi, whether you need to swap on-chain, fly cross-chain, enter a liquidity position, purchase some LSTs for yield generation, buy some sneakers, mint yourself some tokens, and much more, we’ve got your beak, sorry, back. These protocols and chains bring their unique offerings as well as add enhanced liquidity to Magpie, allowing us to continue delivering the best possible pricing in DeFi alongside the best UX.
Events & Networking!
This year has been packed with conferences and gatherings around the globe, and since we’re birds, it was quite easy to fly to all the best ones. Some highlights include ETH Denver, Token2049 — Dubai, Consensus 2024, EthCC, DevCon, KBW (Korea Blockchain Week) and Token2049 — Singapore
These events gave us the chance to meet many of you in person, host some parties, have some fun, as well as share updates on Magpie’s progress, and network with other projects, protocols, and blockchains.
Blogs
We did a lot of building this past year, but we also published many articles detailing our partnerships, integrations, development updates, as well as some general DeFi knowledge, here are a few for you if you’re on a break at work or drinking your morning coffee and need some alpha.
📖 Aggregation: Past, Present, and Future
https://medium.com/@Magpieprotocol/aggregation-past-present-and-future-3983f430d092
📖 What’s New with Magpie
https://medium.com/@Magpieprotocol/whats-new-with-magpie-259f0bd78b48
📖 How Does Wormhole Facilitate Swaps?
https://medium.com/@Magpieprotocol/how-does-wormhole-facilitate-swaps-d7e070cbd61e
📖 The Power of Intent-Based Aggregation
https://medium.com/@Magpieprotocol/the-power-of-intent-based-aggregation-9fe680873d04
📖 All About $FLY
https://medium.com/@Magpieprotocol/all-about-fly-b4391ac7a2b7
From swooping into the details of aggregation tech to the benefits of intent-based aggregation, these blogs may teach you something new in an easily digestible way.
Looking Ahead
Thank you to everyone who has joined us on this incredible journey and as we move forward, we want to make sure we are listening to the community for feedback, ideas, and any other ideas you may have, so please check out our Charmverse and leave us your thoughts or vote on the ones you like!
From those who have been with us for years, to those who found out us about us today, for those who have participated in our campaigns, tuned in to our AMAs, given us feedback in our Discord or Telegram, your continued support has been instrumental in helping Magpie Protocol thrive and build.
We can’t wait to see what the new year holds, but we know at the very least, there will be more features, more partnerships, more blockchains, a whole lot of abstraction, and of course, more ways to make sure you can get the best price in DeFi while swapping any token to anywhere, anytime.
