Magpie dApp Updates: The Next Step

The birds here at Magpie are all about helping our community and DeFi users at large fly through DeFi by giving everyone an exceptional DeFi experience, and today we’re excited to share the latest dApp update that makes our protocol powerful, efficient, and user-friendly. So without further ado, let’s flap on down below to go over all of our new enhancements.

🫡 Gasless Swaps

Fly away from the hassle of keeping native tokens in your wallet just for gas fees, our 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. Transactions are executed seamlessly and are much more cost-effective, efficient, and user friendly.

✅ Token Permits: Approvals Made Effortless

Managing token approvals isn’t generally a big deal, but it can be frustrating to constantly approve them, but not anymore! Magpie now supports token permits, enabling seamless and secure token approvals.

🔄 LP Token Trading

The Magpie dApp now supports LP token trading for UniswapV2 and Curve-based protocols. Essentially, it acts as a simple swap but under the nest (hood), but the underlying tech and functionality could allow us to enable you to add, remove, deposit, or withdraw liquidity directly from various sources. We’re all about giving our community more control and opportunities in the DeFi ecosystem.

💰 Comprehensive Token Support (With a Twist!)

Magpie supports all tokens, even those with custom functionalities like fees and/or commissions. For tokens such as these, with unreliable pricing, we’ve got you covered: we’ll highlight that they may be unreliable or distorted so you can make an informed decision.

🤝 CCTP Bridge Integration

We’ve integrated the CCTP Bridge, enhancing cross-chain compatibility and efficient asset transfer between different chains. Moving your assets across chains is about to get much smoother. This is done via Axelar General Message Passing (GMP), which Magpie has integrated and now supports.

💧 New Liquidity Sources

We’ve added a roster of new liquidity sources: MaverickV2, DFX Finance, SwaapV2, Bebop, Ankr, and more. More options mean Magpie can continue to provide the best prices for all your DeFi needs.

🔗 Affiliate Fees for API Consumers

To all of our incredible API partners, you can now implement custom affiliate fees and define their affiliate address. Once this is completed, the fees will be automatically deducted from their user from the fromasset (asset sold by their user) and distributed to the affiliate address in the same transaction.

✨ Eliminating Cross-chain “Accept New Quote”

One of the most common concerns brought up by the community was the “Accept New Quote” flow on cross-chain swaps where the price of an asset would change and essentially stop a swap in its tracks until a new quote was accepted. Well we’ve got some great news, this is changing!

Now, if there’s a price deviation on the destination chain, the Magpie relayer will step in and complete the swap by sending you the intermediary token immediately, instead of the target asset. No more failed transactions, just smooth flying, every time.

🏅New Leaderboards

Each week, we’ll be posting weekly leaderboards directly on the Magpie app website that come with weekly rewards, so you won’t want to stop swapping!

📄 Contracts Upgrade: Faster, Smarter, Cheaper

Our contracts just got a massive upgrade and are now highly optimized for gas efficiency! By incorporating assembly code where we securely can, the birds behind the scenes have been able to significantly reduce gas consumption. With this upgrade, the Magpie bridge contract on the destination chain can now directly transfer the intermediary asset to the user upon receipt from the selected bridge. As such, if the target asset is an intermediary token, it can be sent immediately, which cuts transaction costs compared to the previous contract.

If you want to swoop in and dive deeper into all the technical details, check out our Magpie V2 Smart Contracts Specification Document, and as always, feel free to fly over to our Telegram or Discord to tag us with any questions you may have.

Magpie is constantly evolving, and these updates are really just the beginning. Whether you’re a seasoned DeFi pro or just getting your beak wet as they say, we’re here to make your journey as seamless and efficient as possible.