Magpie Protocol: faster and easier cross-chain swaps

Over the last year and a half, crypto has seen the TVL (Total Value Locked) on blockchains go from less than $1 billion to over $180 billion at its peak. ETH began with a 99% stranglehold of all TVL, going down to 55% at its lowest and 65% as of June 15th of 2022. As liquidity pours into alternate layer 1 and 2 chains, there is an ever-growing necessity for efficient, secure, and simple cross-chain swaps.

Seeing what other projects like Li.Fi, Celer, Wormhole , Multichain and many more have contributed to the cross-chain DeFi space, Magpie wanted to go a step further in terms of ease of use, efficiency, security, and token options.

There is a lot of great work being done by amazing teams in crypto, and we’re all in this space together to make DeFi the future of finance.

Migrating assets on most bridges can be frustrating because most bridges are ecosystem-dependent, inefficient, slow, and can be difficult to use or even find as a new user. Many bridges are also too reliant on a single point of failure when assets are centralized, making for an insecure platform.

But Magpie’s don’t migrate, and neither do assets on the Magpie Protocol.

Magpie is a cross-chain swap protocol that only uses bridges to communicate swap signals between chains. It is fast, secure, and chain agnostic, offering a super-slick and unrivaled user experience.

How you ask?

Well, Magpie uses bridges as an inter-chain messaging service through our partner Wormhole. Their multi-chain messaging layer, or data transfer layer, enables near-instant finality for cross-chain swaps as no assets need to be burned, wrapped, or minted on either chain.

Simply choose the pair and chain(s) of your choice between which you’d like to swap tokens and you will be provided with the best offer.
Magpie Protocol then -

• Publishes a message containing information to complete cross chain swap on the target chain through Wormhole Core Bridge
• Which generates a VAA, and once a quorum is reached among 19 Wormhole guardian nodes (with 5 block confirmation consistency)
• Our relayer queries wormhole guardian node and gets the VAA and completes the cross chain swap for you.
• You will receive the chosen asset on the chosen target chain.

Using this tech, we believe that Magpie is the future of multi- and cross-chain exchange infrastructure. Its chain-agnostic and non-custodial liquidity aggregation protocol is compatible with and can complete cross-chain swaps with near-instant finality across the top ten TVL blockchains, utilizing hundreds of exchanges at launch.

We will continue building upon this technology, adding additional blockchain support, features, and technology to power DeFi cross-chain infrastructure, which will allow users to swap assets cross-chain with near-instant finality.

To stay updated on more information on the Magpie Protocol, join our telegram or discord or follow us on Twitter as we launch the product, provide more information on its mechanisms and advantages, and delve into our roadmap.