Magpie: Public Alpha Stage 1 is Here!
Right on the heels of a successful Private Alpha Stage 1, we’re wasting no time at all and announcing that our Stages to the Public Alpha are starting today, so it’s time to flap those wings in excitement!
Stage 1 will be Discord OG’s and those selected from our social media followings and some waitlist members. Stage 2 will consist of over 1000 waitlist members as well as Stage 1 participants. Moving past this, we will launch testing with all of our waitlist members.
First off, we’d like to thank all team members, supporters, partners, and investors who took part in the Private Alpha. The team is working ceaselessly in order to make Magpie as great as it can be so we want to be sure and share it with all you Magpie’s out there.
We wanted to share some big reasons within the current DeFi ecosystem why Magpie is needed, what you will be able to do in the Alpha, a little sneak peek, and how you can earn points and rewards! Let’s dig in.
Why Magpie is needed.
We all know that moving assets cross-chain using most bridges can be frustrating, as they are ecosystem-dependent, inefficient, slow, and can be difficult to use. As well, many are too reliant on a single point of failure when assets are centralized, making for an insecure platform. These are some of the issues and a few of the reasons the team is dedicated to bringing the best DeFi cross or on-chain experience to users.
What can you do in Stages 1 & 2 of Public Alpha?: Aka, it’s use-cases. You can expect to be able to:
- Make a cross-chain swap.
- Make an intra-chain (within the same chain) swap.
- Bridge to ETH, Poly, BSC, Avalanche quickly, easily, securely.
- See a yield farm on another chain you want to swap to? Get there in minutes.
- Want to buy some NFT’s on a different network? Transfer over some assets to pick it up quickly!
Features.
Now, how exactly is the Alpha test accomplishing these? Magpie facilitates users to perform cross chain swaps on the supported chains with near instant finality using single asset USDC/USDT pools. This is done in the Alpha by using Magpie’s liquidity aggregation and swap protocol and Stargate Liquidity Pools on each chain to perform near instant cross-chain swaps. Additionally, we use Wormhole as a cross-chain communication protocol to send and verify messages cross-chain.
So you can bridge between ETH, Poly, BSC, and Avalanche while making swaps either on or between the chains, but where are the tokens coming from? How are we able to provide the best price?
Well, liquidity from UniswapV2 based AMMs, UniswapV3, BalancerV2 and Curve are all integrated into the Magpie Alpha. Utilizing these pools, combined with our unique protocol, will make sure to get everyone an amazing price on the assets they choose to swap.
How can you make a swap?
Don’t worry, we’ll provide some images to help out. We’ve got an incredibly easy-to-use interface in which you can choose to swap on or cross-chain without the need to go to another website or tab, it’s all in the same interface.
Step 1: Select your starting blockchain and the blockchain you wish to receive your assets
Step 2: Select the assets you’d like to swap
Step 3: Approve & Swap
We couldn’t make it much easier than that.
Rewards System.
Not only do roughly 500 OG Discord members (in phase 1 of the private alpha) and even more members chosen from our waitlist and social media (phase 2) get to join in on the fun, they also get to earn rewards for helping us improve Magpie Protocol. Completing swaps, reporting bugs, giving suggestions, we want it all.
We’ve got a few different categories of rewards, each with their own subcategories of activities or events to go over. The public Alpha will contain Ongoing, Testing, and Additional rewards.
Ongoing Rewards are applicable to day-to-day activity on the Magpie app and all transactions made by a user will collect an amount of points that will be automatically accrued based on the following trade parameters: Volume, Tokens, Chains, and Transactions.
- Volume: Get 0.5 points for each$10USD
- Tokens: Get 50 points for each different token traded or 5 points for a previously traded token
- Chains: Get points for each different chain used, going FROM or TO can count as both. Get 100 points for a newly used chain and 10 points for a previously used chain.
- Transactions: Get 10 points for each transaction you make.
Sending Feedback: This one is pretty simple, filling in the form with feedback related to the app (UI/UX/trading/errors/etc). We would provide up to 50 points for this action subject to the usefulness of the feedback (no spamming or repeats).
Bug Bounty: Fill in the provided form with bug information about the Magpie app and be rewarded with points equal to the importance or severity of the bug.
Since we come from the Private Alpha stage, we are aware of and already working on a few issues. Make sure to check out this Notion board before you submit any issue to make sure that it hasn’t been reported previously.
The final category of rewards is that of the Additional Rewards, which we plan to implement in the future. These will be actions which users can perform or events to participate in that are not Ongoing or Testing events. An example of a few categories for these would be Community/Sharing, Sponsored Events, Bug Bounties, and more!
We’re incredibly excited to let people get their wings (or hands) on the app and begin testing.
We want to give a huge thank you to the community and give back with this rewards system. We’ve all been waiting for this moment for a while now, so let’s get the party started!
