Magpie Public Launch
What’s up Magpies! It’s the time everybirdy has been waiting for, Magpie’s Public Beta launch! We’ve put a lot of work into it and it’s got a whole lot of new features and optimizations, as well as new blockchains! Swoop on down to read more about it.👇
Magpie Protocol’s Beta!
Starting today, users will be able to seamlessly move their assets between different blockchains in a fully non-custodial and trustless environment, gaining access to more DeFi services, protocols, and new opportunities for trading, lending, and borrowing assets.
If you’ve been following us or are a part of our community, you know there is ever increasing demand for interoperability between different networks, and that’s exactly why we’re here to fly over the gap and provide users with a fast, secure, and efficient or cost-effective way to access DeFi services across multiple blockchains without the need to use multiple dApps and bridges.
Features 🛠️
So, what about those new features? Well, we’re not going to list all of the optimizations and changes we’ve made here, but let’s highlight some that our community has been asking for!
We all know gas is a pain point in DeFi, so we’ve got a lot of new optimizations for gas both on and cross-chain in order to help you all save some money!
Next up we’ve got 3 new blockchains, 3! What are they? To start, we’re the very first liquidity aggregator on the brand new Polygon zkEVM chain, so if you want to trade there, be sure to use Magpie because we’ll find you the best price.
Next up, we’ve got Arbitrum & Optimism added to Magpie, some of the most popular chains out there, so take your ETH on over to take part in some ultra fast & cheap swaps.
Another much requested feature, we’ve added a balance manager, so that users can easily see their token balances when selecting what to swap, which is so
Biggest issue in Defi
Most bridges are custodial, meaning users must entrust their tokens with the security of the bridge by locking assets in a smart contract. This centralization of bridged assets creates single points of failure, which can put multiple ecosystems in danger if they are exploited.
A recent report by Chainalysis, a blockchain data platform, estimates a total of $1.9 billion in cryptocurrency was stolen from cross-chain bridges in 2022, accounting for 64% of the money stolen from DeFi protocols in total.
This proves that creating a secure cross-chain bridge solution and non-custodial swap platform is a must in DeFi, and your birds here at Magpie aim to be that solution.
Magpie Protocol just works!
We use bridges primarily as a data transfer layer to communicate swap signals rather than lock, mint, and wrap tokens. Our unique cutting-edge tech allows for users to swap cross-chain just as easily as they would swap on-chain, while getting a great deal on assets, across seven of the most popular blockchains: Ethereum, BNB Chain, Arbitrum, Optimism, Polygon, Polygon zkEVM and Avalanche. This means that users get an efficient way to swap cross-chain without the need to visit or lock their assets into a bridge, which could leave them at risk.
Additionally, our unique order routing algorithm utilizes our aggregated liquidity in such a way that all the birds that use Magpie will get competitive or better rates when compared to others. So if you want to save, and you want to swap cross or on-chain in the easiest possible way, use Magpie.
Thank You 🙏
We here at the Magpie team want to give a huge thanks to the amazing support for Magpie shown by all of our backers and to our community of birds in Discord, Telegram, and Twitter.
We’ve spent the past year and a half developing and testing this protocol and are confident that it will revolutionize the future of finance and DeFi. 🚀
