The Magpie Experience: Making Cross-chain Easy
Cross-chain swaps are an increasingly essential feature of decentralized finance (DeFi) that allow users to trade cryptocurrencies between different blockchain networks.
However, one of the biggest challenges of cross-chain swaps is the necessity of using bridges, which you can read about in one of our past blog posts here.
In short, some of these bridges require users to lock their assets into them, which can cause security issues as the user is no longer in control of their assets.
Additionally, most bridges operate just a bit differently from one another, and many only support a handful of tokens, which also change from bridge to bridge.
The Current Process
Those experienced using bridges will feel the all too familiar pain of having to go through the following steps each and every time you want to go cross-chain, but for those newer to DeFi, or those who haven’t gone cross-chain yet, here is a quick rundown of the current process of going from Chain A to Chain B to buy a specific token that probably isn’t supported by the bridge.
Current Process without Magpie:
1. Choose token you want to swap
2. Find DEX on Chain A with enough liquidity
3. Find Bridge that supports Chain A to Chain B.
4. Check which tokens bridge supports.
5. Swap token for bridge supported token.
6. Bridge token. >
a. Repeat Steps 2–5 if you need gas token on Chain B
b. Bridge gas token
7. Find DEX on the new chain.
8. Swap for the token you wanted.
As you can see above, the current process of using bridges to move assets cross-chain is not user-friendly or enjoyable at all, but Magpie is here to change all of that!
How Magpie Does it
Here at Magpie, we’ve obfuscated the bridging process, which you can read about here, and made it so you can swap tokens just as easily as you would on-chain, but now you can choose to go cross-chain.
Even if you’re new to DeFi, our sleek, user-friendly interface will be a breeze to use!
Let’s take a look at how we do it:
1. Choose tokens.
2. Choose chains.
3. Click Swap.
By removing the need for users to interact with multiple networks and their corresponding bridges, Magpie makes going cross-chain way easier, as well as a time & money saver (read about that in our blog post here!)
Now that you’ve seen how easy Magpie makes cross-chain swaps, here’s a bit of data on why it’s so important:
Multichain Future has Begun
According to DeFiLlama, at the start of 2023, daily bridge volume averaged a little over $100m a day for the first month and has been steadily increasing through the year, where it averaged around $250m daily during April, a 2.5x increase.
DEX volume dropped 45% from March to April, but during that same period, bridge volume stayed consistent, which goes to show that the birds of DeFi are beginning to flock to other chains. With a steadily increasing volume of users going cross-chain, a better solution is needed, especially for when a bull market comes stampeding through.
Having such an easy way to cross-chain swap while finding the best price attracts new users to DeFi and encourage those in DeFi to spread their wings and try out new chains, which are both areas in which Magpie excels.
Oh, and if you want to learn more about how we will find you the best deal, read more about our amazing aggregator here.
You don’t need eagle-eyes to see that that multichain future is growing, and with Magpie, you’ll be able to fly through DeFi just as easily as a bird through the air!