The State of Defi and why Magpie is Needed: Saving you Time & Money
The past year has been quite the roller coaster in crypto as a whole and DeFi in particular, from record breaking highs to big drop offs, and some disastrous exploits. A couple of these drop offs are the Total Value Locked (TVL) within DeFi, going from about $150 billion to $55 billion, and as we all know the value of most assets.
Just think about this: at the beginning of 2021, TVL was at a paltry $14 billion in comparison, 96% of that was on Ethereum, all other chains and layer 2 solutions making up a total of just four percent, and ETH was around $700. So while the bears are out right now, they don’t really paint a fair picture of where we’re at currently in terms of progress within DeFi.
At this time only 57% of TVL is on Ethereum with the rest being split between other networks and Ethereum layer 2 solutions. According to DappRadar, when we compare where we are now to a year and a half ago, TVL has increased by over 1000% on alternative DeFi chains, 300% on Ethereum, trading volume on DEXs is up almost 700%, and daily active wallets have skyrocketed from around 450,000 to 1.67 million.
So sure, crypto has had a rough couple of months, but look at it in a macro sense, DeFi is becoming more used and more multi-chain by the month, and investing within DeFi projects is not slowing down. In these past few months, unique wallet activity is only down about 3% compared to the 70% drop in TVL, DeFi dApp usage was actually up in July/August 4% compared to the preceding months, and many of these top dApps are increasing in daily trading volume.
Most of this trading activity and TVL is concentrated within the top ten networks such as Binance Smart Chain, Avalanche, Polygon, Solana, Fantom, Arbitrum, and Optimism, three of which Magpie is already active on (shoutout to our Alpha testers!) and two that are currently in the works, and we plan to keep adding more as long as we can.
So what does this all mean and how is Magpie related to it all?
These statistics just go to show how important Magpie is in the current and trending future of DeFi. With Magpie, you can easily navigate the waters of the multi-chain ocean so to speak as you simply fly over it.
People are interested in DeFi, the stats show it, and they show that while we’re still technically in the early stages global adoption, the so-called multi-chain future is in fact here and everyday more and more users migrate to the myriad of chains available to them to use new dApps, participate in yield-farms, buy NFTs, cross-chain arbitrage, or to play some blockchain games.
Spending the time, or figuring out how to get to all of the things you want to do can be quite the birden (sorry not sorry, pun intended), while at the same time costing you money as you’re not getting the deals you should be.
It also costs time, which we’ll save you so you don’t have any egrets (forgive us) when learning or moving to new chains.
You know, Magpies fly, so you can skip the boring walk and slog needed to figure out how to get there, and don’t worry about the scarecrows (bad UI and user interfaces), we’ll take care of it, check this out:
It doesn’t get any easier, any token you want, swapped or sent to any chain. It’s just as easy as that.
So all this is going to save you time, how about the money?
Everyone loves saving money. Magpie aggregates and pulls liquidity from Uniswap, Curve, Balancer, Dodo, Kyber, Sushiswap, Quickswap, and much much more, so you’re going to get an amazing deal. Additionally, pretty much any token you want is available, not just stablecoins or native gas tokens like many bridges.
During this writing, we checked the trending tokens of the day on dextools and pretty much all were available to trade with Magpie as our aggregator scans the networks at all times in order to add the tokens people want (read more about that here)!
Wait, what’s that? A little birdy just told me another little secret we’ve been keeping: our Private Alpha testing so far shows that Magpie provides better pricing than the leading competitors almost every time, and the more you swap, the more you save!
Using Magpie for all this is going to save you time and money, in addition to helping you navigate multi-chain DeFi. Gone are the days of trekking through all the different bridges and DEXs, you can do your on-chain swaps with Magpie to get yourself the best deal, or you can cross-chain in the same interface, just change the network you want to receive it on and click swap, it’s that simple.
Stay tuned for more from Magpie, we’ve got a lot of eggs in the nest and they’re gonna be hatching over the next year, lots of great updates in the works.
While you’re here, go and sign up for the Alpha test waitlist and get in on the fun! Here’s a link for you: Register on our Alpha app waitlist — Magpie (magpiefi.xyz)
