The Magpie Protocol

Best bridging protocol entities without the need for any entity in the chain block directly from the Magpie on the best deal (deal) aimed at providing the chains of the Center for swaps between a non-liquidity aggregation protocol.

The Magpie Protocol is a decentralized, liquidity Decoupling protocol for cross-chain exchanges. It provides the best Deconstruction on any asset among the best blockchains, without the need to build bridges on any one asset. The result is an extremely fast and fee-efficient solution for cross-chain decommissioning.

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Problem

Most bridges are escrow, that is, users must entrust the security of the bridge to their own tokens by locking the assets in a smart contract. This centralization of bridged assets creates points of failure that, if exploited, can endanger multiple ecosystems. A recent report from blockchain data platform Chainalysis estimated that a total of $2 billion worth of cryptocurrencies were stolen from cross-chain bridges in 2022 alone.

Magpie solves several important problems in DEFI: bridging and liquidity collection problems. Within these two areas that need to be fixed, Magpie focuses on speed, security, ease of use, fee charges, user experience, and aggregation.

Solution

The easiest and simplest way to Decipher how the Magpie Protocol solves the above problems is that it facilitates cross-chain exchanges without bridges. Magpie accomplishes this by sending messages using the public messaging layer on the bridges to initiate cross-chain exchange.

Instead of requiring users to lock or burn their tokens and then mint them on the target chain, Magpie uses stablecoin liquidity pools and the Magpie liquidity collection protocol to initiate swaps for the desired token. 

Magpie’s architecture uses bridges to transmit decommissioning signals between chains without the need to lock, burn, or mint assets on or within a bridge. Magpie combines single-asset liquidity pools with a proprietary liquidity aggregation protocol, that is, it does not limit factors as in other aggregation protocols and does not look at whether the chain is EVM or not. It can initiate an exchange for the desired token on a chain, regardless of the chain.

This not only provides almost instant certainty for users, but also allows Magpie to be completely unattended by keeping assets under the user’s control instead of a third party or bridge, which greatly increases the security of user assets.

The Magpie Protocol is compatible with many built-in chains and DeFi protocols, including Ethereum, Polygon, Avalanche and Binance Smart Chain. In addition, there are plans to expand to Phantom, Solana and other blockchains in the near October.

Competitors

Although Magpie is similar to the liquidity aggregation and cross-chain Decoupling protocol 0x, Paraswap and 1inch, it has many advantages, among which it stands out. One of the biggest advantages of a magpie cross a user-when you do the swap chain, the chain transfer to the new token to fifteen minutes to three hours is suitable for the process that they don’t need to go to the bridge. 

The tests show that Magpie’s unique liquidity aggregator consistently outperforms 0x and offers competitive prices with 1inch.

Since Magpie does not create bridges between assets, it is much more secure than other bridges, since there are no assets stored in bridge smart contracts. Decoupling is not required.

When launched, Magpie is compatible with most of the top ten blockchains and allows users to exchange any token asset for any other token asset on the target chain. Users are not limited to stablecoins or only what they have in the liquidity pool of the bridge.

Magpie charges a 0.1% fee on both on-chain and on-chain swaps. The user experience with Magpie is unrivaled.

Funding

With the support of many investors and the hard work of team members, Magpie has successfully completed the $3 Million Seed round. Following this successful funding, Magpie Protocol will continue to expand strategic relationships and partnerships after the private alpha test is completed. The next fundraising round will be a strategic round.

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To begin with, with the help of Jump Crypto, the Magpie Protocol is poised for success and has also been backed by Sandeep Nailwal, GSR Markets, Parafi Capital, Republic Capital, Big Brain Holdings, Serafund, Faculty Group, MH Ventures, D1 Ventures, Arkstream, Apollo Capital and more.

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Road Map

The roadmap for filling the rest of 2022 is as follows: it includes supporting 6 major blockchains, a marketing campaign, a private and public fundraising round, and finally a token launch in December 2022. in 2023, it is planned to add cross-chain yield aggregation, special RFQ market makers, and Solana and Decardano support.

Summary

In summary, you can perform any token trade between any chain using Magpie without the need to build a bridge.  To navigate DEFI is what makes it your efficient application. The Magpie Protocol only uses bridges to transmit decommissioning signals between chains, creating an unrivaled user experience. You can quickly exchange your tokens in a few clicks, Magpie Decodes the complexity of cross-chain exchange for you.

References

https://medium.com/@Magpieprotocol

https://www.magpiefi.xyz/

 

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