🎯 Description
Magpie Protocol is a decentralized liquidity aggregation protocol for cross-chain swaps aiming to provide the best deal on any asset across top blockchains without the need to directly bridge assets.
With bridge security concerns being at the forefront of DeFi right now, a crucial component in promoting the trustless and inclusive foundations upon which DeFi is built. Most bridges are custodial, meaning users must entrust their tokens with the security of the bridge by locking assets in a smart contract. This centralisation 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 $2 billion in cryptocurrency has been stolen from cross-chain bridges in 2022 alone.
Magpie’s architecture uses bridges to communicate swap signals between chains, without the need to lock, burn, or mint assets on or within a bridge. By combining single-asset liquidity pools with a proprietary liquidity aggregation protocol, Magpie is chain-agnostic, meaning it is compatible and able to initiate swaps for the desired token on any chain, without limiting factors as other aggregation protocols, and whether or not the chain is EVM or not.
Not only does this result in near-instant finality for users, but it also enables Magpie to be fully non-custodial, by keeping assets in control of the user rather than a third party or bridge, which greatly improves security of users’ assets.
📅 Launch Time (UTC)
1st October
🛠 Network
Multi-Chain
🧩 Sector
Protocol, Liquidity Aggregator
‼️ Sale Details
- Exchange: TBA
- Token price: TBA
- Token type: TBA
🔗 Social Links
Website | Twitter | Discord | Telegram | Medium