What is Magpie Protocol?

What is Magpie?

Magpie is a state-of-the-art protocol that offers fast, easy, & secure cross-chain and on-chain token swaps. The user experience and capability of Magpie Protocol makes it a valuable addition to the DeFi space.

Magpie Protocol's mission is that of building a cross-chain infrastructure and protocol that offers a simple, efficient, and secure way to trade and invest within DeFi, pushing forward a future in which DeFi will be the future of finance. As we help further the development of DeFi, that means fostering a workplace culture that encourages out-of-the-box thinking, great ideas, having a good time, hard work, self development, and sharing a love for all things DeFi.

How does Magpie work?

Magpie accomplishes cross-chain swaps by sending messages using the generic messaging layer on bridges to initiate and execute swaps across chains. Instead of relying on bridge liquidity pools, Magpie uses bridges to send a swap instruction message to a relayer on the destination chain. There is no bonding or minting of assets to or from the bridge. Once the relayer confirms the message, it sends the chosen asset to the user's wallet on the destination chain.

Normally, this process would involve visiting multiple websites, dApps, and DEXs, and approving and completing many swaps. However, Magpie simplifies the entire process. You simply choose the token pair and the chains you want to swap between, you are provided with the best offer, and then you click swap. This streamlines what is typically a multi-step process into just a few clicks

Last updated