A giant drawback when transferring property from one blockchain to a different considerations bridges. Between 2020 and 2022, information from Token Terminal revealed that greater than $2.5 billion had been stolen by hackers — all due to vulnerabilities inside bridge infrastructure.
In some instances, insufficient ranges of safety had been accountable. The Ronin bridge — answerable for powering the favored Axie Infinity sport — suffered an exploit price over $600 million final yr, which took six days to detect, however this wasn’t the one drawback. On the time, the bridge operated with 9 validator nodes, and simply 5 signatures had been wanted to provoke withdrawals, a hurdle that the attacker managed to beat.
Even when safety considerations are handled, there might be different limitations. Bridges might solely assist a small variety of tokens, and since every platform operates barely in a different way, finish customers might must cope with a couple of added steps earlier than a swap is finalized, which isn’t preferrred when a transaction must be accomplished in a rush.
For cryptocurrencies and decentralized finance to grow to be extra extensively adopted, it’s essential for the consumer expertise to be extra streamlined and as intuitive as extra old style platforms. Delivering cross-chain swaps in a few clicks would get rid of complications for customers and make it simpler to onboard new customers. Higher nonetheless, making certain folks retain custody of their crypto always.
The ultimate concern that must be resolved considerations pricing. Risky crypto markets imply the value of flagship cryptocurrencies is frequently altering — and this implies the suppliers of cross-chain swaps must scour the business to ship the absolute best deal.
Chopping out bridges
Magpie is among the initiatives tackling the ache factors related to bridges. This decentralized liquidity aggregation protocol goals to ship a quick and safe answer to cross-chain swaps that assist prime blockchains. Bridges are included in its structure, however their position is to speak swap alerts between networks and supply liquidity to swap out and in of every chain. Ethereum, Polygon, BNB Chain, Avalanche, Arbitrum, and Optimism are all supported — delivering robust protection throughout the blockchains mostly utilized by DeFi protocols. Magpie additionally claims to be the primary aggregator to ship on-chain swaps on Polygon’s zkEVM chain.
By way of Magpie Protocol, customers merely choose the token they wish to swap and the chain it’s at the moment on, then select the token they want to convert to, in addition to the community they need it on, and hit Swap. All of that is finished in a noncustodial, permissionless method.
Magpie has launched a beta model of its DApp with a singular order routing system. This algorithm considers key components, together with the worth of the asset being swapped, the community charges related to a real-time commerce, and routing via any token to search out a terrific worth.
Moreover, a number of liquidity sources throughout main decentralized exchanges are examined to ship cost-effective transactions, and Magpie will pull from a number of liquidity sources for a swap as effectively. All of that is achieved robotically and shortly, that means customers received’t must manually seek for the most effective deal.
The general public beta launch was preceded by an alpha check with over 5,000 individuals and a profitable seed spherical. Assist for brand spanking new chains continues to increase, with the addition of Arbitrum, Optimism, and the excellence of being the primary aggregator for the Polygon zkEVM chain, representing and consolidating a good portion of the whole worth locked (TVL) inside the DeFi sector.
Magpie launched an evolving NFT marketing campaign referred to as ‘The Magpie Mafia,’ which at the moment boasts over 9,000 members, as a method for customers to have a enjoyable and interactive technique to earn XP within the Magpie ecosystem. The Mafia Chook NFT acts as a technique to be a part of Magpie campaigns and upgrades its look and weapons primarily based on how a lot XP the consumer has, which is consultant of how a lot they’ve swapped on the protocol. Sooner or later, the customers can be rewarded primarily based on the XP and Mafia rank with Magpie ecosystem rewards.
The Magpie Protocol staff has not too long ago launched a revamped consumer expertise, incorporating many enhancements inside its present user-friendly and intuitive interface. This replace features a cross-chain portfolio tracker, detailed transaction historical past, simplified entry to the Magpie Mafia NFT, and quite a few back-end optimizations to boost app efficiency. Because of this, the app now provides seamless cross-chain swaps throughout all eight supported blockchains. Moreover, this replace introduces over 90 new liquidity sources, aggregation capabilities, and each on-chain and cross-chain swaps for the Base blockchain.
Magpie is increasing its attain by including assist for extra blockchains within the coming months, additional broadening the scope of its cross-chain swap capabilities.
Sooner or later, Magpie plans to facilitate B2B shopper onboarding, enabling seamless integration of the Magpie API into their protocols. This initiative goals to make cross-chain transfers as easy and handy as on-chain swaps, no matter transaction measurement.
Magpie’s founder and CEO, Ali Raheman, shared:
“I imagine Magpie to be the following step in how we transact in a multichain DeFi. It’s an extremely user-friendly, environment friendly and safe technique to swap cross-chain and on-chain whereas offering the most effective costs you can ask for.”
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