Source : cryptodaily.io
Magpie Protocol, a decentralized, liquidity aggregation protocol for cross-chain and on-chain swaps, provides the best deal on any asset, across blockchains, all without the need to bridge any assets, will integrate with Polygon to provide its users with a great cross-chain swap experience.
Magpie’s mission is to empower users of all levels by building a cross-chain infrastructure service that offers a simple, efficient, and secure way to trade, invest, and transact within DeFi. Migrating assets on most bridges can be a frustrating experience as most bridges are ecosystem-dependent, inefficient, slow, and can be difficult to use or even find. In order to accomplish this, Magpie needs to integrate with the top blockchains out there, and as Polygon is an incredibly cost-effective and scalable blockchain, it is a perfect fit.
Polygon enables users to use almost any wallet that supports the web3 standard to perform operations on the Polygon network, which means it will be very convenient for both its and Magpie’s users to transfer between chains with Magpie Protocol.
These aspects of Polygon help to further Magpie Protocol’s goal of being the premiere cross-chain swap protocol in DeFi. Integration with Magpie would mean that any user would be able to perform cross chain swaps from or to Polygon network and also on chain swaps with our aggregator on Polygon network.
The major advantage to users would be to have a faster way to deposit their funds on Polygon network instead of relaying on their network’s checkpoint and their official bridge, users would be able to deposit near instantly on Polygon by performing a cross chain swap from any other supported network.
We plan to launch Magpie alpha version publicly in September with the support of 4 networks including Polygon, Ethereum, Avalanche and BSC.
Magpie Protocol will be integrating stablecoin and native asset liquidity pools and launching our proprietary liquidity aggregation protocol in order to facilitate cross-chain and on-chain swaps. With the protocol and liquidity pools, users will be able to swap any asset into the stablecoin liquidity pool on any of the blockchains Magpie Protocol operates on, choose any other asset and the chain in which they’d like to receive it, click swap, and then the protocol both finds the best deal and deposits the chosen asset into the users wallet on the selected chain, be it the same chain or a different one.
This brings a huge advantage to users of Polygon as they will be able to swap their assets from Polygon within the chain or cross-chain in just a few minutes, without bridging any tokens, and receive any asset of their choosing. Users will no longer have to wait anywhere between fifteen minutes and a few hours to bridge assets, giving them the advantage in trading or taking part in a liquidity pool on any chain. Magpie makes it incredibly simple to join the Polygon ecosystem as well, just choose your asset, select Polygon as the destination chain, click swap, and within minutes, you’re on Polygon with the asset of your choice.
Magpie Protocol will be integrating DEXs on Polygon as they launch in the future in order to keep our aggregated liquidity up to date so that Polygon’s users can always be sure they’re getting the best possible deal on a token.
Magpie Protocol, a decentralized, liquidity aggregation protocol for cross-chain swaps, provides the best deal on any asset, across blockchains, all without the need to bridge any assets, will integrate with Polygon to provide its users with a great cross-chain swap experience.Magpie is more than cross-chain swaps, it solves the existing issues faced by DeFi protocols and developers to build unified and interoperable apps with shared state and liquidity across different chains; it acts as an infrastructure layer that provides protocol interoperability across chains. Magpie’s unique selling point is that it uses bridges to facilitate communication between chains, rather than actually swapping, burning, or minting tokens, instructing relayers to initiate swaps on AMMs on the destination chain, which in turn allows anyone to complete a cross-chain swap without utilizing bridge liquidity.
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Polygon is the leading blockchain development platform, offering scalable, affordable, secure and sustainable blockchains for Web3. Its growing suite of products offers developers easy access to major scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, stand-alone and enterprise chains, and data availability. Polygon’s scaling solutions have seen widespread adoption with 19,000+ decentralized applications hosted, 1.6B+ total transactions processed, 142M+ unique user addresses, and $5B+ in assets secured. Polygon is carbon neutral with the goal of leading the Web3 ecosystem in becoming carbon negative.
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