Greetings, Magpies! The team at Magpie Protocol wanted to provide you all with some great information today. Magpie is happy to announce that our $3M Seed round has successfully closed, thanks to the support of numerous investors and the dedication of our team members.
That is a significant accomplishment, and only the start of our experience since the Alpha test is about to begin. In addition , we would like to thank the network for its unwavering support and enthusiasm for the project.
To begin with, with the aid of jump Crypto, Magpie Protocol is well-positioned for success. It is furthermore backed by fantastic investors like Sandeep Nailwal, GSR Markets, Parafi Capital, Republic Capital, massive mind Holdings, Serafund, academic institution, MH Ventures, D1 Ventures, Arkstream, Apollo Capital, and more!
Soar Crypto, which looks for projects full of passion for Defi and focused on innovation and is full of engineers, traders, and customers fed on by creating the future of DeFi, decided to cement itself as the lead investor in the project after seeing what we at Magpie Protocol are developing and providing to the crypto space. It’s difficult to put into words how grateful we are to Leap for being such a strong supporter of Magpie and what we intend to do.
The next company is Republic Capital, which chooses investments entirely on the basis of business fundamentals with a focus on unit economics, strategy, and the potential to disrupt a market. We all put our faith in the Magpie Protocol to help change the course of Defi and the global economy. When you see them, be sure to thank them very much on Twitter!
GSR Markets makes up 1/3 of the market and partners with fearless and amazing marketers who are shaping the future of finance. GSR assists cryptocurrency projects at key stages of their development by providing solid liquidity that supports the technology. We’re going to alter the Defi landscape and the global economy together. We’re thrilled to have their support!
Magpie is a project that was incubated by Saxon, a company that helps concept-stage cryptocurrency entrepreneurs create game-changing Defi and infrastructure projects. They offer comprehensive advice covering everything from tokenomics and funding to product-market suitability and business improvement.
If this is your first visit, allow us to explain what the Magpie Protocol is all about.
The Magpie Protocol is a decentralized liquidity aggregation protocol for move-chain swaps to deliver the best price on any asset across the top blockchains without needing immediate property bridges.
Instead, our innovative design speaks of change indications between chains using bridges primarily as a facts transfer layer. The result is a pass-chain swap alternative that is exceedingly quick and simple.
Concerns about bridge security, which are currently at the forefront of Defi, are crucial to promoting the inclusive and trustless principles on which Defi is built. Most bridges are custodial, meaning that users must lock their goods in a smart contract and entrust their tokens to the bridge’s security to use them. If these single points of failure are exploited, the centralization of bridging assets could put several ecosystems at risk. A recent analysis from Chainalysis, a blockchain analytics platform, claims that in 2022 alone, a total of $2 billion in cryptocurrencies will have been stolen from move-chain bridges.
This will demonstrate the necessity of developing a comfy cross-chain liquidity aggregation solution for DeFi.
We appreciate all of our customers and the Magpie members in our network.
Don’t forget to visit our website and follow us on social media for more information on Magpie.
Concerns about bridge security, which are currently at the forefront of DeFi, are crucial to promote the inclusive and trustless principles on which DeFi is built. The majority of bridges are custodial, which means that users must lock their goods in a smart contract and entrust their tokens to the bridge’s security in order to use them. If these single points of failure are exploited, the centralization of bridging assets could put several ecosystems at risk. A recent analysis from Chainalysis, a blockchain analytics platform, claims that in 2022 alone, a total of $2 billion in cryptocurrencies will have been stolen from move-chain bridges.
This will demonstrate the necessity of developing a comfy cross-chain liquidity aggregation solution for DeFi.
Bridges are used in Magpie’s design to communicate change signals between chains, eliminating the need to lock, burn, or mint assets on or inside a bridge. Magpie is chain-agnostic because it combines separate-asset liquidity pools with a unique liquidity aggregation protocol, making it compatible with and capable of initiating swaps for the desired token on any chain without the restrictions of other aggregation protocols, regardless of whether the chain is EVM or not.
Not only does this give consumers almost immediate closure, but also enables Magpie to be completely non-custodial by keeping the customer’s property in charge rather than a third party or bridge, thereby enhancing the security of the users’ assets.
“I’d like to personally thank each and every one of our traders and crew members in your Magpie guide. Although the work the team has done thus far makes us all quite proud, it is only the beginning. Now that the next round of funding has begun, work has begun on getting ready to announce our private and public alpha trying out events in the upcoming weeks. We still have a lot in store for us in the upcoming years, and thus far it has been a wonderful trip.
