Making Cross-chain Easy
Benefit from near-instant finality for cross-chain swaps.
Simply choose the pair and chain(s) of your choice between which you’d like to swap tokens and you will be provided with the best offer.
How Magpie Works
Step 1: Messaging
Magpie Protocol publishes a message containing information to complete cross chain swap on the target chain through Wormhole Core Bridge.
Step 2: Validation
It generates a VAA, and once a quorum is reached among 19 Wormhole Guardian nodes (with 5 block confirmation consistency).
Step 3: Relaying
Our relayer queries Wormhole Guardian node, gets the VAA and completes the cross chain swap for you.
Step 4: Execution
You will receive the chosen asset on the chosen target chain.
How is Magpie so fast?
We use bridges as a messaging service rather than a way of burning/locking or minting assets. This uses the same secure way of data transfer but allows us to get users their assets much faster.
Using Wormhole’s Generic Messaging Protocol for messaging, once the swap is initiated by the user, assets are converted to stablecoins. These stablecoins are deposited into Magpie’s chain-specific pools, and the swap data is sent securely using Wormhole’s Generic Messaging Protocol.
Once received and verified by 19 different Guardian Nodes in just 5 blocks, Magpie initiates a swap through stablecoin/native-asset liquidity on the chain for your requested asset. You will then receive the asset of your choice without the need to bridge anything or make any swaps yourself.
What makes Magpie secure?
In addition to being censorship-resistant, Magpie utilizes the Wormhole State Guardian Network.
Here’s a quick rundown on how Wormhole’s messaging system works:
Messages are sent from one chain via a generic messaging layer. For no fee, the Guardian network observes the transaction. A group of six networks secured by 19 equally weighted guardians in the core layer verify the message. Quorum/verification is achieved in seconds, guardian nodes generate a VAA which is verified proof of a message sent by Magpie contract, and Magpie relayer queries guardian node endpoint to receive this VAA and execute the cross-chain swap for a user on the destination chain.
The Importance of
Cross-chain Swaps
When 98% of all liquidity is locked across ten blockchains and further fragmented over hundreds of exchanges, it is more than just a bit of a problem.
Connecting these blockchains is becoming a necessity as more networks are created and liquidity is further fragmented, causing cross-chain swaps to be more important than ever.
You should have the freedom and flexibility to use whatever chain you prefer. This is our mission!
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The bridge that isn't a bridge, Magpie is a fast and secure cross-chain swap protocol.