Magpie Protocol
Magpie Protocol (Fly) is a decentralized cross-chain liquidity aggregator that routes swaps across 766 sources on 21+ blockchains for retail DeFi users, eliminating manual bridging.
- Company typePrivate
- Founded2022
- HeadquartersDubai, United Arab Emirates
- Headcount11–50
- GTM typeB2C
- OfferingSoftware
What Magpie Protocol does
Magpie Protocol (operating as Fly) is a decentralized cross-chain liquidity aggregation protocol founded in 2022 and based in Dubai. The platform aggregates liquidity from 766 sources across 21+ EVM and non-EVM blockchains — including Solana, Arbitrum, Base, Optimism, Polygon, zkSync, Berachain, Scroll, Sonic, Monad, HyperEVM, Abstract, and others — to execute cross-chain asset swaps in a single transaction without requiring users to manually bridge assets. Its core architecture uses a generic messaging layer on bridges, allowing swaps of any token (not limited to bridge-specific stablecoin pools), and exposes this functionality via a web-based dApp (app.magpiefi.xyz), a developer API (docs.fly.trade), and integrations with MetaMask, WalletConnect, Coinbase, and Rabby wallets. Supporting products include the Fly Explorer (transaction tracking), Magpie Mafia NFT loyalty program, Fly Boost gamified reward system with Eggs/partner rewards, and the FLY governance and staking token (launched June 2025).
The protocol has processed over $8B in cumulative swap volume across 1.49M executed swaps from 194k unique users. Revenue is generated through swap transaction fees, redistributed among liquidity providers, FLY stakers, community rewards, and operations; token-based incentives (Eggs-to-FLY conversion at TGE) are a primary growth lever. Go-to-market is purely product-led and self-serve, with distribution via organic social channels (Telegram, X, Discord, Medium) and developer documentation — no sales team or enterprise motion. The company is venture-backed by Jump Crypto, ParaFi Capital, Big Brain Holdings, GSR, ArkStream Capital, Republic, Sandeep Nailwal (Polygon co-founder), and roughly a dozen other crypto-native investors, with disclosed funding of approximately $5M+ across rounds in 2022–2024.
Magpie Protocol firmographics
Firmographics- Name
- Magpie Protocol
- Website
- https://magpiefi.xyz
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Magpie Protocol (Fly) is a decentralized cross-chain liquidity aggregator that routes swaps across 766 sources on 21+ blockchains for retail DeFi users, eliminating manual bridging.
- Ownership category
- akta.pro rank
Magpie Protocol industry classification
Industry- Product category
- Decentralized Finance (DeFi) / Cross-chain DEX Aggregation
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Liquidity Bridges & Cross-Chain Swaps (bridge aggregators, intent-based swaps) (FSAPAKAC)
- akta.pro secondary industries
- Liquidity Management & Market-Making Protocols (FSADAMAH), On-Chain Limit Orders & Algorithmic Execution (FSADABAJ), Transfer Agent, Cap Table & Token Lifecycle Management (registrar, corporate actions, burns/mints) (FSAPAIAF)
Keywords
Where Magpie Protocol is headquartered
LocationHeadquarters
- HQ city
- Dubai
- HQ country
- United Arab Emirates
- HQ region
- Middle East
Markets served
Magpie Protocol business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Swap Fees / Transaction Fees: Platform charges fees on cross-chain swap transactions. Fees are redistributed among liquidity providers, FLY stakers, community rewards, and operation funds.
- FLY Token Ecosystem: FLY tokenomics includes governance, staking rewards, and fee redistribution. Eggs earned through Fly Boost will evolve into FLY tokens at TGE (Token Generation Event).
Go-to-market motion1 record
Distribution channels1 record
Marketing channels7 records
Magpie Protocol product offering
Product offeringCore offering
Magpie Protocol operates Fly, a decentralized cross-chain liquidity aggregation dApp that aggregates pricing from 766 liquidity sources across 21+ blockchains so users can swap any token between chains in a single transaction without manually bridging assets. It monetizes these swaps via transaction fees and layers on a governance/staking token (FLY), a gamified Boost rewards system, and an NFT-based Magpie Mafia loyalty program.
Product overview
Magpie Protocol operates as Fly, a decentralized cross-chain liquidity aggregation platform. The core product is the Fly dApp (app.magpiefi.xyz) which enables fast, cost-effective cross-chain swaps by aggregating liquidity across 766 sources on 22+ supported chains including Solana, Ethereum, Arbitrum, Base, Optimism, and others. The platform has facilitated over $8B in volume and 1.49M executed swaps. The product ecosystem includes Fly Boost for gamified rewards, the Magpie Mafia NFT loyalty program, the FLY governance token, Fly Explorer for transaction tracking, and planned features including FLY Dashboard (staking/emissions), Earndrop, DCA, and Limit Orders scheduled for 2025 roadmap.
Differentiator
Problem solved
Functional benefit
Brands
- Fly: Cross-chain liquidity aggregation protocol for decentralized finance (DeFi) enabling fast and cost-effective swaps between assets across multiple blockchain networks.
Products and services
- Fly (Magpie Protocol dApp) Decentralized cross-chain liquidity aggregation dApp that sources pricing from 766 liquidity venues across 21+ blockchains (Solana, Ethereum, Arbitrum, Base, Optimism, Polygon, zkSync, Linea, Blast, Berachain, Scroll, Taiko, Unichain, Sonic, Manta, Ink, Monad, HyperEVM, Plasma, Abstract, Eclipse), enabling users to swap any token between chains in a single transaction without manual bridging. Targeted at self-custodial DeFi traders and crypto users connecting via MetaMask, WalletConnect, Coinbase, or Rabby wallets.
- Fly Boost Gamified rewards layer where users complete Boosters, earn Eggs (future FLY tokens) and partner rewards, and climb leaderboards by swapping or depositing into partner protocols, unlocking bonus Eggs, partner rewards, and high-yield return opportunities.
- Magpie Mafia NFT-based loyalty program where users earn XP points and exclusive rewards for activity on the Fly dApp; users receive a Magpie Mafia NFT after their first swap and unlock tiered rewards based on platform usage.
- FLY Token Native governance and staking token of the Fly ecosystem; swap fees are redistributed among liquidity providers, FLY stakers, community rewards, and operation funds, and Eggs collected through Boost evolve into FLY at TGE.
- Fly Explorer Blockchain explorer that lets users view and track Fly swap transactions across all supported chains for transparency and portfolio verification.
- Fly API Developer API that enables third-party wallets, dApps, and protocols to programmatically access Fly's cross-chain liquidity aggregation, allowing them to embed cross-chain swap functionality into their own products.
Quantifiable outcome
- $8B+ in total volume processed
- +3 more outcomes
Companies that use Magpie Protocol
Customer profileSegments1 record
Ideal customer profiles2 records
Magpie Protocol technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration6 records
Feature5 records
Magpie Protocol partnerships and signals
Strategic signalScale indicators4 records
Recent moves6 records
Expansion highlights6 records
Magpie Protocol competitors and assessment
Company assessmentEmerging players
- Across Protocol: Across is an optimistic bridge focused on fast, cheap cross-chain transfers with intent-based execution. It is adjacent to Magpie as a routing primitive often used by aggregators, and partially overlaps in cross-chain user flows.
- deBridge: deBridge is a cross-chain interoperability protocol offering messaging and liquidity transfers. While more bridge-focused than aggregator-focused, its DLN product competes with Magpie's messaging-based cross-chain execution.
Direct peers
- Squid Router: Squid is a cross-chain swap router built on Axelar that aggregates liquidity across chains for one-click swaps — directly comparable to Magpie's value proposition of routing any-token cross-chain swaps without manual bridging.
- Symbiosis: Symbiosis is a cross-chain AMM and DEX aggregator enabling swaps across EVM and non-EVM networks. It overlaps significantly with Magpie in targeting cross-chain any-token swaps through aggregated liquidity.
- Socket: Socket (formerly Bungee) is a cross-chain interoperability and routing protocol that aggregates bridges and DEXs for optimal execution — a direct competitor with overlapping chain support and a similar intent-based swap model.
- LI.FI: LI.FI is a cross-chain DEX and bridge aggregation protocol that routes swaps and bridges across many EVM and non-EVM chains — the closest direct competitor to Magpie's core product, with overlapping chain coverage and similar intent-based swap UX.
- Rango Exchange: Rango is a multi-chain DEX and bridge aggregator supporting many EVM and non-EVM chains. It targets the same DeFi user pain point (cross-chain swap fragmentation) as Magpie and competes head-to-head on routing and chain coverage.
Broad incumbents
- 1inch: 1inch is one of the largest DEX aggregators and is expanding cross-chain routing capabilities. As a broad incumbent with a much larger user base, it is a key competitor when DeFi users evaluate routing options.
- Jupiter: Jupiter is the dominant DEX aggregator on Solana and is expanding cross-chain via bridges. Its massive Solana user base and execution quality make it a meaningful incumbent competitor, particularly as Magpie adds Solana support.
- Matcha (0x): Matcha, the consumer-facing aggregator built on 0x, offers DEX aggregation across EVM chains with growing cross-chain capabilities. It is a broad-incumbent peer competing for the same retail cross-chain swap user.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Magpie Protocol social profiles
Digital presenceMagpie Protocol financial estimates
Financial estimateRevenue estimate
Valuation estimate
Magpie Protocol leadership team
Management profileNumber of profiles
Profiles3 records
Magpie Protocol funding detail
Funding detailFunding overview
Funding rounds8 records
Investors17 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Magpie Protocol M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Magpie Protocol
What does Magpie Protocol do?
Magpie Protocol operates Fly, a decentralized cross-chain liquidity aggregation dApp that aggregates pricing from 766 liquidity sources across 21+ blockchains so users can swap any token between chains in a single transaction without manually bridging assets. It monetizes these swaps via transaction fees and layers on a governance/staking token (FLY), a gamified Boost rewards system, and an NFT-based Magpie Mafia loyalty program.
Is Magpie Protocol a public or private company?
Magpie Protocol is a private company. It is classified as venture growth investor backed and is currently operating.
When was Magpie Protocol founded?
Magpie Protocol was founded in 2022. It employs 11 to 50 people.
Where is Magpie Protocol based?
Magpie Protocol is headquartered in Dubai, United Arab Emirates, in the Middle East region.
How does Magpie Protocol make money?
Two revenue lines are on record. Swap Fees / Transaction Fees are the primary driver. The others are FLY Token Ecosystem.
Who are Magpie Protocol's main competitors?
Emerging players on record are Across Protocol and deBridge. Direct peers are Squid Router, Symbiosis, Socket, LI.FI and Rango Exchange. Broad incumbents are 1inch, Jupiter and Matcha (0x).
Does Magpie Protocol have an API?
Yes. Fly API enables developers to build applications that interact with the cross-chain liquidity aggregation protocol. The API supports integration for cross-chain swaps, allowing developers to automate asset swapping across multiple blockchains. Documentation and developer resources are available at docs.fly.trade/developers. Developer documentation is at docs.fly.trade/developers.
What industry is Magpie Protocol in?
Magpie Protocol's product category is Decentralized Finance (DeFi) / Cross-chain DEX Aggregation. Its primary akta.pro industry code is FSAPAKAC, Liquidity Bridges & Cross-Chain Swaps (bridge aggregators, intent-based swaps), with a secondary code of FSADAMAH, Liquidity Management & Market-Making Protocols. Its NAICS code is 522320 and its SIC code is 6200.