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Magpie Testnet Public Alpha Stage

Magpie Testnet Public Alpha Stage

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Reward pool

Not set

points

Expected profit

Unknown

points

Max participants

No limit

DropsEarn score

Neutral

Normal, Low Risks

Details

Stage 1 will be Discord OG’s and those selected from the social media followings and some waitlist members. Stage 2 will consist of over 1,000 waitlist members as well as Stage 1 participants. Moving past this, we will launch testing with all of the waitlist members.

What can you do in Stages 1 & 2 of Public Alpha?

Aka, it’s use-cases. You can expect to be able to:

  1. Make a cross-chain swap.
  2. Make an intra-chain (within the same chain) swap.
  3. Bridge to ETH, Poly, BSC, Avalanche quickly, easily, securely.
  4. See a yield farm on another chain you want to swap to? Get there in minutes.
  5. Want to buy some NFT’s on a different network? Transfer over some assets to pick it up quickly!

Features

Now, how exactly is the Alpha test accomplishing these? Magpie facilitates users to perform cross chain swaps on the supported chains with near instant finality using single asset USDC/USDT pools. This is done in the Alpha by using Magpie’s liquidity aggregation and swap protocol and Stargate Liquidity Pools on each chain to perform near instant cross-chain swaps. Additionally, Magpie uses Wormhole as a cross-chain communication protocol to send and verify messages cross-chain.

So you can bridge between ETH, Poly, BSC, and Avalanche while making swaps either on or between the chains, but where are the tokens coming from? How is Magpie able to provide the best price?

Well, liquidity from UniswapV2 based AMMs, UniswapV3, BalancerV2 and Curve are all integrated into the Magpie Alpha. Utilizing these pools, combined with Magpie unique protocol, will make sure to get everyone an amazing price on the assets they choose to swap.

How can you make a swap?

Magpie got an incredibly easy-to-use interface in which you can choose to swap on or cross-chain without the need to go to another website or tab, it’s all in the same interface.

  1. Select your starting blockchain and the blockchain you wish to receive your assets
  2. Select the assets you’d like to swap
  3. Approve & Swap

Rewards System

Not only do roughly 500 OG Discord members (in phase 1 of the private alpha) and even more members chosen from our waitlist and social media (phase 2) get to join in on the fun, they also get to earn rewards for helping improve Magpie Protocol. Completing swaps, reporting bugs, giving suggestions, we want it all.

Magpie got a few different categories of rewards, each with their own subcategories of activities or events to go over. The public Alpha will contain Ongoing, Testing, and Additional rewards.

Ongoing Rewards are applicable to day-to-day activity on the Magpie app and all transactions made by a user will collect an amount of points that will be automatically accrued based on the following trade parameters: Volume, Tokens, Chains, and Transactions.

  • Volume: Get 0.5 points for each $10USD
  • Tokens: Get 50 points for each different token traded or 5 points for a previously traded token
  • Chains: Get points for each different chain used, going FROM or TO can count as both. Get 100 points for a newly used chain and 10 points for a previously used chain.
  • Transactions: Get 10 points for each transaction you make.

Sending Feedback: This one is pretty simple, filling in the form with feedback related to the app (UI/UX/trading/errors/etc). Magpie would provide up to 50 points for this action subject to the usefulness of the feedback (no spamming or repeats).

Bug Bounty: Fill in the provided form with bug information about the Magpie app and be rewarded with points equal to the importance or severity of the bug.

Make sure to check out this Notion board before you submit any issue to make sure that it hasn’t been reported previously.

The final category of rewards is that of the Additional Rewards, which Magpie plans to implement in the future. These will be actions which users can perform or events to participate in that are not Ongoing or Testing events. An example of a few categories for these would be Community/Sharing, Sponsored Events, Bug Bounties, and more.

Links

 

About

Right on the heels of a successful Private Alpha Stage 1, Magpie has announced the Public Alpha Stage.

Activity Type

Testing

Testnet

Bugs

Date

TBA

Registration

Open until 27 Dec 2022 03:00(UTC+3)

When Reward:

None

Event Status

You can participate(Event started, Registration open)