# Fly

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fly-2

- Industry: Financial Services
- Total disclosed funding: $3M
- Latest round: Seed (Sep 7, 2022)
- Investors on record: 13

## About

Magpie Markets Limited dba Fly formerly known as Magpie Protocol is a decentralized liquidity aggregation platform that enables efficient cross-chain asset swaps, providing users with streamlined access to multiple blockchain networks and enhancing their trading experience.Magpie Markets Limited dba Fly formerly known as Magpie Protocol operates as a decentralized liquidity aggregation protocol that facilitates cross-chain swaps between various digital assets. The company was formed to address challenges in decentralized finance (DeFi) by improving user accessibility. Its founder has a history in the crypto space, although specific details on prior ventures are not available. In August 2025, Magpie Protocol raised USD 340,000 from unspecified investors.Fly offers a decentralized liquidity aggregation protocol designed for fast and efficient cross-chain swaps. Its primary service enables users to execute swaps between various digital assets across multiple blockchain networks without the need to manually bridge assets or access decentralized exchanges (DEXs). By utilizing a generic messaging layer on bridges, Magpie facilitates direct swaps between tokens on different chains, streamlining the user experience and reducing transaction times and associated gas fees. The platform serves a diverse clientele, including retail investors and crypto enthusiasts globally, focusing on major markets like North America, Europe, and Asia. Customers can connect their trusted wallets such as MetaMask, Coinbase, and WalletConnect to seamlessly perform transactions, addressing critical challenges in DeFi, including liquidity aggregation and user accessibility while continuously expanding its operational capabilities.Fly generates revenue primarily through transaction fees associated with cross-chain swaps executed on its platform. As users engage in asset swaps, a portion of the transaction fees is redistributed among liquidity providers, FLY token stakers, and for operational funding, enhancing community engagement and incentivizing participation. The fee structure promotes liquidity and sustainability within the ecosystem, allowing users to benefit from competitive pricing and enhanced rewards for their contributions. By leveraging partnerships with other protocols and liquidity sources, Magpie aims to increase its transaction volume and broaden its user base within the DeFi space, actively engaging users through initiatives like the Magpie Boost program, which rewards users based on their swapping activity.In August 2025, Magpie Protocol raised USD 340,000 from unspecified investors. The company plans to utilize this funding to improve the platform’s usability and functionality for traders and crypto enthusiasts. Future growth will focus on launching new products and enhancing current services to improve user experience. Additionally, Magpie intends to expand into new markets, targeting regions across North America, Europe, and Asia by 2026.

## Funding rounds

- Seed, Sep 7, 2022, $3M — GSR, Republic Capital, Double Peak Group, ArkStream Capital, D1 Ventures, Faculty Group, Jump Crypto, Stacker Ventures, MH Ventures, Big Brain Holdings, Serafund, ParaFi Capital, Apollo Capital

## Investors

- GSR — Seed
- Republic Capital (https://capitalatlas.ai/funds/republic-capital) — Seed
- Double Peak Group — Seed
- ArkStream Capital (https://capitalatlas.ai/funds/arkstream-capital) — Seed
- D1 Ventures (https://capitalatlas.ai/funds/d1-ventures) — Seed
- Faculty Group — Seed
- Jump Crypto — Seed
- Stacker Ventures — Seed
- MH Ventures (https://capitalatlas.ai/funds/mh-ventures) — Seed
- Big Brain Holdings (https://capitalatlas.ai/funds/big-brain-holdings) — Seed
- Serafund (https://capitalatlas.ai/funds/serafund) — Seed
- ParaFi Capital (https://capitalatlas.ai/funds/parafi-capital) — Seed
- Apollo Capital (https://capitalatlas.ai/funds/apollo-capital) — Seed