Introduction
On June 6, 2025, at 21:00 (UTC+8), the global top crypto trading platform Binance Alpha will officially launch the FLY token, marking Fly.trade (FLY), formerly known as Magpie Protocol, entering the mainstream market. As the first underlying protocol adopting the FLY(3,3) incentive model and achieving cross-chain liquidity aggregation, FLY not only carries the mission of solving the liquidity fragmentation in multi-chain ecosystems but also attempts to shift value capture from liquidity providers (LPs) to traders through a deep reconstruction of token economics, initiating the flywheel effect of the DeFi 3.0 era.
I. Team and Financing: Cross-chain Infrastructure Backed by Top Institutions
The founding team of FLY Protocol consists of former Wall Street quantitative trading experts and blockchain native developers. CEO Ali Raheman previously led high-frequency trading system development, co-founder and CTO Gergely Hegyközi holds 7 patents in cross-chain interoperability, and COO Ikram Ansari has led the commercial implementation of multiple DeFi protocols. This "finance + technology + operations" triangular combination ensures the project has both algorithmic optimization capabilities and a deep understanding of market pain points.
In terms of financing, FLY Protocol has demonstrated strong institutional attraction:
- September 2022: Completed a $3 million seed round led by Jump Crypto and ParaFi Capital, with Republic Capital and Sandeep Nailwal (Polygon founder) participating;
- March 2025: Raised $1.6 million through IDO, with investors including GSR Markets and Apollo Capital;
- Total financing reached $4.6 million, focusing on protocol algorithm upgrades, cross-chain security verification module development, and ecosystem incentive pool construction.
The injection of institutional resources not only brings capital support but more critically opens up deep collaborations with cross-chain bridges like Wormhole and LayerZero. For example, its non-custodial cross-chain solution has integrated Wormhole's 19-node guardian network, significantly enhancing asset cross-chain security.
[The translation continues in the same manner for the rest of the text, maintaining the specified translations for specific terms.]- Cross-chain Market Share: Currently, competitors like Polymer and LayerZero have over 60% market share, and FLY needs to expand its battlefield beyond EVM-compatible chains to Bitcoin and Cosmos ecosystems;
- AI Integration Progress: Its low-latency architecture and coupling with AI trading strategies (DeFAI concept) may open up new high-frequency algorithmic trading scenarios;
- Regulatory Adaptability: The US SEC's regulatory attitude towards cross-chain protocols remains uncertain, and the team's compliance layout in Singapore (such as MPI license) may become a key risk mitigation point.
Conclusion
The birth of FLY Protocol marks the transition of cross-chain liquidity aggregation from "multi-chain coexistence" to a "unified market" stage. By binding token value with real trading demand through the FLYwheel mechanism, it may reshape the value distribution paradigm of DeFi. Despite challenges such as security verification costs and competition from rivals, FLY is poised to become an infrastructure-level asset in the multi-chain era, backed by a clear token model, top-tier institutional endorsement, and early ecosystem momentum. For investors, key focus should be on the adoption rate of its chain abstraction technology, xFLY staking rate, and the activity of the cross-chain bribery market, which will be crucial indicators of whether the flywheel effect takes shape.
