I have good news and bad news. I’ll start with the good news. We built it. And the bad news? It doesn’t work...
https://hive.blog/hive-134382/@jocieprosza/good-and-bad-news-hivepensionprogramme
There were real expectations on community's behalf, but Magi is simply unusable.
Don't believe Magi's claims it's because the liquidity is too low, because at the same time diesel pools have far shallower liquidity and they work without as enormous spreads.
You can't exchange 50 HBD without loosing at least 8% of the funds 🤷 There is some infrastructural issue that they know and aren't willing to fix it. That is why people can't really use it and believe me they have tried.
Look at 7 day volume - $250
But let's accept @lordbutterfly claims it's all connected to lack of liquidity - is this reasonable in this situation not to do anything about it? No market maker, no advertising, no self liquidity provision. There was no 200k seed - where did you get that from? We would be in totally different place right now if the pools were provided with 100-200k of liquidity.
I'm alone providing about 10% of total @magi.network liquidity and had to move some 5-7 k HBD since may. I was personally interested in moving it via Magi, but it was far too expensive.
Of course, on technology level it does work, but on functional level it doesn't and they don't care.
I'm starting to care less as well. I told the @magi.network team I will pull my funds away mid August if they didn't deliver, which they did, but still I'm very hesitant to do it as I believe the Magi is a solution to one of mine problems.
Diesel pools are not lower liquidity. They have 20x more liquidity in the SwapBTC pool then we have in the BTC pool and a 200x higher TVL.
Magi pools are AMM, there are no market makers. And yes its all connected to lack of liquidity and not having funding to finish the protocol as fast as we would like.
So what did you do to tackle that issue?
Everything that we can do, we did do. I cannot force people to vote the proposal.
Which cost item covered providing liquidity so needed to Magi to operate?
So me telling you that we lack funding and your response is: "Why havent you asked for more funding?". Dont you see a problem with that?
Liquidity would be provided once development of specific features has been completed. We havent gotten there yet. We are actually building stuff. We arent running a proposal for a project that was finished 5 years ago people give money to because they like them.
We are trying to complete something thats not complete. Not sure how to put differently so you understand.
No, I'm not asking 'why haven't you asked for more money' I'm specifically asking 'what have you done to bring more money'. That's totally different question. The answer is nothing or very little.
Incentives? Permanent liquidity lock-in funded by DHF? Putting your money into liquidity to make the service fully functional? You might have at least try...