What an amazing thing the Magi Network is! Hive users were eagerly waiting for this technology and now we can finally see it live. The Magi interface is very user friendly allowing you to easily access every feature.
What is Magi Network?
In my opinion Magi is a platform that provides a strong bridge between Hive and centralized exchanges. You can use it as a wallet, perform swaps and transfers, access BTC through cross chain functionality, invest in liquidity pools and even deploy your own token or project...
What are the drawbacks of centralized exchanges?
Whether it is Solana or Ethereum chain, high gas fees are a common issue you always have to pay them. Moving assets from one blockchain to another is also difficult and during this process there are security risks involved.
Often, users receive wrapped Bitcoin but in Magi you receive real Bitcoin directly in your wallet.
How does Magi solve these problems?
Magi removes many of these risks. You can make transfers in just a few simple steps without using any centralized exchange.
You can either deposit into the Magi network or send assets to any address. For example if you want to transfer from Binance to KuCoin you can also do it through Magi using the proper address.
HBD usage and benefit
Previously HBD was limited only within the Hive ecosystem but now Magi has made everything easier. Every transfer uses HBD which increases its liquidity. You can easily swap HBD and HIVE which is a big advantage for Hive users.
My favorite feature in Magi Network
Hive deposits have zero fees while other Hive exchanges usually charge fees. Here you can deposit and withdraw Hive with zero charges (as shown in screenshots).
Go to the Hive mainnet deposit section and enter the amount of HIVE you want to deposit.
Check the fee section — no fee will be charged. You will receive it instantly through the swap.
Proceed with the transaction through Hive Keychain.
Deposit Done
Honestly it feels like Magi is not just Magi but magic. And this is just the beginning there are many more features coming. Now there is no worry about fees you can deposit and withdraw Hive freely.
Best features overall
All features are strong but especially:
- Excellent transfer options
- Cross-chain swap feature
- Liquidity pool investment
- Easy token deployment
My personal experience (What featured I like)
Among all of these I personally liked the cross-chain swap and liquidity pool features the most and I will also try them practically and share my experience.
STEP BY STEP PROCESS
I tried converting Hive to HBD. I converted around 120 Hive and received almost 7 HBD. I also checked the same amount on Binance and there I was getting slightly less (around 6.9 HBD). This shows there are no hidden charges here.. you receive almost exact real value.
Only about 0.02 protocol fee is charged for such swaps which I think is very low and reasonable. I would highly recommend it.
Liquidity Pool feature
Another feature I really liked is liquidity pools. Earlier I used to do this on Tribaldex but now it has become much easier with Magi Network. Very clear to see in the dashboard (not complicated)
What are liquidity pools?
If you are a long term investor this is best for you. You provide liquidity by locking Hive and HBD into a pool allowing other users to trade.
In the long term Hive price is expected to grow so your wealth can also increase. On top of that you earn from every transaction. The estimated APR is around 15–21% which is considered a strong return.
Final thoughts and suggesstions for you
We all want the Hive community to grow and Magi Network can play a major role in that. So why not support it? Vote for its proposals, support it and use Magi Network to take advantage of its features.
https://peakd.com/me/proposals/378
Also this is my entry to the contest @magi.network
I hope you guys will like this post and is interesting as well. If you find it informative then dont forget to give me a support. Share you reviews in the comment section below. Thank you all for your time reading the content.
REMEMBER: We should prepare for the unexpected and always hope for the best. Life may not be easy but you must do your best and leave the rest to God...
TWITTER TELEGRAM HIVE WHATSAPP DISCORD
@yousafharoonkhan @javedkhan1989 @magi.network @shrazi @ahmedhayat @moeenali @aliakbar2 @rookie2001 @bhattg @zusi78
I tagged you because I think Magi Network is really worth trying for Hive users. Zero-fee Hive deposits, easy swaps, and liquidity pools make it very useful.
Do check out my post and share your thoughts 😊
G we will use it after checking it...
Thanks 😊 Hope you like it.
I would check it out.
Thanks 😊 Hope you like it.
Thats cool. No deposit fee is interesting.
Is there any option for swapping between HBD and USDT?
I dont think so.. It would be even more cool if had this option as well
That is great. I had heard about magi network but was not that much deep into it
Hope you liked it. Try its swap feature 😊
Looks great. Will definitely try this project out.
Try
Deploying tokens or NFTs 😊
wow that great magi , i will use it , today trying to login