I’ve been waiting for this since 11/11/2025—it’s so exciting that we finally have it. It has a lot of potential to take us to the moon.
How dependent is the system on Altera? Can the Magi team lock wallets? If the team abandons the project, will the funds be lost? It’s not clear to me how decentralized it is, regardless of the fact that it’s built on Hive. For example, in a hypothetical apocalyptic scenario where the Magi team decides to leave, shuts down the Altera website, and halts all development and maintenance, are users’ tokens safe (SAFU)? What is the risk of using Altera?
To earn by providing liquidity, can I use just HBD, or do I have to provide both (HBD-BTC)?
We were really excited to release this as well.
To answer your questions, Altera is the frontend, think of it like Peakd here. Anyone can spin up their own frontend from the Altera code and run it themselves. Its open source.
Right now I am working on an SDK which would allow you to do the crosschain swaps from the Peakd wallet, Ecency, Keychain... if they integrate it ofc, so in that way youre not overly dependant on Altera. You can use it for the full experience and expanded functionality.
The Magi team cannot lock wallets or move funds from user wallets. The infra is precisely designed to avoid that. Thats why almost nobody else has this tech in the entire crypto ecosystem.
Extremely complex to do but what it does is make sure no single party controls the keys and theres no single point of failure.
Do you mean in the catastrophic event of losing DHF funding? 😅
It would be very hard for Magi to survive if that happens in such early stage before we start generating revenue.
But even then the user funds would be safe. You can yourself run a validator/witness right now to secure the system and produce blocks. So in that way its not dependent on us.
What is dependent on us is development ofc and decision making on what direction to go in, what next project to integrate with. We do not yet have a governance layer to further decentralize Magi on the decision making side. Thats something we are looking at for the mid term.
That's amazing—thanks for the reply; it really puts my mind at ease. I've had some negative experiences, like Leofinance's CUB project.
I wasn't referring to DHF specifically, but it's good to know. I supported the first proposal, but not the second one because I thought it would take too long. Now that it’s a reality, I’ll support the next ones. I hope you have some kind of marketing strategy so that people outside of Hive can learn about Magi.🚀
Leofinance was basically a DEFI yield play with their own token.
What we are building is a liquidity layer and a CEX competitor. It completely removes CEX dependency for any blockchain we integrate with, firstly for Hive and pushes all trades through HBD as HBD is the base asset in all trading pairs. That creates a huge demand for HBD over time.
We have a very clear GTM strategy and you can probably see already what it is. The beautiful thing is that only 4 other protocols out of 20 thousand of them can offer what we can.
We already spent over $800k on this, and this "revenue" is Hive users paying much more in fees than just using something like Swapspace.
SwapSpace is an aggregator, Magi is a liqudity layer. Those two things have nothing in common. Secondly, youre using a centralized service and currently the top option for a Hive-BTC swap via SwapSpace is Changely that charges a minimum of 0.25% service fee. A Hive-BTC swap via our pools is 0.16% for multihop plus tiny CLP fee so its under 0.2%.
Its cheaper then the cheapest option.
Altera has a service fee of 0.25% on top of that on selling Hive and 0% on all buys of Hive and HBD. So anyone buying Hive, in a non-KYC, trustless manner they pay the least of any swap option that exists.
Ofc, frontends will charge their own fees as will aggregators but you can use the SDK and widget yourself that we will post today and not charge anything.
Thanks for all your great explanations @lordbutterfly. I didn't fully understand the scope of what has been achieved here.
Now I do, I'm super impressed.
❤️
If you swap HBD for BTC its only 0.08%.
that's a lot lower than the fees I'm hearing quoted, specifically for the BTC:HBD pool with $43.10 in fees earned with $1,703.34 volume, which comes out to around 2.5%. I honestly haven't been paying attention, but it has come up a few times.
Thats because the team tested the BTC pool with a higher % of the pool reserve to test the CLP fee. That was a few early Txs.
CLP fee is derived from swap size vs pool reserve.
The actual Fees are this:
0.08% + CLP + 0.25% service fee for HBD->BTC
0.16% + CLP + 0.25% service fee for HIVE->HBD->BTC
0.08% + CLP + 0% service fee for BTC->HBD
0.16% + CLP + 0% service fee for BTC->HBD->HIVE
Inleo for example charges 0.4% and Thorswap 0.5% on top of the protocol fees. So Altera plus our pools are cheaper than aynthing else.
I'll pass that on.
I know you will. That was never in question. 😅
I just wanted you to have the correct information as 2.5% is false info, whoever told you that.