I am about to post something on X before hitting the bed (will add the link here soon), where basically I am trying to "frame" (aka improve knowledge on) the importance of being ready for these situations, where most of the time we are basically supporting the stabilisation of the HBD peg, or making sure people don't get a bad deal for whatever transaction between a pegged coin and its main token is about to happen.
EDIT: here it is...
The top 20 Witnesses have a huge importance here because the HIVE price vs USD value gets updated, and depending on how quickly this happens, values will flow.
I can't say it's good or bad because there are so many things at stake at these times and on the Hive specific markets (not that I am any pro at this), but in my honest opinion, I think we just either don't take these moments as an opportunity (because we have had too many experiences with it, and often, bad experiences) or we are not enought motivated or knwoledgeable about knowing how to expand on the subject.
I don't like to brag about this too often (because I hate to do it, all I want is for people to engage and really learn if they want), but while testing the spike of this ish still evolving 40% pump, and "having the luck" of arriving home and having the time for it...
I just explored a bit of the @magi.network HBD:HIVE pool. And I can tell you... yes its still very little liquidity for high volumes and low transactions... but!
It just works...
And one like me can just test it! Like ANY if you, can! So I just did... I NEED TO SHOW IT WORKS!
And that's just me... I know all of that... but any of us can do that.
( https://vsc.techcoderx.com/nam/hive )
On the @magi.network, we say every time we move tokens (like HIVE or HBD) to and from the Magi network, we are doing mapping and unmapping actions. Basically, because the network tokens in terms of HIVE and HBD are still the same and within the network (aka not burned and recreated).
( https://hivehub.dev/market/advanced )
So, what have I done here? Simple, the HIVE price increased substantially, and because of that and probably because not many knew the whereabouts of the HBD:HIVE pool under @magi.network, not many swaps might have happened during this very short period.
Although that will change as more liquidity and knowledge about this very recent product is revealed... I had to make a point.
So, finishing up with the "I did most of this"... kind of picture... (and you can do it too!)...
( https://altera.magi.eco/swap?tab=pools )
If tomorrow is going way down... I will be fighting some of you HOPEFULLY!!!???
Either way, if you don't participate, I WILL! Grabbing more HIVE for what I like to do in this chain.
Stay safe! Don't kill yourselves for these things, but do try to learn and ask ANY FRICKING questions around or under this post. I do enjoy doing these posts for a point. Not because I got rich... 60-70 HBD is nice (2-hour profit) and is going to be used for the pressure point when it happens, but realistically, it is not something people can build a sustainable business (at least in my place).
But I will take it! 🤗😎😍😀
I have already powered up the whole stash 😂 now, keep the momentum shooting it up for the next 13 weeks pls.
Momemtum is the key focus from these... but yeahhh... There are soooo many fronts that it is hard. Don't blame yourself.
I am going to say, this is "probably" going to be another Korean pump/dump thing... but let's see...
I use these to explore new stuff :)
Note, keep some liquid for these things. And if you are up for 2 layer Hive chains, you have Hive engine or Magi network. Let me know if you need any talks about it.
As usual, just enjoying my own path on this. Not looking for anything... as a recompense.
Whoo, what caused that Hive price spike...
Not sure, yet... but I did some Magi'c :D
Liquidity moves markets. Simple as that.
What can I do from my small space? Explain it to me clearly.
So, remember the pools on beeswap? This is basically almost the same; the difference is that it is against a different token pair.
You add liquidity, HBD and HIVE, for example, to the pool, and every time people swap via that pool, you gain a percentage of the rewards. Obviously, for it to be lucrative, a lot of liquidity has to exist.
Try something small so you can play with it, like cents, for example. And if you have questions, let me know.
You can always remove the liquidity anytime you need/want.
Ok ok I'll be on the lookout to do it, hehe, I'm going to really immerse myself in the topic.
via Apps from
I'm checking, and I still don't understand anything. I was only able to place one HBD bet a while ago, but I can't see what I've gained from it. I don't know where to view my history or where I can use the pool.
HBD staked under Magi, gets you also the same as if it would be staked HBD on Hive.
https://peakd.com/@angeluxx/wallet/vsc
But on top of it, it gives the Magi network equivalent of the RC's on Hive.
So, HBD is basically required to transact on Magi.
Magi is like a second layer of Hive. We can send HIVE/HBD to Magi network (which is called mapping) and form it (unmapping).
Then, inside the Magi network, we can put HBD/HIVE/BTC into pools and get a % of fees when people swap across them.
Later, when there are more tokens there, it will be easier to understand.
The big difference between Magi and, let's say, an Exchange, is that on Magi you will not need to KYC or trust a single organisation.
Still all very new... don't worry. Explore at your pace. Ask little specific questions if you have them, and I will help. For me, it becomes hard to help with a wider scope sometimes. And I need specific struggles people have in order to help.
I want to do this: use the liquidity pool of magic. The first thing I should do is send from my Hive wallet. Is sending hbd to Magi?
Lets use the example... you want to swap HIVE to HBD via Magi and then withdraw the HBD to Hive mainnet again.
Then the route is...
Done, you have used Magi network to swap HIVE into HBD.
The importance of this, is that because the Hive internal market has different prices from what the pool on Magi has, one can do these movements of money (sometimes, not always) and "win" some bucks. This is called arbitrage.
Now, the second part...
If you have both HIVE and HBD on Magi, and you add it to the pool (costs RC from both Hive and Magi). Then, if anyone (including yourself) swaps through that pool, you and all the olders of that pool liquidity get a percentage of that fee equal to the amount of liquidity they hold on the pool.
Under low volume (low amount of swaps in the pool) this is not anything, but under high volume, it can be more lucrative than trying to trade sometimes. Simply because you don't have to do anything... and all the volume and market fluctuations, will incur some profits for the pool based on the flow of the swaps that happen in order to make the pool equal to other places (because when you flow too much in one direction, the prices of each pair inside that pool, change... and it forces the oposite side to be more attractive to be swapped, balancing the situation).
Lots of information in this comment... let's check where you are, and I can go from there. What did you do or not understand?
This would probably be better explained in portuguese LOLOLOL maybe you understand my language better than my English :D Problem is, I probably know less how to explain this in Portuguese than in English LOL, almost 12 years in NZ, kind of breaks the flow, even if I speak Portuguese daily here.
I want to do this
First lets make sure you understand the swaps, this one is just add and remove liquidity but you neeed to have it on Magi first.
Also, use small amounts of things to test. Helps always.
I'm understanding, I just have one question. Do I have a BTC wallet in Magi? And if so, where can I get BTC to transfer to Magi?
What is this for, and why does it need a username and address? Who receives it?
In the case of your print screen, you are selecting source "Hive mainnet" and as a target the Bitcoin network. Because Hive does not know about the Bitcoin network, the swap will need to first transfer HIVE from the mainnet into Magi, and then because Magi can swap from HIVE to BTC, it will need a BTC address in order o perform the swap.
So, in this case what the UI is asking is for the receiver which is a Bitcoin address.
If you try the HIVE to HBD its easier to understand because you can only thing "HIVE".
If you don't know how to get a Bitcoin address you can click "deposit" Bitcoin on the main interface, and it will show your associated BTC address for your Hive account on Magi.
Hope this helps. Lets keep this going.
Ajá And if I want to have BTC in Magi... Magi provides me with a wallet, and where do I send BTC from to Magi?