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.
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.
This is what was brought up.
"swapspace is cheaper for HIVE>BTC and only 1 transaction.
Altera is 2.75% and 2 transactions."
Where was it brought up?