Magi Network Explained | A Complete Guide for Beginners

Hello everyone,

Today I am going to talk about Magi Network.

Recently while exploring Hive blockchain, I saw many people posting about Magi Network because there is an ongoing contest hosted by @magi.network. People had to explain at least one feature of the platform, but I thought why not create a complete guide about it and also make a YouTube tutorial for it.

So in this post, I am going to share my experience after using Magi Network and explain some of its features step by step.

First of all, if you want to watch the complete video tutorial, then you can check the video below by clicking on the image 👇

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What Is Magi Network?

Magi Network is basically a cross chain platform where you can use different blockchains together from one place.

Right now you can connect:

• Hive
• Bitcoin
• EVM wallets

One thing I personally liked is that you can swap native assets directly without using wrapped tokens.

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How To Login

First you have to visit:

https://altera.magi.eco/

Once you open the website, you will see the launch app option.

After clicking on it, you will see three options:

• EVM Wallet
• BTC Wallet
• Hive Login

In my case, I used Hive login because I wanted to explore the Hive side of the platform.

You just need to enter your Hive username and then login using Hive Keychain.

I used Hive Keychain for this tutorial.

After login, you will reach the dashboard.

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Dashboard Section

On the dashboard, you can see your balance and other important details.

In my case, I already deposited some Hive tokens, so my balance was already showing there.

You can also see:

• Deposit option
• Withdraw option
• HBD staking
• Cross chain swapping
• Resource credits

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How To Deposit Hive

Depositing Hive is actually very simple.

You just need to:

1. Click on Deposit
2. Choose Hive Mainnet
3. Enter amount
4. Click Request Deposit
5. Confirm transaction

After that, your deposit gets reflected on the dashboard.

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Withdrawal Option

Withdrawal process is almost similar.

You click on withdraw, choose the network and confirm the transaction.

I found the process quite easy honestly.

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HBD Staking

There is also an HBD staking option available on the dashboard.

I missed explaining this feature in the video, but you can easily find it there if you want to stake your HBD and earn rewards.

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Cross Chain Swapping

This was probably my favorite feature on Magi Network.

Using this option, you can swap assets across different blockchains directly.

Currently you can swap between:

• Hive
• HBD
• BTC

I really liked the idea because we do not need wrapped tokens here.

And another interesting thing is that transactions are happening with zero fees right now.

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Transactions Section

There is also a transaction section where you can see all your previous activities and transactions.

This is useful for tracking deposits, swaps and withdrawals.

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Transfer Section

Another useful feature is transfer option.

Using this, you can directly send Hive tokens to your friends.

There are two options:

• Internal transfer
• External transfer

If you use internal transfer, the tokens go to Magi dashboard balance.

If you use external transfer, the tokens directly go to Hive mainnet wallet.

I personally found this feature useful.

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Liquidity Pools

There is also a pool section where you can add liquidity.

We already added some liquidity there, and the process was simple.

You just:

1. Click Add
2. Choose both assets
3. Enter amount
4. Review
5. Confirm liquidity

After that your liquidity gets added successfully.

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NFT And Token Deployment

Magi Network also allows users to create NFTs and tokens.

You just need to click on deploy option and follow the steps.

Currently it costs around 10 HBD to deploy a token or NFT.

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Overall, I think Magi Network is quite interesting, especially because of the cross chain swapping feature.

Personally, I liked the fact that we can swap native assets directly without converting them into wrapped tokens.

The project still looks new to me, so I think many more features can come in future.

I will probably explore it more in coming weeks and maybe create more tutorials about it later.

This post is my official entry for the ongoing contest hosted by @magi.network

Thank you for reading this post.

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And if you like crypto, blockchain and Hive related content, then make sure to check out our YouTube channel as well.

See you in the next post.

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