Magi Network, the Layer 2 blockchain network compatible with EVM, launches Altera — the first cross-chain decentralized finance protocol that natively integrates Bitcoin into the Hive network.
The Magi project aims to solve the fragmentation problem in the crypto market by connecting multiple blockchains to Hive. It's among the few protocols that has successfully implemented a native Bitcoin guard based on TSS technology for cross-chain exchanges. It solved the problem of Bitcoin's lack of smart contracts through an advanced cross-chain architecture offering the following features:
Threshold Signature Schemes (TSS): Distributed key management where no single validator holds the complete private key.
Bitcoin SPV Relay (Simplified Payment Verification) : Light client integrated on-chain that verifies Bitcoin transactions without trusting third parties.
Hive Gateway: Hourly rotating multisig for secure HIVE/HBD operations.
Magi is secured by a network of decentralized validators who stake HIVE tokens as collateral to secure cross-chain vaults and process transactions.
Altera launched as the first DeFi application enabling swapping, providing liquidity, and managing cross-chain assets on the Magi network. It offers:
Native BTC swaps: Users can swap native Bitcoin (not wrapped or "encapsulated" tokens) for HIVE and HBD (the protocol's stablecoin).
HBD as a settlement asset: All liquidity pools use HBD (Hive Backed Dollar) as the base asset.
Reduced fee model: 0.08% base AMM fees + dynamic slippage fees. Transactions are fee-less thanks to Hive's resource credits model.
Following the successful integration of the Bitcoin network into the Hive network, the development team (
I've try used the app, it work well when login with Hive account. You can easily deposit native Hive into Magi Network (L2) and Swap your HIVE token with BTC. The EVM deposit is still clunky. You need to have some $HBD before doing the swap.
So, What advantages does the Magi blockchain offer to Hive stakeholders?
For developers: Magi enables the creation of cross-chain apps accessible to users from any blockchain. Thanks to its development kit, the BTC/HBD swap interface can be integrated into Web2 or Web3 applications.
For users: Magi allows native BTC ↔ HIVE swaps seamlessly, without KYC, without wrapped tokens, and without high fees.
For the Hive blockchain (L1): Magi generates structural, external demand for HBD stablecoin and HIVE tokens through real cross-chain, thereby reducing dependence on centralized exchange platforms.
The successful deployment of an EVM-based layer 2 network that offers cross-chain swap on the Hive blockchain is a BIG win for the hive community. Let's wish the community recognized it and support the project by voting the VSC network as a Witness or by voting for Proposal for funding on the DHF.