I have let this one percolate a bit before deciding to comment.

The question I ultimately end up with — which is perhaps the elephant in the room — is "who cares?"

I don't mean that in a snarky way, but in the sense of Magi perhaps being "only one of four" but WHO and HOW exactly is anyone going to (A) know, (B) care and (C) suddenly going to switch from (for example) Thorchain to Magi? Or even know that Magi exists?

Based on history, suggesting that Hive's "native population" of users will be enough to spin the flywheel seems like wishful thinking, so how is the world external to Hive going to find out about this in the first place and subsequently make the decision that "wow, I should try this instead of using Thorchain!"

In other words, what is the unique value proposition that makes this viable at any kind of scale?

Remember, you can build the greatest thing in the world, but if there are no roads that lead to it it will never amount to anything.