Why you focus on defensive use though? That’s the last thing that should matter for the guy, unless your defense is not enough to keep you in diamond or we talking about a top tier tank.
In fact my concerns are about offensive , where i find Magni more convencing than fenrir.
And trust me, Fenrir does not come close to Magni in offense. Completely agree with Pompitous posts in this thread - he listed all the issues with Fenrir you will face when using Fenrir offensively. Problems that you will never have with straightforward sniper like Magni.
Now the real problem is you don’t have Magni yet. So it’s fine using Fenrir until you get normal sniper. Then you will decide whether you hate Fenrir enough to move emblems to Magni. I’m pretty sure that will be a nobrainer decision.
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Here’s the deal,
You don’t have to wait for less than half health:
Unlike Fenrir…
Magni can kill when they have more than half!
Don’t confine yourself.
Blue snipers do NOT need overkill damage!
Meanwhile…
My charged Fenrir has to wait the ENTIRE match
just to do this:
Any sniper can do that! 
Any sniper can kill that too… but they don’t have to wait to be effective
Because my only experience with him is on defense. The thread could also be, how long is Fenrir 4/80 better than Magni 0/0?
If you had both Magni and Fenrir, I would definitely ascend Magni first. That being said, TC20 is quite random with <5% chance of a 5* hero (and thus an even lower % for a specific hero like Magni).
I have pulled over 130 heroes from TC20 and only received two 5* heroes (Viv and Azlar). Most of the season 1 heroes I have were summoned (C.Magni, C.Sartana, Richard, Kadilen). I’m still missing many TC20 S1 5* heroes.
What I mean to say is that you may not even acquire Magni by the time you get 12 scopes. Or you might pull him tmrw from TC20. How long are you realistically willing to wait?
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I have had Magni twice from a single tc20, as well as a fair few other 5s. It does and will happen. Especially if you’ve got 2 tc20’s running, I’ve never had more than 1 running.
I still have Magni in my 1st or 2nd team today.
He is worth it. Good luck 
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Even if Fenrir did 1,000%
Hell… 5,000%
Nah. Make it 1,000,000,000% damage!
It would change nothing…
Honestly, I think it needs a buff…
If Fenrir had access to the 600% at less than 60% health it would be slightly more viable. Widen the bell curve a little bit more!.. but even in that state I would still choose Magni
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I got Magni after 1.5 years of playing. I do not think that you should wait.
As a side note; Skadi on defense unbelieveable good.
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I didnt know that. This is what i feel about Skadi. I like or i used to playing mono color. Skadi utility could be lets say to face Telluria to kill those minions and stack her special. I dont usually use blue mono color against telluria so i dont know how useful Skadi could be at the end of the day to me. Should i use her as off colour 4-1? Pair her with one more blue in a 3-2 ? Though choice .
Fenrir , the other option is the closest to Magni , although as i was afraid, fenrir looks good on papper but then on the field the outcome is different
My .02 …
You have Fenrir. He may not be the best hero around but he is in your bench.
You don’t have Magni. Will you get him? I’ve been waiting for him to pop out of TC20 for over two years now. I have every other TC20 5*. Heck, I have four Richards. No guarantees in this game.
Will you get a third better blue 5* somehow? And how many 'scopes do you have?
Your CURRENT best choice is Fenrir. How soon will that change?
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There a reason you don’t see Fenrirs in high diamond…he is lackluster. He a glorified Graymane! You still see Magni’s in high diamond though (costumed or not). Magni is great. I’d wait until you had at least 12 telescopes before deciding to waste them on the wolf.
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Yeah, having Kage I’ve often thought the 2 would pair quite well. Kage has the opposite problem of Fenrir, but I’ve seen many heroes under 50% walk away, and often I skip a possible kill with him to hit a healthy target.
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With C. Richard and Vela set with whatever you have for mana troops, see if you can get them both charged and fire, then check where your opponents are at for health.
Also, with 2 attack debuffers, I’m wondering how useful Magni’s secondary effect would be.
I hadn’t considered it, but Fenrir would be one of the very few heroes you would probably prefer Crit troops on.
My thought is that Fenrir is very underwhelming. I don’t have him, but I have seen how he is on defense and how his special works compared to others, As others have said, he is not a hero you fear when facing them on defence. Could he be different on offence? I think probably not, also as others have said a high peforming sniper is probably worth more than Fenrir. Having said that, with blues being the least useful colour in today’s landscape, I would think a new blue should ideally do something special and unique and powerful rather than just be a solid sniper. So if it was me i would put my money on Skadi - I think there is a lot of potential there for a powerful and enjoyable hero.
I currently have 8 scopes and Magni sitting on 3/70 and I don’t feel I would get enough use out of him to justify the ascension.
Fenrir gets pseudo very fast with mana troops after a kill, charging again with 6 tiles. don’t know the required mana troop lvl (5 or 11)