SCCP-7: Reduce exchange fee to 30 basis points for two weeks
| Author | Arthur, nocturnalsheet |
|---|---|
| Status | Implemented |
| Type | Governance |
| Network | Ethereum |
| Implementor | TBD |
| Release | TBD |
| Created | 2019-11-15 |
Simple Summary
The existing exchange fee of 50 basis points was implemented to reduce the front running risk by trading bots. We propose to redcue the fee to 30 basis points for two weeks to to make it more feasible to trade in this low volatility environment.
Abstract
Exchange fees are charged each time a Synth is converted, this fee is currently set to 50bps. SIP 21 is already implemented which reduces the front running risk. Lower trading fees will encourage more traders to try out what synthetix.exchange has to offer.
Motivation
While there is no issue with bots trading on synthetix.exchange, we want to encourage a variety of traders such as scalpers and short term swing traders and a lower fees will encourage them to make more trades.
Copyright
Copyright and related rights waived via CC0.