ComposableFi/composable-ibc

Add Flat Fee

josietyleung opened this issue · 1 comments

josietyleung commented

Why

We are only charging a fixed 0.4% fee now for transfers and that’s a very low dollar value for low value tokens. Hence we should implement a flat fee of $10 for certain whitelisted assets to boost our revenue stream.

What

Non-flat fee asset - 0.4%
Flat fee asset - $10

Where we charge
Same as 0.4% fee, on destination of KSM/DOT bridge

$10 for flat fee assets
The following list of assets will be considered flat fee assets. These are assets Composable is comfortable with holding on its balance sheet. Generally, flat fee assets will fall into the category of a chain’s native tokens and we will be charging $10/ bridging transaction:

Ecosystem Flat Fee Assets
DOT DOT
Kusama KSM,PICA,USDT

The collected fee will be sent to the multisigs on Picasso or Composable chain.

For reference:
We aren’t swapping collecting fee as a rush of transfers can impact Pablo’s pool balance

Flat fee Asset Pricing
Flat fee’s definition = whether there is a pool on Pablo with that asset

For flat fee assets where we collect $10 of the token as fee, we will be querying Pablo’s spot price for the rate.
This also means that a prerequisite of flat fee assets is that they need to have pools on Pablo (created + seeded), which can be added via governance proposals only.

New pools on Pablo
List of new Pablo pools:

Polkadot Assets $Liquidity
DOT/KSM $10,000/pool
DOT/PICA $10,000/pool
DOT/USDT $10,000/pool