Closed abitmore closed 4 years ago
@froooze
@ryanRfox I guess this BSIP can be assigned with number 84?
Looks "done" enough to assign a BSIP number. However, I just assigned 84 for Issue #81 . Let's assign BSIP85 to this one. See PR #241 for README updates.
Created PR https://github.com/bitshares/bsips/pull/243.
@abitmore Is it not better to use two different fees for maker and taker, instead of doing a refund for maker?
@froooze technically refunding is much easier to implement and not hard to understand.
Done with #243.
Abstract
This BSIP proposes a protocol change so that the committee can define different fee rates for maker orders and taker orders.
Motivation
To improve liquidity of the BitShares DEX.
Rationale
The maker-taker fee model is adopted widely in centralized exchanges and helped them to attract trading activities.
In the BitShares DEX, for each filled order, the owner of the order need to pay an order creation fee and conditionally a market fee. BSIP 81 described a way to apply the maker-taker fee model to the market fee. This BSIP describes a way to apply the maker-taker fee model to the order creation fee.
Specification
Add a new global parameter
maker_fee_discount_percent
which can be updated by the committee only after the protocol upgrade. Initial value of that parameter is0
. Valid range of that parameter is[0, 100%]
.When a limit order is filled or partially filled for the first time, technically, when its
deferred_fee
field is non-zero,round_down(deferred_fee * maker_fee_discount_percent)
to the owner, then process the remaining deferred fee as before;round_down(deferred_paid_fee * maker_fee_discount_percent)
to the owner, returnround_down(deferred_fee * maker_fee_discount_percent)
to the fee pool of the asset, then process the remaining deferred fee and deferred paid fee as before.Discussion
As of writing, to incentivize market making, the
limit_order_create
operation fee is very small. However, since there is only one fee, the fee for consuming liqudity is also very small. This BSIP gives the committee a tool to increase fee for consuming liquidity while still keeping a low cost for market makers to provide liquidity.Copyright
This document is placed in the public domain.