1.7 KiB
BSIP: 0004
Title: Distribute Market Fees on Core Asset to Referral Program
Authors: Daniel Larimer <Dan@cryptonomex.com>
Fabian Schuh <Fabian@BitShares.eu>
Status: Draft
Type: Protocol
Created: 2015-12-16
Discussion: <https://github.com/cryptonomex/graphene/issues/446>
Worker: TBD
Abstract
Currently the BitShares network does not charge a percentage based market fee on trades of the core asset (BTS) or assets created by the committee account (BitAssets like USD, CNY, etc). Instead BitShares has a fixed price for filled orders defined by the order creation fee. See BSIP-0002 for more information.
This proposal is to implement a hard-fork that would grant committee members the option to charge market fees for their assets. Any market fees earned would be converted to BTS via the fee pool and then distributed to the referral program like any other fees.
Motivation
Market pegged assets trade at 0% market fees by default. The commitee members could decide to set a percentage as fee already, but the fees would end up in the committee's account.
By implementing this proposals, we let shareholders decide whether or not to redirect these profits to the referral program.
Discussion
When enabling market fees for an asset, trading becomes slightly more expensive for traders and would discourage trades. On the other hand, having more funds to distribute for marketing in the form of referral rewards could improve exposure and incentivise to bring in new customers for our products and the trading platform which may result in increased profits from fees in general.
Copyright
This document is placed in the public domain.