Updating BSQ trading fees
Updating BSQ fees takes place every cycle to keep the BSQ trading fees at a 50% discount to BTC trading fees.
The Compensation Maintainer takes the following steps to update BSQ trading fees.
Determine new BSQ fees
Three days before the end of proposal phase, the Compensation Maintainer shall:
- Calculate BSQ trading fee discount on this spreadsheet using the 30-day weighted average USD/BSQ price and live USD/BTC price at the time.
- If existing BSQ discount is under 45% or over 55%, calculate new BSQ trading fees to restore a 50% discount (maximum allowed variation is 15%).
- Update spreadsheet with new proposed fees. If there is no need for an update, leave the "New Fees" section blank.
Submit DAO parameter proposals
Upon calculating the new BSQ fees, the Compensation Maintainer shall:
- Post updated rates on proposal issue #202 (or indicate if there will be no changes).
- Submit DAO change parameter proposals for new BSQ trading fees and comment the corresponding TXIDs (if necessary).
Once DAO results are available, the Compensation Maintainer shall:
- Update the trading fees page with new BSQ trading fees.
The following issue led to the development of this procedure: