Difference between revisions of "Updating BSQ trading fees"

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== This is a stub and needs to be approved by a proposal. ==
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'''Updating BSQ fees''' takes place every cycle to keep the BSQ [[trading fees]] at a 50% discount to BTC trading fees.
  
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The [[Compensation Maintainer]] takes the following steps to update BSQ trading fees.
  
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__TOC__
  
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In order to keep the BSQ [[trading fees]] discount mark of 50% against using BTC, Compensation maintainer will have to check and update BSQ fees every cycle, following this steps:
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== Determine new BSQ fees ==
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==== Update spreadsheet and submit new DAO parameter changes ====
 
  
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This actions will be performed 3 days before the end of proposal phase:
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Three days before the end of proposal phase, the [[Compensation Maintainer]] shall:
  
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* Calculate on the BSQ trading fees [https://cryptpad.fr/sheet/#/2/sheet/view/9wasbqRHbCYoknAdPQdFR3cdYaYaesxTBpqJGIteX2M/ spreadsheet] the current BSQ discount using the 30 day weighted average USD/BSQ price and current USD/BTC price.
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* Calculate BSQ trading fee discount [https://docs.google.com/spreadsheets/d/1-hISy7F0NSqPnRxDOoi1k7df1qLJHfQTxhrVLt6NbX4/edit#gid=0 on this spreadsheet] using the 30-day weighted average USD/BSQ price and live USD/BTC price at the time.
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** 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%).
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** Update spreadsheet with new proposed fees. If there is no need for an update, leave the "New Fees" section blank.
  
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* If current BSQ discount is 5% over or under 50%, establish on the BSQ trading fees spreadsheet the new fees to bring them back to the 50% mark. Leave new fees blank if there's no need to update.
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== Submit DAO parameter proposals ==
  
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* Submit DAO change parameter proposals with new BSQ trading fees when needed.
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Upon calculating the new BSQ fees, the [[Compensation Maintainer]] shall:
  
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* Post at proposal # the rates for next cycle even if there's no changes.
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* Create a new post on [https://github.com/bisq-network/proposals/ github proposals] with the title <code>BSQ trading fee update for Cycle X</code> indicating the new proposed trading fees and close the old post (or indicate in a comment at the already opened post if there will be no changes).
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* Submit DAO change parameter proposals for new BSQ trading fees and comment the corresponding TXIDs (if necessary).
  
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==== Communicate changes ====
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== Communicate changes ==
  
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* Update trading fees wiki page when new BSQ trading fees are approved by DAO voting at the end of the cycle.
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Once DAO results are available, the [[Compensation Maintainer]] shall:
  
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==== Reference ====
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* Update the [[trading fees]] page with new BSQ trading fees.
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== Reference ==
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The following issue led to the development of this procedure:
  
 
https://github.com/bisq-network/proposals/issues/173
 
https://github.com/bisq-network/proposals/issues/173
  
 
[[Category:Processes]]
 
[[Category:Processes]]

Revision as of 21:03, 22 July 2020

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:

  • Create a new post on github proposals with the title BSQ trading fee update for Cycle X indicating the new proposed trading fees and close the old post (or indicate in a comment at the already opened post if there will be no changes).
  • Submit DAO change parameter proposals for new BSQ trading fees and comment the corresponding TXIDs (if necessary).

Communicate changes

Once DAO results are available, the Compensation Maintainer shall:

Reference

The following issue led to the development of this procedure:

https://github.com/bisq-network/proposals/issues/173

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