Bitocratians, I suggest we lower the fee prices to motivate trading and actual use of platform. We have almost 80m $ locked on all platforms and only 30k $ moved in last 24h.
Basic swaps 1,50$ (rBTC to SOV)
Liquidity prize claim 12$
Native rBTC to rBTC transfer is 0.06$, we really need to get closer to that number if we want investors and traders to work on platform besides just parking money, if we have capacity to handle more trades, let’s welcome them.
Agree.
However trading volume on this particular occasion is quite low, if you take the average over 30 days then we have a better idea of how much volume passes through.
I have seen volumes 8 to 15 btc in a 24-hour period as recently as last month.
But it does not discount the fact that fees could be lower… a lot lower. We are quite expensive.
Yes that was really awful low and painful to watch, but as I type this we have 170k $ volume in last 24h. It’s a pattern, correct me if I’m wrong but whole last week we can’t break through 250k $ volume.
To have anything less then at least 1m $ moved is in my opinion defeat, I know it’s stupid to say locked in value should be something to look at when thinking of trading volume… But it is disproportional to have 80m locked and be unable to move 1m in 24h.
It’s like we’ve built new kitchen with all this cool new features and we pile up groceries and don’t use it for cooking.
Hope this post rings a bell at right adress.
True my bru…
So now you have mentioned the one side of the coin… a simple fact that volume is low.
However, do you maybe have some ideas how we can increase volume, you are not the only one who is watching this metric.
Competitive and Transparent Exchange Rates: Clear display of fees and margins.
Tools for Informing and Educating Customers: Conversion calculators, exchange rate tracking.
Wide Range of Services and Currencies: We have pretty wide range of services for a startub, would be great to have more tokens.
Loyalty Programs and Reward Tiers: Discounts on transactions and fees for loyal clients.
Welcome Bonuses and Referral Rewards: Encouraging new users to start using platform.
But firstly, lower fees. Legacy banking has lesser fees then Sovryn app. We can’t start talking of other points before that’s resolved.
Yago, I’d be glad to join Sovryn marketing team. You tech wizards obviously need help in bringing this product to the people. I believe I can help.
@yago @josecarreira @btcLegosi
Would you be up to entertaining SuperSovs request above?
Hey!!
The right person to ask this would be @frenchvictory !
Probably is more easier do reach him in our Discord or Telegram!
Hey,
thanks for the tag n0tik.
@Supersov - as Timchainman pointed out, 30-day avgs are a better metric to measure trading volumes. What are the indicators that you see that lower fees would lead to higher volumes? How much are the fees for similar actions on Ethereum exchanges? What are the fees on the other BOB / Rootstock exchanges, and what volume do they see?
I very much appreciate your enthusiasm. Feel free to DM me regarding your proposal to join our team. You can add me on Discord @frenchvictory
Look, in my humble opinion, you can’t be looking for inspiration in others if you’re making something unique.
Netflix didn’t start with 30$ month subscription because Blockbuster was renting movies for 4$ per movie. They went for the one punch knockout with 7$/month.
But, as we’re looking at Ethereum—L2 solutions lowered gas fees and BOOM, more transactions, more DeFi growth, more volume. With some L2 solutions like Polygon, Arbitrum, etc. gas fees are often less then 1$.
In financial markets, demand for trading is often price-sensitive. Lower fees make trading more cost-efficient, leading to more trades being executed. This is particularly true in crypto markets, where traders might engage in higher-frequency trading strategies to maximize small price movements.
In the end you could possibly have equal or even bigger income with higher volume, only thing that matters is technical capacity.
Sovryn could work with 1% fee (reducing to 0,1% with loyalty and refferal program).
Of course some marketing needs to be done to get new people, but you want to provide quality and affordable user experience for them right from the start + old users will love you for it.
Lesser fees + more options and functionalities to pay those fees on + working on new projects that build around Sovryn ecosystem = Succes
Just a side note fom a Gen X idiot here…
But is BoS and ZK not a really good answer to Rootstocks problems…
Or am I talking out of turn here?
Have you got a average of activity for yet?
Since you started this post.
Not really, seeing as Rootstock will have the same capabilities in the coming months. 5 second block times are around the corner. Word from the grapevine says RSK will be on Aqua wallet soon enough.
In this context, I’m uncertain what BOS brings to the table.
