Name: Adjust ETH mint fee to the new default 0.15% fee
Scope: Adjust the minting fee on ETH to 0.15%, putting it in line with the other host chains.
This RIP proposes to adjust the minting fee on ETH to 0.15%, putting it in line with the other host chains and stimulating a more intuitive and transparent user-experience, among other things like increased RenVM’s attractiveness among potential integrators.
Point #1: As most of you know renBTC capitalization/adoption hasn’t been growing and has been plateauing for quite a while now:
And while we also know, that TVL is not be all, end all in our case, it’s hard to argue that it doesn’t matter. Community sentiment matters and community pays attention to TVL. And I’m not only talking about users, I’m also talking about developers, farm creators and such. And with us no longer having bonded REN requirement it makes sense to try to grow our TVL numbers.
Point #2: While I agree, that most users are not “fee shopping” and wouldn’t pay attention to 0.25%, I’d argue that someone looking to mint 500+ BTC is. And for the bigger players we’re encroaching way past WBTC fee territory, if my information on this is correct. For a 500 BTC mint the difference between 0.15% and 0.25% is $16 000, I’d assume some of those guys care about that.
Point #3: Arbitrageurs with their thin margins and impressive volume. We want them!
Point #4: Us having less fees means that integrators have more room for their own, while not overcharging their users. Essentially RenVM is a b2b product and I think we should care deeply about this matter. Happy end-users, happy integrators, more volume for us. Good UX for all.
- Vote on this proposal
- Initiate fee changes to RenVM the following epoch after voting ends.
Link to the vote: Snapshot