RIP-000-013: Fee adjustments ahead of H2H UI and BurnAndMint

Ren Improvement Proposals | RIP
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Name: Fee adjustments ahead of H2H UI and BurnAndMint
Author : Sabobi
Contributors: Various community participants
Category: Fees
Status: Proposed
Scope: Vote on new fees (or no change) for all three transaction types.

Overview

After 3 separate RFC’s the community have come together and agreed on voting structure for the new fees to be decided upon. Make sure you take a minute to go through RFC34 for full background around this proposal.

Background

There will be a new transaction type (BurnAndMint) going live very soon as well as launch of UI for H2H. Ahead of these events community decided to vote for adjustments of fees to bring them more aligned with the new BurnAndMint transaction type.

For BurnAndMint transaction type there has to be a new fee set while for the existing transaction types (Mint and Burn) there will naturally be an option for no change.

Current fees for Mint transaction type is: 0.36% and the current fees for Burn transaction type is: 0.07%

Details

Mint fee adjustment snapshot: Snapshot

Burn fee adjustment snapshot: Snapshot

BurnAndMint fee snapshot: Snapshot

Deadline for the votes will be Monday February 7th UTC 04:00 to give all time zones a chance to vote as late as Sunday February 6th while still having a final decision ready by Monday morning on February 7th (the team is mostly in Asian time zones).

EDIT: As mentioned below by Arviee and Thomm (thanks guys) please ensure you vote on most options as the voting structure is Ranked Choice which allows your votes to have an impact even when majority don’t vote on your most preferred choices.

Implementation

  1. DNOs vote on snapshots (Deadline February 7th UTC 04:00)

  2. RenLabs implement new fees

5 Likes
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Remember folks, that it’s ranked voting, meaning that you choose all options in order of how much you like them, 1st being your favorite.

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Friendly reminder that all votes are using Ranked choice voting. So please select as many options that you want in the order of your preference.

For example, if you want burnAndMint fee to be as low as possible but not free, you can vote as follows:
image

Edit: you beat me to it @Arviee :wink:

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Ex. this address in the image, he voted for 0.25% Mint fee ONLY. 0.25% is not leading even close. The fight is between 0.2% and 0.1%. Because he didn’t rank which one he likes more - he just through away his Voting Power. Don’t do that.

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…but the good thing is that you can revote!

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if you only want one choice, can you just vote only for one rate and call it your 1st choice? Or do you have to pick multiple rates even though you don’t want to?

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Read my post above what the consequences of this action will be. If your option is not a main contender, you’ll just lose Voting Power.

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I did, I voted. no probs.

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Thanks everyone for voting, results are now in:

Mint fee: 0.20%

Burn fee: 0.10%

BurnAndMint fee: 0.05%

The team is now aware of what the community has decided and will probably implement as soon as they can.

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Will get back with a team response about timing, roughly the mint and burn fee changes can be implemented pretty soon, and the burn-and-mint fee will be implemented as soon as the transaction type goes live on mainnet!

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Mint and Burn fees have been adjusted! Will make an announcement on Discord soon and we’ll have it tweeted out on the main Twitter account. Would be great if the community can help spread the information around as well

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