Transaction Fees
Efinity Token is used for all transaction fee payments on the Efinity network.
Transaction fees are priced and distributed based on the type of transaction. Examples of some common transaction fee distributions:
Transfers & Marketplace Orders
- Collator Pool
- Treasury Pool
- Price Discovery Pool
- Fuel Tank Pool
Bridges
- Collator Pool
- Treasury Pool
- Fuel Tank Pool
Smart Contracts
- Collator Pool
- Treasury Pool
The fees for each transaction type are based on storage and processing requirements and may be adjusted through governance.
Governance
Participating in the governance process provides users with an opportunity to earn EFI.
Marketplace Liquidity
All marketplace bids and ask orders will be priced in EFI. An account placing bid orders will be required to stake, at minimum, the number of EFI tokens required for their largest bid. Bid orders can be placed on other items, and they will reuse the same staked EFI.
Marketplace Fees
Any filled orders will be charged a 2.5% fee that is distributed to the EFI pools:
- Collator Pool
- Treasury Pool
- Price Discovery Pool
- Fuel Tank Pool
Marketplace orders are priced in EFI, along with a 2.5% fee on filled orders. Fees that would normally go to a centralized marketplace operator will instead be distributed to the Efinity community of value creators, nodes, and stakeholders.
By offering the most robust decentralized marketplace platform which supports any blockchain and token standard, we believe that Efinity can capture a significant volume of NFT market revenue.
The marketplace network fee amount may be updated through on-chain governance.
Developer Fees
Developers who mint NFTs may set an optional fee for marketplace orders (2.5% is recommended). This can be set to a maximum fee of 25%.
An optional Transfer Fee also allows the developer to monetize direct trades and transfers.
Accounts
Discrete accounts can be created on-chain by paying a transaction fee or staking EFI tokens. When tokens are staked to create an account, the initial cost is higher but all tokens will be usable for transaction fees by the account until the stake period ends.
Fuel Tanks
EFI tokens can be staked to a fuel tank for a fixed period of time. By staking, users have the opportunity to reduce fees for all transactions that the fuel tank processes during the staking time. Progressive savings up to 50% are achieved by larger amounts staked and a longer stake time.
Un-staking tokens before the end of the staking period will deduct any savings on transactions made during the stake period.
