Transaction Fees
Efinity Token (EFI) 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 & Bid/Ask Orders
- Collator Pool
- Community Pool
- Price Discovery Pool
- Fuel Tank Pool
Bridges
- Collator Pool
- Community Pool
- Fuel Tank Pool
Smart Contracts
- Collator Pool
- Community 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 may provide users with an opportunity to earn a small rebate for their vote in EFI tokens to encourage community participation.
Marketplace Orders
An account placing bid orders will be required to stake, at minimum, the number of tokens required for their largest order. Bid orders can be placed on other items, and they will reuse the same staked tokens.
This staking mechanism allows other users to complete transactions initiated by existing Bid Orders and facilitates the development of third party apps for exchanges of NFTs and marketplaces.
Network Transaction Fees
Any filled orders will deduct a 2.5% fee that is distributed to the four pools:
- Collator Pool
- Community Pool
- Price Discovery Pool
- Fuel Tank Pool
Fees that would normally go to a centralized network operator will instead be claimed by the nodes and participants of Efinity.
By offering a robust collection of tools for creating decentralized marketplaces, and by supporting any blockchain and token standard, we believe that Efinity can capture a significant portion of NFT transaction volumes.
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. For example, this functionality enables a digital artist who mints artwork into NFTs to charge a Transfer Fee for subsequent transfers of these NFTs.
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.
JumpNet
The Enjin JumpNet blockchain allows users to execute transactions for free. In order to offer this, JumpNet imposes a series of limits against each address on the network.
By holding EFI on JumpNet (referred to as "JEFI"), users will be able to increase their JumpNet transaction limits. For every 100 JEFI* a user holds on JumpNet, their limits will be doubled (up to designated limits).
