Publication > editorial > Paras Marketplace: Comfortable Fee
Paras Marketplace: Comfortable Fee
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05 March 2022
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How much is enough?
The question should not be answered only by the core team. Since we launch $PARAS, we are committed to focusing on the progress of the marketplace together with the community. For the first year of Paras, we keep our marketplace fee at 5% per transaction. We believe it would have been fine back then, but at the state of our growth, it is considerably expensive for all our users. We listen to our user's problems and we are trying to make it easier and more comfortable for them when they use Paras. For that very reason, we would like to conduct an experiment regarding our marketplace fee.
There are several options that we can choose from regarding the changes in our marketplace fee. We could make a decision by looking at other marketplaces. We like another option in which our users/stakers decide the transaction fee that they like. As we move towards reaching a decentralized platform, we believe that this small step could be a game-changer for the marketplace. By doing this, we utilize our $PARAS to vote for the transaction fee of the marketplace. We strongly understand that by lowering the marketplace fee, we are making Paras become a lot more preferable as a marketplace. Your voice could determine the transaction fees for every user.
Here’s what we propose:
- Every month, we will open a voting space on stake.paras.id.
- The voting period will start at the end of April and we will renew the voting period at the end of each month
- During the voting session, everyone can vote for the amount of marketplace fee in the next month. The option will vary from 1% to 5% fee.
- Voting requires users to have $PARAS staked on the $PARAS staking pool.
- The voting power will be calculated based on the amount of staked $PARAS.
- During the voting period, users’ $PARAS will be locked (three days.)
- After the voting period is over, the new transaction fee will take place in our marketplace for a month.
*Disclaimer: The marketplace fee will affect the rewards pool on $PARAS staking pool. Since the rewards pool takes 70% of the prior month's transaction fee, changing it could also affect the rewards pool (wNEAR).
For March, we will experiment to reduce the marketplace fee to 2% for all transactions. The new fee will be implemented on the 6th of March 2022 (00:01 UTC). We believe the reduction will make big transactions become more accessible and possible in our marketplace. Due to this action, we would like to remind you that the pool for $PARAS staking will be affected by this. This experiment would mark our new journey in determining the most comfortable marketplace fee for our users. We hope we are heading in the right direction. We hope to build for the community, always.
I've created a feature request on Paras.canny.io. You can directly give your comment regarding the feature. Any suggestion will help us to deliver a product based on what the community wants. Thanks!
