Nash fee + miner fee

(Thomas) #1

Nash is taking fees from every transaction, which is completed through the matching engine. Since it is all decentralized the traded coins will go from wallet A to wallet B.

When the coins are NEP5, Neo or Neo Gas for example there is no miner fee on the transaction because of the design of the NEO protocol.
Trading coins peer to peer on the ethereum blockchain is different. There I have to set a gaslimit and gwei for my transaction. This fee must also be paid if my understanding is right because it is a peer to peer trade.

This means: received coins = traded coins - nash fee - miners fee

Due to this topic I’d like to know:

  • Is there a presetting for the going to be used gas and gwei?
  • Will the users funds pay the miners fee or will nash pay the miners fee?
  • Transaction a ERC20 coin and having no ETH, will I be able to trade?
  • Is there a solution when miner fees skyrocketing again like in the end of 2017?
3 Likes
(CryptoUK1) #2

This is something I’ve wondered as well. To go from our personal wallet on Nash to trading account, it’s by opening a state channel as opposed to transferring from one address to another. As far as I understand at least.

Fees were mentioned for doing that although I’m not familiar with state channel network costs.

(Aladd) #3

since nash extension should work/integrate on different blockchains i think there will be no miner fee

(Ikbinruig) #4

Since Nash will use state channels, I believe the miner fees only incur when you open or close (deposit/withdraw) the state channels. So not for every trade you do.

5 Likes
(Dead Pool 56) #5

Thats my understanding too.

(Thomas) #6

Opening and closing a channel still cause a transaction on the ethereum blockchain, if I understand it right. Therefore a fee for the miners must be paid. Also a deposit of new tokens to the state channel will cause a transaction and a withdraw of tokens or closing the channel will cause a transaction.

If I want to trade ERC20 token, I still have to pay the miner fee with Eth for opening the channel because they won’t accept any other token.

When I stay within my channel and don’t add new coins or withdraw coins I only have to deal with the fees from nash, right?

(EC) #7

Depositing or withdrawing funds from your trading balance incurs transfer fees paid to miners. Trading with that balance only incurs trading fees.

1 Like
(CryptoUK1) #8

Yeah. I don’t know much about state channels and thought tx fees could be different using them. Just had a quick read about it and seems it will be the usual cost of transferring tokens on Ethereum for example?

1 Like
(Thomas) #9

/push

Additional question:

Alice has an active state channel. Bob has to send 10 Tokens to Alice. Can these 10 Tokens directly deployed on Alice’s state channel from Bob or is only Alice able to deposit tokens on her state channel?

(FCC) #10

Good questions :smiley: … you will get more clarity in a couple of months.

3 Likes
(Janasena) #11

does this mean, we still need to wait couple of months for exchange launch?. I hope it will not be longer than winter in GoT.

1 Like
(Hongfei) #12

I thought there is a cost to opening state channels? How would the user maintain multiple state channels if the counterparty for each trade is a different peer?

(Thomas) #13

Thanks for the reply, I’m looking forward for the answers :v:

I understand it as state channels are opened with a smart contract to the matching engine. Not to every peer.

nash wallet --> state channel --> matching engine

In the state channel are the trades that are going to be traded or have already been traded. As a company I would like to trade all coins I receive as a payment into a stable coin. Therefore I have to deposit them on my state channel, but this causes a transaction on the blockchain. When the person who is paying me send the coins on my state channel I can skip the transaction on the blockchain which is necessary to deposit the coins on the state channel.

I’m not sure if this is an answer to your question @hongfei^^