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Consider reducing bridge fees #274

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scottyeager opened this issue Mar 7, 2024 · 2 comments
Open

Consider reducing bridge fees #274

scottyeager opened this issue Mar 7, 2024 · 2 comments

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@scottyeager
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scottyeager commented Mar 7, 2024

Since TFT price rose dramatically over the last few days, some users are asking about reducing the bridge fees, especially on Binance Chain.

Currently the gas fee to call the Mint function on the TFT is about $.15 (recent sample transaction).

Whereas 100 TFT bridge fee equals about $5 at TFT price of $0.05.

Granted:

  • TFT price is volatile
  • Gas fees can also be volatile
  • The bridge fee is also intended to operational expenses of running the bridge aside from gas

I think we could still safely reduce the fee to perhaps 25 TFT for Binance Chain. Then even if TFT price drops to $0.02, we are still charging the same amount in dollar terms ($0.50) as when TFT was at all time low of $0.005.

@scottyeager
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A couple points to add:

  • Fee for ETH also seems rather high (not sure what it is in ETH terms at the moment, but one user mentioned paying $350)
  • Ideally these would be dynamic (#144)

@Mik-TF
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Mik-TF commented Mar 12, 2024

I second for the BSC to 25 TFT. Makes sense.

For Eth, we'd need more data.

As you said, the best would be dynamic.

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