-
Notifications
You must be signed in to change notification settings - Fork 643
Testing BSIP81: Simple Maker Taker Fees
This document is intended to assist with the testing of simple maker-taker fees per BSIP 81 Specifications.
These test instructions should be executed from a command line interface wallet (CLI) that has been built for your test environment. For example, testing performed with the public testnet requires the CLI built for the BitShares Public Testnet. The following instructions were executed on a private testing environment where TEST was the core token. These exact instructions may differ on your test environment in the following ways:
- The core token may be different than "TEST" (e.g. "BTS"). Modify the commands to use your core token symbol.
- The account names that are created might already exist in your test environment. Check for their existence by running
get_account <ACCOUNT_NAME>. Modify the commands to use alternate account names). - The asset names that are created might already exist in your test environment. Check for the existence by running
get_asset <ACCOUNT_NAME>. Modify the commands to use alternate account names).
From BSIP-81:
"This BSIP proposes a protocol change to enable asset owners to specify different market fee rate for maker orders and taker orders."
All trades that are filled on the DEX are charged a fee called the "market fee". For an asset without any market fee reward, the market fee equals the amount of an asset that is being received by an account (filled_trade) multiplied by the market fee % (market_fee_percent), which is set by the asset owner; this amount is capped by the maximum market fee which is also set by the asset owner.
The formula for calculating the fee (market_fee) that is distributed to the asset owner is
market_fee = filled_trade × market_fee_percent
This BSIP introduces a market fee % that is different if the filled order is a maker order or a taker order.
Example 1
100 units of an asset, called XRAY, is traded and filled on the DEX. The asset's market fee percent is 2% for a maker order, and is 4% for a taker order. The resulting market fee for a maker order is
market_fee = 100 XRAY × 2% = 2 XRAY
The resulting market fee for a taker order is
market_fee = 100 XRAY × 5% = 5 XRAY
This test scenario will demonstrate the charging of different market fees based on whether the filled order is a maker or a taker order.
The following test scenario portrays the interaction of four actors: a faucet account ("faucet"), an asset owner ("asset-owner"), and two trading accounts ("alice" and "bob"). Each will require their own wallet with their own keys (see Tips for Creating New Keys). Certain steps must be performed by specific actors from their respective wallet. Each step of the instructions describe which actor is performing that step (e.g. "Alice: ..." indicates that the action should be performed from the wallet of the "alice" account). The reader should use the respective actor's wallet.
| Tip |
|---|
| Testers who prefer convenience over strict separation of keys may prefer to keep the private keys of every actor in a single wallet. |
Create the accounts of the asset owner, alice, and bob from the faucet account (or any other LTM account)
register_account asset-owner TEST... TEST... faucet faucet 0 true
register_account alice TEST... TEST... faucet faucet 0 true
register_account bob TEST... TEST... faucet faucet 0 true
transfer faucet asset-owner 1000000 TEST "" true
transfer faucet alice 5000 TEST "" true
transfer faucet bob 5000 TEST "" true
The asset, called XRAY, will be created to be consistent with Example 1 with a 2% maker market fee (expressed as 200 in terms of hundredths of a percent) and a 5% taker market fee (expressed as 400 in terms of the hundredths of a percent) that is paid to the asset owner.
create_asset asset-owner XRAY 2 {"max_supply":"1000000000000000","market_fee_percent":200,"max_market_fee":"1000000000000000","issuer_permissions":1,"flags":1,"core_exchange_rate":{"base":{"amount":1,"asset_id":"1.3.0"},"quote":{"amount":1,"asset_id":"1.3.1"}},"whitelist_authorities":[],"blacklist_authorities":[],"whitelist_markets":[],"blacklist_markets":[],"description":"","extensions":{"taker_fee_percent":500}} null true
The asset will be issued to one of the trading accounts, "alice".
issue_asset alice 5000 XRAY "" true
The asset, called ZULU, will be created with a 1% maker market fee (expressed as 100 in terms of hundredths of a percent) and a 3% taker market fee (expressed as 400 in terms of the hundredths of a percent) that is paid to the asset owner.
create_asset asset-owner ZULU 2 {"max_supply":"1000000000000000","market_fee_percent":100,"max_market_fee":"1000000000000000","issuer_permissions":1,"flags":1,"core_exchange_rate":{"base":{"amount":1,"asset_id":"1.3.0"},"quote":{"amount":1,"asset_id":"1.3.1"}},"whitelist_authorities":[],"blacklist_authorities":[],"whitelist_markets":[],"blacklist_markets":[],"description":"","extensions":{"taker_fee_percent":300}} null true
The asset will be issued to one of the trading accounts, "bob".
issue_asset bob 5000 ZULU "" true
Two orders will be constructed such that ZULU should receive 100 XRAY minus the market fee that is dictated by Example 1.
Alice will first offer to sell 100 XRAY in exchange for 50 ZULU. This should make Alice's order the maker in the exchange in a future match and fill of her order.
Bob will next offer to sell 50 ZULU in exchange for 100 XRAY. This should match Alice's pre-existing limit order to make Bob's order the taker in the match.
Those orders should be matched and filled.
Alice should be charged a maker market fee of 1% for her received asset type ZULU. She should ultimately receive
50 ZULU × (100% - 1%) = 50 ZULU × (99%) = 49.5 ZULU
Bob should be charged a taker market fee of 5% for his received asset type XRAY.
100 XRAY × (100% - 5%) = 50 ZULU × (95%) = 95 XRAY
Place an order to sell 100 XRAY for at least 50 ZULU. Set the order to expire after 600 seconds.
sell_asset alice 100 XRAY 50 ZULU 600 false true
Check the order book to find the newly placed order.
get_order_book XRAY ZULU 1
The order will be waiting on the books for a match.
Place an order to sell 50 ZULU for at least 100 XRAY. Set the order to expire after 600 seconds.
sell_asset bob 50 ZULU 100 XRAY 600 false true
Check the order book and find the order
get_order_book XRAY ZULU 1
The original order by alice will no longer be in the book because it was matched and filled with the order from bob.
Check the account history for more details
get_account_history alice 2
The fee for the filled transaction should be 1% of the filled order of 50 ZULU = 0.5 ZULU.
Check the balance of Alice to confirm reception of 49.5 ZULU.
list_account_balances alice
Check the account history for more details
get_account_history bob 2
The fee for the filled transaction should be 5% of the filled order of 100 XRAY = 5 XRAY.
Check the balance of Bob to confirm reception of 95 XRAY.
list_account_balances bob
The market fee of 5 XRAY should be distributed to the asset owner.
First find the dynamic_asset_data_id of the asset
get_asset XRAY
Use the value for dynamic_asset_data_id field in an invocation of get_object
get_object 2.3.x
Inspect the value found in the output for accumulated_fees which will be listed in satoshis. This asset has a precision of 2 which means that the actual fees collected should be divided by 102. The result should be 5.00 XRAY which is expressed as 500 XRAY satoshis.
The market fee of 0.5 ZULU should be distributed to the asset owner.
First find the dynamic_asset_data_id of the asset
get_asset ZULU
Use the value for dynamic_asset_data_id field in an invocation of get_object
get_object 2.3.x
Inspect the value found in the output for accumulated_fees which will be listed in satoshis. This asset has a precision of 2 which means that the actual fees collected should be divided by 102. The result should be 0.5 ZULU which is expressed as 50 ZULU satoshis
The following unit tests that have been prepared to test the new functionality (2136) for the BSIP (BSIP-81).
- setting taker fees for a user-issued asset
- setting taker fees for a smart asset
- default taker fees after hardfork
- different maker and taker fees charged when filling limit orders after HF for a user-issued asset
- different maker and taker fees charged when filling limit orders after HF for a user-issued asset when the maker fee % is zero
- different maker and taker fees charged when filling limit orders after HF for a user-issued asset when the taker fee % is zero
- different maker and taker fees charged when filling limit orders after HF for a smart asset
- different maker and taker fees charged when partially filling limit orders