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BSIP: 0043
Title: Market fee sharing
Authors: OpenLedgerApp <https://github.com/OpenLedgerApp>
Status: Draft
Type: Protocol
Created: 2018-08-23
Updated: 2018-10-19
Discussion: https://github.com/bitshares/bsips/issues/102
Worker:

Abstract

When creating a new asset, the asset owner is the only beneficiary of the market fees in the current implementation. And one of the ways to increase the community growth is the market fee percentage. For example, one can decrease the market fee and it will result in somewhat larger number of trades with this asset. In this way the asset owner might get a bigger profit during to increasing the trade volume with this asset.

However, there might be another opportunity to promote the asset and stimulate the trading - use native Bitshares referral program. At this time unfortunately an assets owner is not able to share market fees with registrars and referrers to stimulate them to market the asset trading, so we suggest to add this possibility. Furthermore, enabling this feature for MPAs (e.g. bitCNY or bitUSD) can provide additional bounty for Bitshares registrars and referrals which can lead to more traders joining to the ecosystem.

An asset owner defines the market_fee_reward_percent in asset options - what percentage of the market fee he wants to share with the registrar. market_fee * market_fee_reward_percent goes the registrar. market_fee * (1 - market_fee_reward_percent) goes to the asset owner.

Registrar splits the reward between itself and its referrers by defining reward_percent, which defines referrer's percentage. It is defined per each other using the already existing BitShares mechanism.

Market fee reward is accumulated on the user account.

Each user decides when he wants to claim the market fee reward and move it to their active balance.

Motivation

To make promoting BitShares and bringing new users much more attractive to registrars and referrers by sharing UIAs and MPAs market fees with them.

Rationale

When fill_order_operation executing at the moment of market fee calculation there will be calculate the reward for the registrar used the parameter market_fee_reward_percent. Then this market_fee_reward_percent of the market fee is split between the registrar and referrer according to the referrer_rewards_percentage, which is set up during the new account registration by registrar (please see the parameters for register_account).

Specifications

Market fee rewards accumulated on special vesting balances.

market_fee_reward_percent asset option

Percent of market fee that will be paid to buyer's registrar. Set by asset owner. if market_fee_reward_percent = 0 or absent - the old mechanism is used. Market fees are accumulated in the asset and can be claimed.

market_sharing_whitelist asset option

An optional list of accounts (configurable by the asset owner) could provide increased control over who is eligible to get market rewards. If whitelist empty or absent - there is no filtering. This means that everyone is in the whitelist by default if it is empty.

graphene::chain::database modifications

pay_market_fees(seller, recv_asset_object, receives_amount) - Split pay to asset owner fee, registrar fee and referrer fee. If the registrar is not in the market_sharing_whitelist, split_pay will not happen and the entire fee goes to Asset owner. calculate_market_fee(trade_asset, trade_amount) - Calculate value for previous function. fill_limit_order(order, pays, receives, cull_if_small, fill_price, is_maker) - Append hardfork (HARDFORK_REWARD_TIME) check. Use old or new version of pay_market_fees() function.

asset_create_evaluator, asset_update_evaluator modifications

Append hardfork (HARDFORK_REWARD_TIME) check. Validate additional asset options. Apply additional asset options (market_fee_reward_percent, market_sharing_whitelist)

Description

Summary for Shareholders

The new modification - market fee sharing - will allow to bring in new clients for BitShares by making it financially lucrative for registrars and referrers. This modification is interesting mostly so asset owners and registrars/referrers.

Copyright

This document is placed in the public domain.

See Also

https://github.com/bitshares/bitshares-core/issues/1268

https://github.com/bitshares/bitshares-core/pull/1419