Proposed 0.50.0-b1 #1944
Add support for tick sizes (RIPD-1363):
Add an amendment to allow gateways to set a "tick size" for assets they issue. There are no changes unless the amendment is enabled (since the tick size option cannot be set). With the amendment enabled: AccountSet transactions may set a "TickSize" parameter. Legal values are 0 and 3-15 inclusive. Zero removes the setting. 3-15 allow that many decimal digits of precision in the pricing of offers for assets issued by this account. For asset pairs with XRP, the tick size imposed, if any, is the tick size of the issuer of the non-XRP asset. For asset pairs without XRP, the tick size imposed, if any, is the smaller of the two issuer's configured tick sizes. The tick size is imposed by rounding the offer quality down to nearest tick and recomputing the non-critical side of the offer. For a buy, the amount offered is rounded down. For a sell, the amount charged is rounded up. Gateways must enable a TickSize on their account for this feature to benefit them. The primary expected benefit is the elimination of bots fighting over the tip of the order book. This means: - Quicker price discovery as outpricing someone by a microscopic amount is made impossible. Currently bots can spend hours outbidding each other with no significant price movement. - A reduction in offer creation and cancellation spam. - More offers left on the books as priority means something when you can't outbid by a microscopic amount.
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