So basically I wanted to know the part where it

Question

So basically I wanted to know the part where it

says:

"while fees for using CCIP to enable token transfers will be a percentage of the value transferred"

Is there any more indepth information on how this would exactly work out? Like, what is the percentage per USD value transferred? Is this a fixed percentage on all chains for all clients, or variable? If variable, what does it depend on?

#blockchain #chainlink #cryptocurrency #english

0

24.07.2023

5 ответов

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Yarci Автор вопроса

Sylvarant
Jokes on you, Discord is the best for these. But I...

I might be a bit slow on brain processing, it's very hot down here, but... "basis point based premium for tokens" is a percentage-based fee and calculated using the following expression: tokenAmount x price x bps ratio. I am quite the math illiterate, so let me start with asking: what is the bps ratio?

0

24.07.2023

Sylvarant

Yarci
I might be a bit slow on brain processing, it's ve...

If I'm not mistaken, it refers to a common term used in the finance industry: "A basis point is a common unit of measure for interest rates and other percentages in finance. Basis points are typically expressed with the abbreviations bp, bps, or bips. One basis point is equal to 1/100th of 1%, or 0.01%. In decimal form, one basis point appears as 0.0001 (0.01/100). Basis points (BPS) are used to show the change in the value or rate of a financial instrument, such as 1% change equals a change of 100 basis points and 0.01% change equals one basis point." - Source

0

24.07.2023

Yarci Автор вопроса

Sylvarant
If I'm not mistaken, it refers to a common term us...

And do we know how much that bps ratios is? Like, is it being applied right now with the users on mainnet (SNX)? Or will it be applied later on? Is it 0.1% or 0.5% or 1%? How much is it? And is this fixed forever on every chain the same, and users too? Or is it variable? If variable, when and how and why is it variable?

0

24.07.2023

Sylvarant

Yarci
And do we know how much that bps ratios is? Like, ...

These are definitely good questions. I'm pretty sure that setting in stone numbers don't last long in this constantly changing industry, so I'm pretty sure these figures are likely dynamic in nature and dictated by some sort of bonding curve. Also I'll provide this feedback to the team, in case some additional clarity can be provided 👍

0

24.07.2023

Sylvarant · Accepted Answer

Jokes on you, Discord is the best for these. But I'll try to help here: - This comment talks a bit about the need to denominate fees in USD due to the different gas units to be converted and the conversions related to the LINK token. - In addition, there is a section in our documentation that goes into a little more depth on the CCIP architecture and billing process that I think is pretty close to what you are looking for. "Overheads and fees Users should note that CCIP fees include both gas cost overhead and a flat/basis points premium as follows: · Destination gas overhead: This is the average overhead incurred on the destination chain by CCIP to process the message and/or token transfer. · Flat network premium for messages: this fee is a static amount that users pay when sending cross-chain messages. · Basis point based premium for tokens: This is a percentage-based fee that users pay for cross-chain token transfers. It is calculated using the following expression: tokenAmount x price x bps ratio. price is initially denominated in USD and translated into the feeToken. Current CCIP premium fees are in line with industry standards within the cross-chain ecosystem, but these values are subject to change. The premium portion of fees paid in alternative assets will have a surcharge of 10% when compared to LINK payments. To understand service limits, read the CCIP Service Limits page."

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So basically I wanted to know the part where it

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