Published Dec 5, 2022
By Qredo Team
Introducing Qredo Fees
As Qredo matures and activity on the network grows, we are rolling out our fee model.
This fee model ensures long-term sustainability by supporting development activity, and will kickstart the transformation into a fully decentralized network supported by best-in-class validators.
This is achieved through a two-level fee structure, comprising:
Service fees, which support the continued development of the network, and boost the utility of Qredo Token (QRDO).
Protocol fees, which will create a self-sustaining incentive model for validators securing the network.
From December 1st, all users of Qredo will be charged Service Fees. Protocol fees will be reintroduced in 2023, together with the decentralization roadmap.
The Qredo fee model
In a world where digital asset custody fees are often opaque, Qredo's new fee model reflects our drive for transparency, in keeping with the original tenets of blockchain-based finance
Furthermore, our fees are designed to be economical at scale, and reward the most active network participants with the lowest prices.
This is achieved through a simple and transparent pricing curve that reduces the fee as your total amount of traded volume increases. In other words, the more you trade; the cheaper each transaction becomes (based on the total USD amount traded over a rolling 30-day period).
Which transactions are billable?
Qredo fees only apply to withdrawals and smart contract calls. These transactions will also incur an external L1 fee.
|Qredo Fee||L1 Fee|
External transfers from a Qredo Web3 Wallet to any other address.
|Smart Contract Call
Deploying assets from a Qredo Web3 Wallet to a dApp.
Depositing assets on Qredo Network from an external address.
Recurring annual or monthly fees.
One-time setup fee
How are fees paid?
Within your Qredo account, you can now find your Qredo Station.
Your Qredo Station is a dedicated wallet that Qredo has permission to retrieve fee payments from.
To be able to continue using your Qredo Wallets, you will need to top up your Qredo Station with Qredo Token (QRDO) for a 15% discount, or USD Coin (USDC) and Tether (USDT).
You can also instantly access the 15% discount by swapping stablecoins for QRDO with PowerSwap at the point of payment!
Boosting Qredo Token utility
As network participants can pay their trading fees in QRDO for a 15% discount, this incentivizes periodic purchases of the token, representing a regular demand booster from organizations using the network.
As Qredo enters the next stage of decentralization and protocol fees are introduced in early 2023, QRDO will then become the network's native token for protocol fee payments, ensuring the security and integrity of the chain and further boosting the QRDO economy.