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This group is about DeFiChain - a project that is bringing DeFi to the Bitcoin ecosystem! For more info: https://defichain.com
Voting for the Special DFIP proposing a 0.5% fee reduction for dToken swaps has ended on August 10th (Block Height 4,231,191). The proposal is approved, the changes are in effect since Block Height 4,231,500.
Here’s a summary of the SDFIP: https://www.reddit.com/r/defiblockchain/comments/1efsvsr/sdfip_eliminate_the_05_additional_fee_for_dtoken/
So no way to get out of token stock positions that were held for a long time
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Don’t you still loose the insane ammount do the dusd being valued at $1 when you swap from spy
Then swapping dusd to dusdc its valued at .09?
I dont think he is gonna do it, besides there would have to be a OTC market otherwise any small buy will increase the price by a lot
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Newcomers are losing 80% of their funds by doing that. That's worse than the harm that is done by finally getting rid of that hilariously stupid fee
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According to Hosp's very own words the benefit would be solving the dUSD problem.
Personally, I don’t believe in the expected result, though.
Then please ask him, but I am sure he will ask the same thing. What exactly is the benefit?
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hosp should do it… he made enough money with us
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We need someone buying dusd up and burn it
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There is no stab fee in the dusd/USDC and dusd/USDT, but truth is there is no exit liquitidy there are no even 150k in those 2 pools combined
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On the defichain DEX e.g using the Lightwallet. Or on the DMC using Javsphere.
BTW: VNQ @ nice discount of ~5% on the DEX
Hi! No need to wait for the repeg obviously 🙂 But you need to go for the best path, fee wise.
Swapping dSPY into dusd with the intention of swapping then into DFI is not the best path since the dusd-dfi pool that would be used, carries the biggest fee, still at 80%.
My advice would be to swap dSPY into dusd, and then swap dusd into dUSDC or dUSDT.
The dusd-dSTABLE's are the pools with the lowest fees of the three.
After that, you can then go from USDC or USDT into DFI.
This path will result in a more optimal and way lower fees than if you would go directly from dusd to dfi
I’m more looking to convert the spy to DFi
But doesn’t seem a tenable option
What an outcome! 🚀 In such a short time, we've reached the minimum required votes of 10% of all masternodes – an incredible achievement! This is a strong signal to how flexible and responsive we can be as a community. A huge thank you to everyone who contributed in any way. You've shown what we can accomplish together!
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For example
2800 dusd converts to 51 usdt on dec
Basically wash out
🚨0,5% Fee on DUSD swaps will be REMOVED
When? in approximately 9 hours
https://defiscan.live/blocks/countdown/4231500
This means if you are a dToken trader, the only applicable fee will be the 0,2% commission starting at 4231500.
🚀 The DeFiChain Weekly Update is Here!
Here’s what’s been happening in the DeFiChain ecosystem this week:
✅ Cast Your Vote on the Special DFIP to Eliminate the 0.5% Additional Fee for dToken Swaps
✅ Understanding Crypto Bridges under MiCA Regulation
✅ A Closer Look at the September DFIP & CFP Voting Round
✅ Ecosystem Project Updates
All these are covered in our weekly update blog below 👇
https://blog.defichain.com/weekly-update-special-dfip-crypto-bridges-upcoming-voting-round-and-more
Exactly: that´s what I menat by harmful -> uninformed traders are taking big losses and are experiencing unpleasant surprises. It will be hard to impossible to gain a majority of Masternodes to vote for abolishing the 80% fee. Because it would tank DFI price even further.
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Since the fee is already gone in the other exit pools clever people did already arbitrage that. They still do from newcomers who are buying and selling dstocks through bake or by using the auto compound feature of the light wallet.
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trust would be his benefit ✌🏻 and ppl investing in bake would be a benefit 🤔 something thats not happening right now
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What benefit could someone have to do this?
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The Idea was to decouple DFI from dUSD selling pressure. The decision makers didn't Take into consideration that this effect would disappear once dUSD in the other Gateway LPs would crater Low enough. Now this 80% Fee is completely useless and even harmful because its reduction would unload heavy selling pressure on DFI anyways.
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Shouldn't DeFiChain finally get rid of that stupid 80% Fee? What exactly is it good for? This makes the dstocks completely unusable for beginners and destroys confidence in the chain. Confidence of existing users is already dead because of the way these stupid high fees got introduced.
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I would have to wait (?) until dusd re-peg?
What’s the point in buying tokenized stocks right now then? Or you can’t really?
correct, in dtoken system dusd is at 1$.
if you want to go out the price of the pool you use comes into affect.
e.g. on vanilla 1 dusd is about 0.8 DFI