Fees

Created On5 December, 2020

Updated30 August, 2023

byhavenprotocol

In order to provide user security and confidence for anyone to use Haven, we have implemented new tokenomics and a new fee structure, which came into effect with Haven 3.0.
This ensures that any attempts at large scale manipulation of the price will come at a cost of high collateral requirement, with time to unlock the coins.

Full details of the original proposal can be found here.

The fee structure is laid out below and is vaild from Haven Protocol v.3.2.1 onwards.

The table below shows all the different types of transactions available to a user within the network. There are different fees depending on the transaction made, but since Haven 3.2.0, all fees are auto-converted to XHV.

Transaction type fee chart

Transaction Type	Fee Type	Fee Payable in:	Unlock Time
XHV Transfer	Standard TX Fee	XHV	~20 mins (10 blocks)
xUSD Transfer	Standard TX Fee	xUSD	~20 mins (10 blocks)
xAsset Transfer	Standard TX Fee	Sending Asset	~20 mins (10 blocks)
XHV to xUSD Conversion	1.5% Conversion Fee + Std TX Fee	XHV	~14 days for Collateral (10080 blocks) ~24 hours for Converted Amount (720 blocks)
xUSD to XHV Conversion	1.5% Conversion Fee + Std TX Fee	xUSD	~14 days for Collateral (10080 blocks) ~24 hours for Converted Amount (720 blocks)
xUSD <> xAsset Conversion	1.5% Conversion Fee + Std TX Fee	xUSD (for xUSD > xAsset) xAsset (for xAsset > xUSD)	~48 hrs (1440 blocks)

To allow for a simpler transfer and conversion method, the fees are payable in the sending currency. For example, a user does not have to have an XHV balance in their vault in order to send xUSD and vice versa. This eliminates one of the issues commonly associated with DeFi products whereby you have to have a balance of one token in order to send another.

Standard TX fees– These are the standard transaction fees that are paid to the miners on the Haven network. These are based on the same scale as standard Monero transaction fees. 5% of this currently goes to the governance wallet for paying the developers as well as listings, infrastructure and marketing costs. These are the only fees payable on transfers.

For regular transfers of XHV or xAssets, only the standard transaction fees apply. These can vary but are usually fractions of a cent or XHV and are based on the Monero fee structure. Details of this can be found here

XHV <> xUSD Conversions

Conversion fees– These fees are paid to the Haven governance wallet whenever a user makes a conversion between XHV and xUSD. The fee paid is a fixed 1.5% with an unlock time of approx. 14 days (10080 blocks).

Transaction Type	Fee type	Fee payable in	Unlock Time
XHV to xUSD (Offshore)	1.5% Conversion Fee + Std TX Fee	XHV	~14 days for Collateral (10080 blocks) ~24 hours for Converted Amount (720 blocks)
xUSD to XHV (Onshore)	1.5% Conversion Fee + Std TX Fee	XHV	~14 days for Collateral (10080 blocks) ~24 hours for Converted Amount (720 blocks)

Example: A conversion of 1000 xUSD to XHV (Onshore) would cost:

1000 x 1.5% = 15 xUSD conversion fee auto-converted to XHV (+ std tx fee)

NOTE: The conversion rate and therefore the fees are locked in at the time of the transaction confirmation not when the block is mined. This eliminates any potential slippage and ensures the user knows exactly what they will receive and the fees to be paid.

xUSD <> xAsset Conversions

Transaction Type	Fee Type	Fee payable in	Unlock Time
xUSD <> xAsset	1.5% Conversion Fee + Std TX Fee	xUSD (for xUSD > xAsset) xAsset (for xAsset > xUSD)	~48 hrs (1440 blocks)

Conversion fees – There are fees payable on conversions between xUSD and all other xAssets. This is a flat fee of 1.5% of the amount converted plus the std transaction fee. The fees for these are payable in the sending currency so that users do not require additional currencies in their balance.

So for converting from xBTC -> xUSD you would pay the fees in xBTC. The unlock time for these transactions are all ~48 hours (1440 blocks).

Fees are split between the governance wallet and miners in the following way:

0.3% of the fees go to miners
1.2% of the fees goes to the gov wallet