In order to provide user security and confidence for anyone to use Haven, we will be implementing new tokenomics and a new fee structure, which will come into effect when Haven 3.0 is released. 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 new proposal can be found here.

The fee structure is laid out below and will be vaild from Haven Protocol v.3.0.0 onwards (date to be announced).

The chart shows all the different types of transactions available to a user within the network. There are different fees and fee currencies depending on the transaction made.

Transaction type fee chart

Transaction TypeFee TypeFee Payable in:Unlock Time
XHV TransferStandard TX FeeXHV~20 mins (10 blocks)
xUSD TransferStandard TX FeexUSD~20 mins (10 blocks)
xAsset TransferStandard TX FeeSending Asset~20 mins (10 blocks)
XHV to xUSD Conversion1.5% Conversion Fee + Std TX FeeXHV~21 days (15120 blocks)
xUSD to XHV Conversion1.5% Conversion Fee + Std TX FeexUSD~21 days (15120 blocks)
xUSD <> xAsset Conversion1.5% Conversion Fee + Std TX FeexUSD (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. 21 days (15120 blocks).

Transaction TypeFee typeFee payable inUnlock Time
XHV to xUSD (Offshore)1.5% Conversion Fee + Std TX FeeXHV~21 days (15120 blocks)
xUSD to XHV (Onshore)1.5% Conversion Fee + Std TX Fee xUSD~21 days (15120 blocks)

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

1000 x 1.5% = 15 xUSD conversion fee (+ 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 TypeFee TypeFee payable inUnlock Time
xUSD <> xAsset1.5% Conversion Fee + Std TX FeexUSD (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

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