Fees

In order to provide user security and confidence for anyone to use Haven we have implemented a fee structure. This ensures that any attempts at large scale manipulation of the price will come at a cost both in terms of fees paid as well as time to unlock the coins.

We have recently updated the fee structure following on from a community discussion and vote. The details of that process can be found here.

The fee structure is laid out below and is vaild from Haven Protocol v.2.2.0 onwards (Feb 9th 2022).

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 Conversion0.5% Conversion Fee + Std TX FeeXHV~21 days (15120 blocks)
xUSD to XHV Conversion0.5% Conversion Fee + Std TX FeexUSD~12 hours (360 blocks)
xUSD <> xAsset Conversion0.5% 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 to xUSD Conversions (Offshore)

Conversion fees– These fees are paid to the Haven governance wallet whenever a user makes a conversion from XHV to xUSD (Offshore). The fee paid is a fixed 0.5% with an unlock time of approx. 21 days (15120 blocks). The previous variable priority unlocks no longer apply and are not required in the CLI commands.

Transaction TypeFee typeFee payable inUnlock Time
XHV to xUSD (Offshore)0.5% Conversion Fee + Std TX FeeXHV~21 days (15120 blocks)

Example: A conversion of 1000 xUSD to XHV would cost:

1000 x 0.5% = 5 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 > XHV Conversions (Onshore)

Transaction TypeFee TypeFee payable inUnlock Time
xUSD to XHV (Onshore)0.5% Conversion Fee + Std TX FeexUSD~12 hours (360 blocks)

xUSD <> xAsset Conversions

Transaction TypeFee TypeFee payable inUnlock Time
xUSD <> xAsset0.5% 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 0.5% 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).

80% of the xAsset conversion fees are burnt (destroyed) to help limit any inflationary impact by reducing the circulating supply. The remaining 20% is split between the governance wallet and miners as per below:

  • 0.5% total fee with 0.4% getting burnt
  • 0.1% remaining gets split evenly between miners and gov wallet (0.05% to each)
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