Block DX Fee Structure¶
Block DX is a decentralized exchange dApp powered by the Blocknet Protocol. Unlike centralized exchanges, Block DX has no deposit, withdrawal, or maker fees other than network fees of the asset being traded.
When creating an order on Block DX, there is no fee other than the transaction fee for the network of the asset being sold. This is the same type of fee you would incur if sending this asset to another party.
Having no fee to place an order encourages market makers to add liquidity. This also makes it possible for a user to acquire the BLOCK needed to take orders.
When accepting an order on Block DX, a static fee of 0.015 BLOCK is charged at the time the order is taken. This fee is charged even if a trade is canceled or fails and is meant to discourage malicious behavior on the network.
In addition to the 0.015 BLOCK fee, there is also the transaction fee for the network of the asset being sold. This is the same type of fee you would incur if sending this asset to another party.
If the taker asset is BLOCK, there needs to be at least two UTXOs - one or more to cover the 0.015 BLOCK fee and one or more to cover the traded amount.
In a future update, there will be a percent-based fee that’s charged when accepting an order, but the details of this are not yet finalized.
Note: Taker Fee must be paid from the Blocknet core/native wallet; it cannot be paid with BLOCK stored in XLite. Having no BLOCK in your Blocknet core wallet will result in Insufficient Funds error from BlockDX when taking/accepting orders.
For this reason, it's a good idea to keep a few BLOCK in your Blocknet core/native wallet. In a soon-to-be-released version of BlockDX, it will be possible to pay the Taker Fee with BLOCK stored in XLite and it won't even be necessary to run Blocknet core wallet to trade on BlockDX.
Acquiring Initial BLOCK¶
When making a new order (i.e. creating a new offer to buy/sell some asset), there is no Exchange Fee on BlockDX. Therefore, it is possible to acquire BLOCK on the BlockDX exchange, even if you don't currently own any BLOCK. You simply make an offer to buy BLOCK on one of the more liquid trading pairs, like BLOCK/LTC, and wait for someone to take your order (i.e. wait for someone to accept your offer). However, if for some reason you can't wait for someone to accept your maker order to buy BLOCK, there are ways to acquire the small amount of BLOCK you need to pay the Taker Fee:
- Join Blocknet's Discord and ask in the #support or #trading channel if someone would be kind enough to tip you a small amount of BLOCK to get you started trading on BlockDX. Chances are you'll find a generous person who will be happy to send you a tip via the Discord Tip Bot. After receiving a tip you can withdraw your BLOCK from the Discord Server by going to the #tip-bot channel in Blocknet Discord and entering:
!withdraw <address> <amount> <coin>where
<address>is your BLOCK address,
<amount>is the amount of BLOCK to withdraw, and
- Another option for acquiring a small amount of initial BLOCK is to use the faucet.
100% of trade fees are distributed to Service Node operators for supporting the network.