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Fees and new rebate program
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docs/tutorials/proposals/maker-volume-rebate-program.md
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| --- | ||
| sidebar_position: 11 | ||
| title: Enable or replace maker rebate program | ||
| hide_title: false | ||
| vega_network: TESTNET | ||
| keywords: | ||
| - proposal | ||
| - governance | ||
| --- | ||
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| import NetworkParameter from '@site/src/components/NetworkParameter'; | ||
| import JSONInstructions from './_json-instructions.md'; | ||
| import TerminalInstructions from './_terminal-instructions.md'; | ||
| import Tabs from '@theme/Tabs'; | ||
| import TabItem from '@theme/TabItem'; | ||
| import Batch from './_batch-sample.md'; | ||
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| When a high-volume maker rebate program is enabled, market makers can receive a rebate of a portion of their paid fees. The higher their maker volume across all markets over the program's window length, the greater the rebate that makers can receive. | ||
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| The program needs to be enabled by governance. Once it's enabled, both the requirements and the benefits can also be replaced with a new program. | ||
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| This page describes what you need to propose enabling or replacing the program, and provides example proposal templates that you will need to edit before sharing and submitting. | ||
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| ## Requirements | ||
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| You will need: | ||
| * A connected [Vega wallet](../../tools/vega-wallet/index.md), with your wallet name and public key to hand | ||
| * A minimum of the value set in the following network parameters. You need whichever amount is larger associated with that public key: <NetworkParameter frontMatter={frontMatter} param="governance.proposal.VolumeRebateProgram.minProposerBalance" hideValue={true}/> or <NetworkParameter frontMatter={frontMatter} param="spam.protection.proposal.min.tokens" hideValue={true}/>. | ||
| * Familiarity with [governance](../../concepts/governance/index.md) | ||
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| ## Anatomy of a maker rebate program proposal | ||
| The fields below all need to be defined to enable the program or replace an existing one. | ||
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| If you are suggesting a replacement program, you'll need to include all the fields, even if you don't want to change their values. Just use the existing values from the current maker rebate program program. | ||
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| **End of program timestamp**: Date and time after which, when the current epoch ends, the program will end and rebates will be disabled. | ||
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| **Window length**: Number of epochs over which to evaluate each participant's volume of maker trades across all markets. | ||
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| To end an existing program early, set your proposal up with the exact same parameters. Set the *end of program timestamp* to be the same as the proposal's *enactment* timestamp. | ||
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| #### Benefit tier fields | ||
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| | Benefit tier field | Description | Accepted values | | ||
| | ----------- | ----------- | ----------- | | ||
| | `benefitTiers` | List of values defining the rebate factors for the program | Holds the details of each tier of rebates, listed below. Maximum of <NetworkParameter frontMatter={frontMatter} param="volumeRebateProgram.maxBenefitTiers" hideName={true}/> tiers | | ||
| | `minimumPartyMakerVolumeFraction` | To access this tier, the required percentage of trading volume, across all markets, that a party was the maker for, in the window length. This is expresssed as a fraction. | Greater than 0 and up to 1, inclusive | | ||
| | `additionalMakerRebate` | Additional fraction of fees a party will receive as a rebate when they are on the maker side of a trade. | Greater than 0 and up to 1, inclusive | | ||
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| ## Submitting proposals in a batch | ||
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| <Batch /> | ||
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| ## Templates and submitting | ||
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| Below you will find: | ||
| * JSON example that can be submitted with the [governance dApp ↗](https://governance.fairground.wtf/proposals/propose/raw) | ||
| * Command line examples for different operating systems | ||
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| <Tabs groupId="UpdateVolumeRebateProgram"> | ||
| <TabItem value="json" label="Governance dApp (JSON)"> | ||
| <JSONInstructions /> | ||
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| ```json | ||
| { | ||
| "proposalSubmission": { | ||
| "rationale": { | ||
| "title": "Maker volume rebate proposal title", | ||
| "description": "This enacts or replaces the maker volume rebate program" | ||
| }, | ||
| "terms": { | ||
| "UpdateVolumeRebateProgram": { | ||
| "changes": { | ||
| "endOfProgramTimestamp": 1234567890, | ||
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| "window_length": 11, | ||
| "benefitTiers": [ | ||
| { | ||
| "minimumPartyMakerVolumeFraction": "10000", | ||
| "additionalMakerRebate": "0.002" | ||
| }, | ||
| { | ||
| "minimumPartyMakerVolumeFraction": "10198", | ||
| "additionalMakerRebate": "0.098" | ||
| } | ||
| ], | ||
| } | ||
| }, | ||
| "closingTimestamp": 1111111111, | ||
| "enactmentTimestamp": 1111111155 | ||
| } | ||
| } | ||
| } | ||
| ``` | ||
| </TabItem> | ||
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| <TabItem value="cmd-linux-osx" label="Command line (Linux / OSX)"> | ||
| <TerminalInstructions /> | ||
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| ``` | ||
| ./vegawallet transaction send --wallet YOUR_WALLETNAME --pubkey YOUR_PUBLIC_KEY --network NETWORK_NAME | ||
| '{"proposalSubmission": { | ||
| "rationale": { | ||
| "title": "Maker volume rebate proposal title", | ||
| "description": "This enacts or replaces the volume rebate program" | ||
| }, | ||
| "terms": { | ||
| "UpdateVolumeRebateProgram": { | ||
| "changes": { | ||
| "end_of_program_timestamp": 1234567890, | ||
| "window_length": 3, | ||
| "benefitTiers": [ | ||
| { | ||
| "minimumPartyMakerVolumeFraction": "10020", | ||
| "additionalMakerRebate": "0.001" | ||
| }, | ||
| { | ||
| "minimumPartyMakerVolumeFraction": "10198", | ||
| "additionalMakerRebate": "0.098" | ||
| } | ||
| ], | ||
| } | ||
| }, | ||
| "closingTimestamp": 1111111111, | ||
| "enactmentTimestamp": 1111111155 | ||
| } | ||
| } | ||
| }' | ||
| ``` | ||
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| </TabItem> | ||
| <TabItem value="cmd-windows" label="Command line (Windows)"> | ||
| <TerminalInstructions /> | ||
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| ``` | ||
| vegawallet.exe transaction send --wallet YOUR_WALLETNAME --pubkey YOUR_PUBLIC_KEY --network NETWORK_NAME ^ | ||
| "{^ | ||
| \"proposalSubmission\": {^ | ||
| \"rationale\": {^ | ||
| \"title\": \"Maker volume rebate program proposal title\",^ | ||
| \"description\": \"This explains why I want to enact or replace the volume rebate program\"^ | ||
| },^ | ||
| \"terms\": {^ | ||
| : { | ||
| \"UpdateVolumeRebateProgram\":^ { | ||
| \"changes\": {^ | ||
| \"end_of_program_timestamp\": \"1234567890\",:^ | ||
| \"window_length\": \"3\", | ||
| \"benefitTiers\": [ | ||
| { | ||
| \"minimumPartyMakerVolumeFraction\": \"10100\",^ | ||
| \"additionalMakerRebate\": \"0.001\"^ | ||
| }, | ||
| { | ||
| \"minimumPartyMakerVolumeFraction\": \"11000\",^ | ||
| \"additionalMakerRebate\": \"0.098\"^ | ||
| } | ||
| ], | ||
| } | ||
| }, | ||
| \"closingTimestamp\": \"1111111111\",^ | ||
| \"enactmentTimestamp\": \"1111111155\" | ||
| }^ | ||
| }^ | ||
| }'^ | ||
| ``` | ||
| </TabItem> | ||
| </Tabs> | ||
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| ## Voting | ||
| To vote, participants need, at a minimum, the larger of the value of the following network parameters: <NetworkParameter frontMatter={frontMatter} param="governance.proposal.VolumeRebateProgram.minVoterBalance" formatter="governanceToken" suffix="tokens" hideName={true} /> or <NetworkParameter frontMatter={frontMatter} formatter="governanceToken" param="spam.protection.voting.min.tokens" suffix="tokens" hideName={true} /> associated to their Vega key. | ||
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| A proposal will need [participation](../../concepts/governance/lifecycle.md#how-the-outcome-is-calculated) of at least the value of the network parameter <NetworkParameter frontMatter={frontMatter} param="governance.proposal.VolumeRebateProgram.requiredParticipation" /> and a majority that's the value of the network parameter <NetworkParameter frontMatter={frontMatter} param="governance.proposal.VolumeRebateProgram.requiredMajority" />. | ||
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| ## Enactment | ||
| If successful, the program changes will go live in the epoch following the time you specify in the `enactmentTimestamp` field. |
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