Fees
A compliant Rite costs the Pot the ticker price plus 5%. The Officiant receives 3% and the protocol 2%, and everything else is returned to sponsors.
The split
| Part | Amount | Paid to |
|---|---|---|
| Ticker price | The price recorded by the auction's sale record | The Officiant, as repayment |
| Officiant fee | 3% of the ticker price | The Officiant |
| Protocol fee | 2% of the ticker price | The Treasury |
| Surplus | Pot total minus the three lines above | Sponsors, pro rata to their pledges |
There is no fee on pledging, withdrawing, bounties or the First Crossing. A failed Rite costs sponsors nothing: the Officiant is not repaid and loses its bond.
Worked example at the mainnet floor
A Pot of 600 HYPE is reached by the auction, and the Officiant buys the ticker at 500 HYPE, the floor ecosystem builders report on mainnet.
| Line | HYPE |
|---|---|
| Ticker price | 500 |
| Fees, 5% | 25 |
| of which Officiant, 3% | 15 |
| of which protocol, 2% | 10 |
| Paid to the Officiant (500 + 15) | 515 |
| Paid to the Treasury | 10 |
| Surplus returned to sponsors (600 - 525) | 75 |
A sponsor who pledged 120 HYPE of the 600 gets back 15 HYPE.
Same example on testnet
Testnet prices are scaled: 0.05 test HYPE stands for 500 HYPE.
| Line | Test HYPE |
|---|---|
| Pot total | 0.06 |
| Ticker price | 0.05 |
| Paid to the Officiant | 0.0515 |
| Paid to the Treasury | 0.001 |
| Surplus returned to sponsors | 0.0075 |
Rounding
Each fee is computed with integer division and rounded down. The Officiant and protocol fees together never exceed 5% of the price. Sponsors' refunds are rounded down, and the last sponsor to claim receives the remainder, so the contract keeps no dust.
What the protocol does with its share
On testnet the 2% goes to the Treasury contract, which only accumulates. It has no owner and no withdrawal function. Anyone can move owed fees to it with flushTreasury().
On mainnet, the protocol's share is planned to buy back and burn $SYMB. $SYMB is not launched. See $SYMB.