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Copy file name to clipboardexpand all lines: content/stps/stp-10.md
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@@ -17,7 +17,7 @@ This proposal authorizes the Treasury Council (TC) to allocate up to 500,000 SNX
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<!--A short (~200 word) description of the proposed change, the abstract should clearly describe the proposed change. This is what _will_ be done if the STP is implemented, not _why_ it should be done or _how_ it will be done. If the STP proposes sending X tokens to Y each week, write, "we propose to send X tokens to Y each week".-->
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Allocate up to 500k SNX to rebate Maker fees by 1.5ps and Taker by 4bps for approved traders with over $300m notional volume per month.
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Allocate up to 500k SNX to rebate Maker fees by 1.5ps and Taker by 4bps for, approved traders with over $300m notional volume per month on eligible markets.
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## Motivation
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### Overview
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<!--This is a high level overview of *how* the STP will solve the problem. The overview should clearly describe how the new feature will be implemented.-->
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This proposal seeks to allocate up to 500k SNX for fee rebates for qualifying traders. Traders expecting to trade more than $300m notional per month can apply to the TC. Upon reaching $300m notional trading volume per month, the TC will at its discretion rebate 1.5bps of Maker fees and 4bps of Taker fees in SNX to the trading address. Front ends will not be eligible to claim the rebate, but could do so on behalf of their qualifying users.
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This proposal seeks to allocate up to 500k SNX for fee rebates for qualifying traders. Traders expecting to trade more than $300m notional per month can apply to the TC. Upon reaching $300m notional trading volume per month, the TC will at its discretion rebate 1.5bps of Maker fees and 4bps of Taker fees in SNX to the trading address. Front ends will not be eligible to claim the rebate, but could do so on behalf of their qualifying users. Eligible markets are BTC, ETH, XRP, USDT, SOL, BNB, DOGE, ETHBTC.
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### Rationale
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- Rebating fees down to 2bps on $100m Taker volume will cost 13,333 SNX (@$3)
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- Split evenly between Maker and Taker volume, 500k SNX will rebate $5.45b in notional volume to 0.5/2bps fees - approximately the total volume traded over the last month
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### Financial Specification
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<!--The financial specification should outline the the tokens, amounts, destinations, and schedule of funds to be moved. If appropriate, any technical considerations should also be included here – that is, changes to any of the interfaces Synthetix currently exposes or the creations of new ones.-->
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1. Allocate up to 500k SNX for fee rebates for approved traders
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1. Allocate up to 500k SNX for fee rebates for approved traders on eligible markets
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2. Each month use the fee/volume tool to calculate trading volumes
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3. Begin the first month a wallet trades more than $300m notional and continue until the 500k allocation is consumed
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4. Use SNX 7 day TWAP price at UTC midnight of final night to rebate Maker/Taker fees 0.5/2bps for approved wallets that traded more than $300m in the month
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