| Reducing the fees of the marketplace
22 Aug 2019
News Marketplace How-to fees

Reducing the fees of the marketplace

by hobbes

Since the release one week ago, one of the biggest questions was: how to lower the marketplace fees?

The fee is really important to remove spam from the network, but right now it's more or less doing the opposite: it might be too expensive to list cheap items, and when you upload big images, the fee has a tendency to skyrocket.

Luckily, the Particl has just released a full on the marketplace fees and what to do with it:

So, what we should do to reduce the marketplace fees?

What you should know

  • the fee can change roughly every week (every 5,040 blocks)
  • a value named smsgfeeratetarget can be changed a little every block, and the final value each 5040 blocks is chosen as new fee
  • to change the fee, you need to signal the fee you would like

Tutorial: how to reduce the fee (desktop/Qt)

First open, the console on your desktop wallet to check the current fee:

Then on the console type smsggetfeerate and you should get the current fee rate

Here, the rate is "49316", which mean the current rate is 0.00049316. The final fee is calculated with that value, multiplied by the size of your listing (big images or not) and how long it will list.

To reduce the fee, you need to enter the command walletsettings stakingoptions {"smsgfeeratetarget":FEERATE} where FEERATE is the rate you would like to see on the market.

So if you want to reduce the current fee:

  • by 5, enter 0.0001 as FEERATE
  • by 10, enter 0.00005 as FEERATE
  • by 100, enter 0.000005 as FEERATE

/!\ you need to unlock your wallet fully for it to work, if you are "locked for staking only", you will get that kind of error: /!\

At demarkets we choosed a feerate of 0.0001

It is that simple, so now you can signal a new fee asap ;)

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