Skip to main content

Fees

Protocol​

The Axis protocol defines a protocol fee for each auction type, denominated in the quote token.
Axis currently has no protocol fees enabled.

When an auction is settled successfully, the protocol (and referrer) fees are deducted and the remainder of the quote tokens raised are sent to the auction owner/seller. However, the deducted fees are not allocated to the protocol at that time.

When a bidder claims their proceeds, a proportional amount of the deducted fees is allocated to the protocol.

For example:

  • Protocol fee is 0.05%
  • Referrer fee is 0%
  • 10 ETH is raised from two bidders of 5 ETH each
  • This results in protocol fees of 0.005 ETH
  • Upon settlement, 9.995 ETH is sent to the seller as proceeds of the auction
  • Bidder 1 claims their proceeds, and 0.0025 ETH in fees is allocated to the protocol
  • Bidder 2 claims their proceeds, and the remaining 0.0025 ETH in fees is allocated to the protocol

Referrer​

A referrer fee can be defined by the seller for each auction, denominated in the quote token. This is designed to provide an incentive for referrers (such as frontend dApps).

When an auction is settled successfully, the referrer (and protocol) fees are deducted and the remainder of the quote tokens raised are sent to the auction owner/seller. However, the deducted fees are not allocated to the referrer at that time.

When a bidder claims their proceeds, a proportional amount of the deducted fees is allocated to the referrer. If a particular bid does not have a referrer, then the fee will be allocated to the protocol.

For example:

  • Protocol fee is 0%
  • Referrer fee is 0.05%
  • 10 ETH is raised from two bidders of 5 ETH each
  • This results in referrer fees of 0.005 ETH
  • Upon settlement, 9.995 ETH is sent to the seller as proceeds of the auction
  • Bidder 1 claims their proceeds, and 0.0025 ETH in fees is allocated to the referrer
  • Bidder 2 claims their proceeds, but does not have a referrer, and the remaining 0.0025 ETH in fees is allocated to the protocol

Curator​

An auction owner can define a curator that can be compensated for the performance of that auction. Unlike the protocol and referrer fees, the curator fee is denominated in the payout token.

Curator fees are funded separately to the capacity of an auction, and so do not affect the payout that bidders receive.

When an auction is settled successfully, the curator fees are sent to the curator at that time.

For example:

  • Curator fee is 1%
  • Auction capacity is 10 XYZ
  • The maximum payable curator fee (assuming full capacity) is 0.1 XYZ
  • Upon settlement:
    • If the auction capacity is completely filled, the curator would be transferred 0.1 XYZ
    • If the auction capacity is 50% filled, the curator would be transferred 0.05 XYZ