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116 sats \ 7 replies \ @grayruby 15h \ on: 📢 Fees are now active on Predyx — here’s why. oracle
2% on each end plus a 1% win fee is a lot. I understand the need for fees but these are too high in my opinion.
It’s fine for just buying an outcome and waiting but it really disincentivizes trading.
Also I think there should have been an announcement before roll out so users could exit markets they don’t want to be in before fees hit.
Not trying to be too critical here. I will still use Predyx. Just trying to be candid with my feedback.
I try to understand every LN business from SN model of once incentives. While increasing the fees they particularly mentioned about incentivising territory owners, I think that is good but it is one of the reasons for the decrease in engagement.
The other way round to it could be curtailing the territory fees and gradually increasing it with the growth in engagement.
That being said, I'm definitely interested to know what other options can be for Predyx where it can be sustainable as business without having these kinda high fees structure?
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yes, guilty of not informing early enough.
I'm open to suggestion and ideas - what should be an ideal amount of fees in your perspective?
We can certainly remove fees, so that people can sell and exit if they don't agree with the fees.
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Really sorry about "no advance notice". I will be careful in future to first discuss with the community on similar situations.
You advice is taken - we will reduce the trading fee to half i.e 1% buy, 1% sell ASAP. Please give us few hours, @emre just went to bed. Will implement it once he wakes up.
On the same note - I will try and give you market creation permission. You can can create a market by adding the liquidity - and see for yourself how much liquidity is lost on the conclusion of the market. This is an inherent problem with any AMM, and especially LMSR.
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OKC "Yes" odds are 78.94 for yes but when you try to buy, it reaches to 95%
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