Free-Fee Transactions
Faxen offers its users the ability to conduct fee-free transactions on its platform. This means that users can perform various actions on the platform, such as sending or withdrawing cryptocurrency, without incurring transaction fees. The goal is to make the platform accessible and affordable for all users, regardless of the size of their transactions. This incentive also helps to encourage more users to join the platform and engage in its various offerings.
Users with Decuple NFTs can stake them on the Faxen platform to be part of the plan. By doing so, they can unlock the free-fee operation benefit and receive a specific amount of free-fee operation rights monthly. These rights can be used for their next transactions, making them completely free of charge.
Staking NFTs of different tiers can unlock various cost-reduction opportunities, but each NFT applies to only one plan. This means that users can choose to stake NFTs according to their preferred plans and receive different benefits based on the staked NFTs' tiers and the plan specifications.
Furthermore, stakers on Faxen can trade and sell their right to fee-free exchanges and trades with other stakers on the platform. However, 50% of the rights will be burnt when transferred. This is designed to maintain the value of the free-fee privileges and prevent dilution of the benefits available to stakers on the platform.
The free-fee transaction benefit incentivizes users to engage more actively on the Faxen platform. This benefit can also be increased based on user activity, encouraging users to participate more frequently and earn more benefits.
Clarification:
In conducting transactions, users may encounter various fees associated with the process. These fees can be one or a combination of the following:
Gas fees: These are fees charged by the blockchain for processing transactions. They are used to compensate the miners for the computational power they provide to the network.
Interchain services fees: This fee is charged by interchain service providers when a user attempts to transfer assets from one blockchain to another. This fee compensates the service providers for using their infrastructure and technology.
Authority charges: This refers to taxes, VAT, or any other charges imposed by authorities such as Logoratories or governmental institutions. These fees are collected to comply with local regulations and laws.
Exchange fees: This is the fee charged by exchanges for the operation. It compensates the exchange for facilitating the transaction and providing liquidity.
LP fee: This fee is charged by the Liquidity Provider. It compensates them for providing liquidity to the market.
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