Once a vault has been published there is an expectation from users that the settings will remain the same, whether that’s buyers/sellers or liquidity providers.
There are occasions where it makes sense to adjust the vault fees, whether it be a mistake in the creation process, or the community provides feedback that the fees are too high, or you want to experiment by increasing your initial fee structure.
The process for updating remains the same
- If a user has more than 50% of the liquidity pool they can create a vote on snapshot or the NFTX Forum which requires at least 80% votes in favour of the changes. For forum votes, proof of ownership can be done with signed message that can be verified with the requested updates (see instructions below).
Once the updates have been confirmed, the updates are staged through the NFTX Governance process on Aragon which has a 24 waiting period before deployment.
30 day cooling off period
🔥 Once fees have been updated on a vault there is a 30 day cooling off period where no additional changes can be made to the fee structure.
How to send a signed message
Signing a message is free and it allows NFTX DAO to confirm that the person requesting the changes is authorised.
Go to My Crypto and their Sign message section, and then connect your authorised wallet – https://app.mycrypto.com/sign-message
Once connected, paste the below text into the Message section making sure that you add your vaultID (found on the info page of your Vault) and the new fee structure. Note the below figures are the default applied to all vaults before publishing.
vaultId: 29
Target Redeem: 10%
Random Rdeem: 5%
Mint: 10%
Random Swap: 5%
Targeted Swap: 10%
Once you’re happy with the message, click on Sign Message and you will be prompted by your wallet to sign the message.
This will result in a signature, and it is this signature that will allow the DAO to confirm the origins on the message.
Copy the Signature shown in the image (example below), and send it through our Update Vault Request form. (or submit it through our help chat on the site, or through the #support channel on Discord.
{
"address": "0x4eAc46c2472b32dc7158110825A7443D35a90168",
"msg": "vaultId: 29\\nTarget Redeem: 10%\\nRandom Rdeem: 5%\\nMint: 10%\\nRandom Swap: 5%\\nTargeted Swap: 10%",
"sig": "0xabf404909c455e375785bc15bed36324203c34893cf8245d14f82a37cab030201f036a2cc516aca8607a75f343aebf35ca231f817bb3ba05b53cc12803a033c21b",
"version": "2"
}