Drift Protocol v2

โŒ˜K
๐Ÿ‘พWelcome to Drift Protocol
๐ŸงฎDrift DEX
๐Ÿ‘‹Getting Started
๐Ÿ“ˆPerpetual Futures
๐Ÿ“ŠSpot Margin Trading
๐ŸฆBorrow & Lend
๐Ÿ›๏ธStaking
๐Ÿ”ฌTechnical Explanations
๐Ÿ“Accounting and Settlement
โž—Borrow Interest Rate
๐Ÿ“œDelisting Process
โ›ฒDrift AMM
๐ŸƒJust-In-Time (JIT) Auctions
๐Ÿ“šKeepers & Decentralised Orderbook
โ˜ ๏ธLiquidators
๐Ÿ’งLiquidity Providers (LPs)
๐Ÿ“‹Protocol Guard Rails
๐Ÿ“Risks
๐Ÿ–ฅ๏ธDeveloper Resources
๐Ÿ“”Overview
โŒจ๏ธSDK Documentation
โŒจ๏ธTutorial: Bots
โš ๏ธTroubleshooting
๐Ÿ› ๏ธKeeper Bots
๐Ÿ› ๏ธTrading Bots
โŒจ๏ธHistorical Data (v1)
โŒจ๏ธAPI
๐Ÿ›ก๏ธSecurity
๐Ÿ›ก๏ธAudits
๐Ÿ›ก๏ธBug Bounty
โš–๏ธLegal and Regulations
๐Ÿ“Terms of Use
๐Ÿ“Disclaimer
๐Ÿ“Privacy Policy
๐Ÿ“Competition Terms and Conditions
๐Ÿ“šGlossary
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14min

Promotional Fee Schedule

Note: This Promotional Fee Schedule applies when there is a special promotion in effect during the Promotion Period. This schedule may differ from the Standard Fee Schedule and applies in place of it during the Promotion Period.

Promotion Period

Subject to the Disclaimers, this is a limited time fee structure for select participants starting:

Promotional Period begins: Monday, 5 December 2022 at 00:00 UTC

Promotional Period ends: Friday, 1 March 2023 at 00:00 UTC

Promotional Fee Schedule

Perpetual Trading Fees are charged on a per-tier basis according to the following schedule:

Tier

Insurance Fund Stake OR

Volume (30D)

Taker Fee

Maker Fee (Rebate)

1

< 500

< 1m

10bps

-2bps

2

500

> 1m

9bps

-2bps

3

> 1K

> 5m

8bps

-2bps

4

> 2K

> 10m

7bps

-2bps

5

> 5K

> 50m

6bps

-2bps

VIP

> 10K

> 100m

3bps

-2bps

Taker Fees

Takers are charged a variable Taker Fee depending on which Tier they belong to.

Tier 1 โ€” 10bps: Default tier.

Tier 2 โ€” 9bps: Either stake more than 500 or trade over 1m in volume (30D average).

Tier 3 โ€” 8bps: Either stake more than 1K or trade over 5m in volume (30D average).

Tier 4 โ€” 7bps: Either stake more than 2K or trade over 10m in volume (30D average).

Tier 5 โ€” 6bps: Either stake more than 5K or trade over 50m in volume (30D average).

VIP โ€” 3bps: Either stake more than 10K or trade over 100m in volume (30D average).

What is Insurance Fund Staking?

Insurance Fund Staking is a mechanism designed for:

  1. the protocol to bootstrap its Insurance Fund; and
  2. users to have exposure to the fees generated by the exchange.

How often and how much does Insurance Fund Staking payout?

For providing liquidity to the Insurance Fund, Insurance Fund Stakers are rewarded with their proportionate share of the every hour.

The proportionate share is calculated: $Total Staked Amount / Total Insurance Fund$.

For example

  • The Insurance Fund is at $5000 USDC. You decide to stake $10,000 USDC, bringing the total to $15,000 USDC.

Your proportionate share of the Revenue Pool paid every hour would be 10000/15000 = 66%.

Each hour, as the revenue pool settles fees earned to the Insurance Fund, you will receive 66% of the payout and the Insurance Fund would receive 34%.

Is there a cooldown period for unstaking?

There is a cooldown period of 14 days for unstaking any collateral from the Insurance Fund.

Resources

Relevant Links

  • ๏ปฟInsurance Fund ๏ปฟ๏ปฟ
  • ๏ปฟRevenue Pool ๏ปฟ๏ปฟ
  • ๏ปฟInsurance Fund Staking๏ปฟ

Python Staking Script -- https://github.com/drift-labs/driftpy/blob/master/examples/if_stake.py๏ปฟ

Insurance Fund Address -- https://solscan.io/account/2CqkQvYxp9Mq4PqLvAQ1eryYxebUh4Liyn5YMDtXsYci#splTransfer๏ปฟ

Disclaimers

Drift Protocol reserves the right to end the promotional period and the Taker Incentive Program at any time. If the Drift Protocol chooses to do so, it will provide notice to participating users, but such notice is not required in order to conclude the program early or extend the program. Please note that the terms and conditions of this program are subject to change without notice.

There are risks associated with Insurance Fund Staking. Read more about the Insurance Fund Staking and Risks.๏ปฟ๏ปฟ๏ปฟ๏ปฟ

Updated 19 Jan 2023
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TABLE OF CONTENTS
Promotion Period
Promotional Fee Schedule
Taker Fees
What is Insurance Fund Staking?
How often and how much does Insurance Fund Staking payout?
Is there a cooldown period for unstaking?
Resources
Disclaimers