steemFINEX alpha test - low & zero fee STEEM/STEEMP exchange.
The longer you wait, the lower fee you get.
An example that shows when 3 STEEMP is deposited to @steemfinex when @steemfinex has 2 STEEM.
- 2 STEEM is immediately exchanged with a lower fee.
- 1 STEEMP is refunded without a fee.
Currently, this service is open alpha test until 26th of Aug, 2019 (before HF21) and the beta will begin after HF21 is stabilized.
(All fees below are valid in the alpha test only. From beta, base fee will be 0.50% with a minimum fee 0.005. All fees are subject to change.)
Do not use it if you don't understand. Do not use it if you want fast responses if delays occur. Please use this as you exchange STEEM/STEEMP with your friends.
@steemfinex (or any person involved in the project) undertakes NO LIABILITY for any loss or damage suffered as a result of the use of @steemfinex in any circumstances.
What is @steemfinex?
- Low & zero fee (at most 0.25% and can even be ZERO %) STEEM/STEEMP exchange system
(minimum fee 0.003 will be applied for spam prevention.) - The base fee starts from 0.25% and decreases by 0.01% every one waiting hour, which means it will be free after 25 hours!
How to use @steemfinex?
Just send STEEM/STEEMP to @steemfinex. So simple!
- If you want to exchange STEEM for STEEMP, send STEEM to @steemfinex (with an optional memo for waiting time in hours)
- If you want to exchange STEEMP for STEEM, send STEEMP to @steemfinex (with an optional memo for waiting time in hours).
If you visit https://steemfinex.com/?a=yoursteemitaccountname, then you can see the balance of @steemfinex and yours, and you can even send STEEM/STEEMP here with keychain or steemconnect. Of course, you can use any transfer method you like.
To prevent spam, the minimum amount is 1 STEEM/STEEMP, and any amount less than that will be donated. No exception.
How are the low & zero fees are possible? What happens if @steemfinex doesn't have enough balances?
Great point! and here is the magic. If @steemfinex doesn't have balances, your exchange request will be refunded without a fee after 5 minutes.
What is the waiting time?
The real magic begins here. You can specify the waiting time in hours (Just write number in the transfer memo, e.g., "10" means 10 hours. Use number only without quotes/strings.)
Then, the base fee starts from 0.25% and decreases by 0.01% every one hour, which means it will be free after 25 hours!
- An example of 100 STEEM -> STEEMP with 10 hour waiting request. (Without a memo, 5 minutes is default)
- Even if you requested waiting, exchange occurs immediately when there is balance.
- Refund is without a fee. (Please do not spam so that I don't introduce a fee.)
Min and Max waiting time?
- Min is 5 minutes, i.e., even if you write "0" in memo.
- Max is 1 weeks (=168 hours), i.e., even if you write "1000" in memo. So if you have enough time and don't want to calculate, just write 1000 or any big number you like in the memo.
Again, you should write numbers only (without quotes/strings) in the memo. 5 minutes default waiting time will be applied otherwise.
Automatic partial exchange!
This is a really cool feature! I'm actually proud of this :)
actual transactions
- When there is a partial balance for the exchange, the partial exchanges occur with #1, #2 sequence tags and all the information you need.
- As you can see, as time goes by, the total fee rate decreases dramatically. Of course, for that, you need to wait, and that's how it works.
steemFINEX report
- One benefit of @steemfinex is that it can provide an index of STEEMP demand.
- net_steem = STEEM - STEEMP
- That is, if net_steem is positive, then it means more demand of STEEMP and vice versa.
- The report will be posted daily on @steemfinex
Example use cases:
- Even if you're in a hurry, still worth to check https://steemfinex.com to see if there's a balance for you. The default max waiting time is 5 minutes.
- Don't be disappointed with no balance. It's a great chance for a lower fee for you if you wait! You can actually see how the fee can go to zero % in the actual transfer log.
- Before going to the bed, send it with memo 10 or more. When you get up, you'll magically get your exchange with a low fee or refund magically.
What if I have any further questions?
Then better not to use this service :) Or read this again. Please don't expect me to answer your questions that are already answered in this post.
Why am I doing this?
I made this service mainly for fun and to support my other services (@scotauto (https://economicstudio.github.io/scotauto), @scotview (https://economicstudio.github.io/vp) so that they can be provided for free to users.
Using @steemfinex will help those services can be provided for free.
I'm a person who like to donate and help. Even though I'm not a witness, I've contributed a lot to the Steem community. I was also nominated as an MVP community contributors by the Steemit official @steemitblog. I'm not using Steemit for money, but that doesn't mean that I want to provide everything for free, especially in the situation where PoB is almost completely dead. Thus, I hope that I can get at least server and steemsql costs from my Steemit activities.
In particular, I do not want to compete with steem-engine's 1% fixed rate. As you can see, this service is quite different from the steem-engine's 1% fixed fee exchange without waiting time. Having alternatives is great. Hope steem-engine team would also think this service good for them. As you all know, I also contributed to your project several times. Eventually, more users can use steem-engine due to a lower fee.
And too low 0.25% fee is only applicable for alpha test. From beta (it will be beta forever :) by the way), it will be 0.50%. Enjoy until then :) All fees are subject to change.