UPDATE: CYOT Token transaction fee
Today we have enabled sponsorship for CYOT tokens on WAVES Platform. Which means that from now, all CYOT token transaction fees will be paid in CYOT and the cost for each transaction is 0.01 CYOT.
Previously for each transaction on Waves Platform our members and Cryptoyote bot should have WAVES tokens on their balance. Transaction fee for each operation were 0.001 Waves.
We did it because of:
- After registration on Cryptoyote platform, it automatically generates Waves powered wallet for you, where you should send CYOT tokens to activate bot for auto trading. Which means, that each time bot asks for CYOT tokens from that wallet, there should be Waves tokens as well, in order to pay transaction fee. But with sponsored token feature, those fees will be paid in CYOT. Here you can read more about Where do we use CYOT tokens?
- In order to fill Cryptoyote balance with CYOT tokens, our members must buy them from WAVES DEX and then send to their Cryptoyote wallets. For that operation, you should have Waves tokens on your balance as well. But from now, you do not need to have extra tokens for transaction fee payments. Those fees will be paid in CYOT tokens.
What is Sponsorship Enabled token?
That means, users will be able to pay transaction fees in CYOT.
For each transaction, 0.001 WAVES will be deducted from our main balance and CYOT will be credited to Cryptoyote main account. Sponsorship will only work if we have a balance of at least 1.005 WAVES. If Cryptoyote balance falls below this amount, we will be unable to sponsor transactions.
Here you can check Sponsorship Transaction on Waves Blockchain: https://wavesexplorer.com/tx/uQWfHJsyeVgWrD6dA1icAiv2kJwDZ7k62rngZfQkgBy