Some projects want to give their users possibility to operate with their tokens without using Waves tokens at all. Often it makes sense since these assets have value. Currently, it's impossible to ensure that all the miners will accept any particular asset as a fee.
Sponsored Transactions feature can be used in this scenario. So any token issuer can use custom fees in official wallets and other apps. Sponsored transactions can be used for the transfer fees only, so it's impossible to pay the trading fee with it.
Note: Before you start, please make sure that you have at least 2 WAVES on the balance. Since activation and deactivation costs 1 WAVES per request.
To activate sponsored transactions open your Waves.Exchange wallet and in the Wallet tab click Portfolio:
Find the required token and click on the following sign:
In the appeared menu choose Enable Sponsorship:
Before proceeding carefully read the conditions described in the yellow box.
Specify the required amount of sponsored token to be charged to users in the Amount per transaction field.
Note: After activation you'll be able to change the specified amount without deactivation. To do so, find your token, click on the sign
Then select Change Sponsorship and click Continue.
In the following window double-check the entered data and if everything is correct click Send or click Go Back to make corrections.
Activation will be processed with the next block. You will be able to see the activation status — there will be a special % symbol near the token logo:
Note: You'll be charged a commission of 0.001 Waves for each user transaction in the sponsored mode. If your account balance has not enough Waves, your sponsored transactions will be canceled.
Example: You activated the sponsored transaction. Your balance is: 3 Waves, you have 5 Waves in orders and 10 Waves in leasing. As soon as the 3 Waves run out, the active sponsored mode will use Waves from your active (unfilled) orders. In this case, orders at the time of the matching will be canceled, since you will not have enough Waves to pay the order fee or to ensure an active order. As soon as all free Waves are used, the sponsored mode will be forcibly disabled.
To deactivate sponsored transactions find your token, click on the following sign:
and select Disable Sponsorship.
In the following window click Sign to deactivate the sponsorship. Deactivation will be processed with the next block.
When the token sponsorship is deactivated, the special symbol will be removed from the token logo.
If you have any questions related to Waves.Exchange, feel free to contact us via customer support.
tags: sponsored transaction enable sponsorship