Some projects want to give their users possibility to operate with their assets without using Waves 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 asset issuer can use custom fees in official wallets and other apps. Sponsored transactions can be used for the transfer fees and script invocation fees, 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, you should launch Waves.Exchange, navigate to the Wallet tab, then open the My Issued Assets folder, hover the necessary asset and click on the three-dot icon:
In the appeared menu choose Enable Sponsorship and fill in the appeared form:
Before proceeding carefully read the conditions described in the yellow box.
Specify the required amount of sponsored asset to be charged to users in the Amount per 0.001 Waves field.
Note: After activation, you'll be able to change the specified amount without deactivation. To do so, find your asset, 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 transfer transaction in the sponsored mode. If your account balance has less than 1.005 Waves, your sponsored transactions will be suspended.
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 suspended.
To deactivate sponsored transactions find your asset, 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 asset sponsorship is deactivated, the special symbol will be removed from the asset logo.
If you have any questions related to Waves.Exchange, feel free to contact us via customer support.
tags: sponsored transaction enable sponsorship